Aluminium Forging Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 13.54 Billion |
| Market Size (2029) | USD 17.44 Billion |
| CAGR (2024 - 2029) | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Aluminium Forging Market Analysis
The Aluminium Forging Market size is estimated at USD 13.54 billion in 2024, and is expected to reach USD 17.44 billion by 2029, growing at a CAGR of greater than 5% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the aluminum forging market. During COVID-19, restrictions and lockdowns across various countries worldwide heavily impacted automotive, transportation, aerospace, and other segments, reducing the consumption of aluminum-forged products in significant end-user segments. After 2020, the market grew steadily after continuous activity in the automotive and transport sectors.
In the short term, the growing use of lightweight materials in the industrial sector and increasing demand from the automotive and transportation industries are expected to drive the market demand.
Fluctuation in prices and availability of aluminum is expected to hinder the market's growth.
Nevertheless, rising demand for electric vehicles is expected to offer lucrative opportunities to the market.
Asia-Pacific is expected to dominate the aluminum forging market and will likely register the highest CAGR during the forecast period.
Aluminium Forging Market Trends
Automotive and Transport Industry to Dominate the Market
- Aluminum is commonly utilized in the automobile sector. It is used in automotive components such as engine radiators, wheels, bumpers, suspension elements, engine cylinder blocks, gearbox bodies, and body pieces such as hoods, doors, and even the frame. Because of its lightweight, durability, and appealing look, aluminum is also famous for its exterior components.
- Furthermore, Aluminum forged components play an important role in the automotive industry. As the industry is focused on fuel efficiency, weight reduction, and reducing CO2 emissions, aluminum plays an ever-more-critical role in modern cars. Kilograms of aluminum used in an automobile decreases the vehicle's overall weight. For this reason, more and more car parts are made from aluminum, driving the market demand in the sector.
- Aluminum is very good at absorbing shock, and aluminum is twice as effective as steel, which is a beneficial property. As a result, manufacturers have been employing aluminum in bumpers for a long time. Furthermore, an aluminum body is safer than a steel body because when aluminum pieces are deformed or bent, the deformation is restricted to the impact regions. In contrast, the remainder of the body preserves its original shape, assuring passenger compartment safety.
- According to the International Organization of Motor Vehicle Manufacturers (OICA), around 85.01 million vehicles were produced globally in 2022, a growth rate of 5.99% compared to 2021. This indicates an increased demand for aluminum forging from the automotive industry.
- According to the European Automobile Manufacturers Association, the car production rate in the North American region rose 10.3% in 2022 to 10.4 million units, primarily driven by strong demand in the United States. In 2022, global new car registrations reached 66.2 million units.
- According to the International Energy Agency (IEA), Electric car (including both battery electric vehicles as well as hybrid electric vehicles) markets observed exponential growth in 2022 as sales globally exceeded 10 million. A total of 14% of all new cars sold in 2022 were electric. Furthermore, as per IEA estimates, by the end of 2023, a total of 14 million electric vehicles were sold, representing a 35% year-on-year increase.
- Therefore, considering the abovementioned factors, the demand for aluminum forging products is expected to rise significantly soon.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region dominated the global market, with a considerable revenue share, and is expected to maintain its dominance during the forecast period.
- China is known for its Industrialization and manufacturing sector, where aluminum-forged products are widely required. Some significant sectors where aluminum forged alerts are used in the country are Automotive, construction, air, space, and other Industrial sectors.
- In the Asia-Pacific region, China, Southeast Asia, and South Asia aerospace markets are expected to rise at a significant rate, which will further support the demand for the studied market. In China, around 8,560 deliveries will be made by 2042.
- China is the world’s biggest automobile market in production and sales. According to OICA (The Organisation Internationale des Constructeurs d'Automobiles), vehicle production in China reached a total of 27.02 million units in 2022, which is an increase of 3% over 2021 for the same period.
- According to the International Trade Administration (ITA), China remains the world's largest auto market in annual sales and production. Domestic production is expected to reach 35 million units by 2025. The Chinese government is boosting car consumption following the COVID-19 pandemic.
- China accounts for over half (58%) of all new electric vehicles sold worldwide. According to the International Energy Agency (IEA), 5.9 million new electric cars will be sold nationwide in 2022, an increase of more than 80% compared to 2021.
- India is the second largest producer of aluminum and its forms, including aluminum forgings, to meet the demand from various industries in the country.
- In India, according to the Society of Indian Automobile Manufacturers, the total automotive production was estimated to be close to 25.9 million units in FY 2023. Out of the total, two-wheelers held a significant share, accounting for about 74% of the total production.
- All factors above are likely to fuel the growth of the aluminum forging market in Asia-Pacific over the forecast period.
Aluminium Forging Industry Overview
The aluminum forging market is fragmented in nature. Some of the major players in the market (not in any particular order) include Howmet Aerospace, Bharat Forge, Thyssenkrupp AG, KOBE STEEL, LTD., and NIPPON STEEL CORPORATION, among others.
Aluminium Forging Market Leaders
Howmet Aerospace
Bharat Forge
Thyssenkrupp AG
KOBE STEEL, LTD.
NIPPON STEEL CORPORATION
*Disclaimer: Major Players sorted in no particular order
Aluminium Forging Market News
- July 2022: Bharat Forge announced the acquisition of JS Autocast Foundry India Private Limited, located in Coimbatore, India. JS Autocast provides the essential machined ductile castings for various industries and applications, including automotive, hydraulic, off-highway, and wind.
- July 2022: Aichi Forge USA, a subsidiary of Aichi Steel Corporation in the United States, announced that it had completed the construction of a new manufacturing line for forged connecting rods. This expansion will likely help the company become more competitive in the North American forged products industry.
Aluminium Forging Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Use of Lightweight Material in Industrial Sector
4.1.2 Increasing Demand from the Automotive and Transportation Industry
4.1.3 Other Drivers
4.2 Restraints
4.2.1 Fluctuation in Prices and Availability of Aluminum
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Forging Type
5.1.1 Open Die Forging
5.1.2 Close Die Forging
5.1.3 Ring Rolled Forging
5.2 End-User Industry
5.2.1 Aerospace and Defense
5.2.2 Automotive and Transportation
5.2.3 Industrial Machinery
5.2.4 Construction
5.2.5 Other End-user Industries (Electronics and Instrumentation, Energy Power, Agriculture and Farming)
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Malaysia
5.3.1.6 Thailand
5.3.1.7 Indonesia
5.3.1.8 Vietnam
5.3.1.9 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Spain
5.3.3.6 NORDIC Countries
5.3.3.7 Turkey
5.3.3.8 Russia
5.3.3.9 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Colombia
5.3.4.4 Rest of South America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Nigeria
5.3.5.4 Qatar
5.3.5.5 Egypt
5.3.5.6 United Arab Emirates
5.3.5.7 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/ Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Accurate Steel Forgings (INDIA) Limited
6.4.2 Al Forge Tech Co., Ltd.
6.4.3 All Metals & Forge Group
6.4.4 Aluminum Precision Products
6.4.5 Anchor Harvey
6.4.6 Anderson Shumaker Company
6.4.7 Bharat Forge
6.4.8 Ellwood Group Inc.
6.4.9 Howmet Aerospace
6.4.10 KOBE STEEL, LTD.
6.4.11 NIPPON STEEL CORPORATION
6.4.12 Norsk Hydro ASA
6.4.13 Scot Forge Company
6.4.14 Thyssenkrupp AG
6.4.15 Wheel India Limited
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Demand for Electric Vehicles
7.2 Other Opportunities
Aluminium Forging Industry Segmentation
Aluminum forging is the process in which aluminum is transformed into the desired shape by hammering, rolling, or pressing. Forging is classified into three types (warm, cold, or hot forging) based on the temperature at which it is conducted. A unique combination of properties makes aluminum and its alloys one of the most versatile engineering and construction materials available today. Aluminum alloys are forged into various shapes and types of forgings with a broad range of final parts, generating design criteria based on the intended application.
The aluminum forging market is segmented by forging type, end-user industry, and geography. By forging type, the market is segmented into open-die forging, close-die forging, and ring-rolled forging. By end-user industry, the market is segmented into aerospace and defense, automotive and transportation, industrial machinery, construction, and other end-user industries (electronics and instrumentation, energy power, agriculture, and farming). The report also covers the market size and forecasts for the aluminum forging market in 27 countries across the central regions.
For each segment, the market sizing and forecasts have been done based on revenue (USD).
| Forging Type | |
| Open Die Forging | |
| Close Die Forging | |
| Ring Rolled Forging |
| End-User Industry | |
| Aerospace and Defense | |
| Automotive and Transportation | |
| Industrial Machinery | |
| Construction | |
| Other End-user Industries (Electronics and Instrumentation, Energy Power, Agriculture and Farming) |
| Geography | |||||||||||
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Aluminium Forging Market Research FAQs
How big is the Aluminium Forging Market?
The Aluminium Forging Market size is expected to reach USD 13.54 billion in 2024 and grow at a CAGR of greater than 5% to reach USD 17.44 billion by 2029.
What is the current Aluminium Forging Market size?
In 2024, the Aluminium Forging Market size is expected to reach USD 13.54 billion.
Who are the key players in Aluminium Forging Market?
Howmet Aerospace, Bharat Forge, Thyssenkrupp AG, KOBE STEEL, LTD. and NIPPON STEEL CORPORATION are the major companies operating in the Aluminium Forging Market.
Which is the fastest growing region in Aluminium Forging Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Aluminium Forging Market?
In 2024, the Asia-Pacific accounts for the largest market share in Aluminium Forging Market.
What years does this Aluminium Forging Market cover, and what was the market size in 2023?
In 2023, the Aluminium Forging Market size was estimated at USD 12.86 billion. The report covers the Aluminium Forging Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Aluminium Forging Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Aluminium Forging Industry Report
Statistics for the 2024 Aluminium Forging market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Aluminium Forging analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
