Market Size of Aluminium Forging Industry
| 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.
