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Aluminum Forging Market
Aluminum forging refers to the process of shaping aluminum alloys into desired forms by applying compressive force through dies or molds.
WILMINGTON, DE, UNITED STATES, December 20, 2024 /EINPresswire / -- The global aluminum forging
market , valued at US$ 19.2 billion in 2022, is projected to reach US$ 32 billion by 2031, driven by robust demand across various industries. The market is expected to grow at a CAGR of 5.8% during the forecast period from 2023 to 2031, reflecting increasing adoption due to aluminum's lightweight, strength, and corrosion-resistant properties in automotive, aerospace, and industrial applications.
A rise in the need for lightweight components with an increase in focus on fuel efficiency is anticipated to spur the Aluminum Forging Market growth. In the automotive sector, aluminum forging is also employed for manufacturing suspension components, engine parts, and transition systems. Thus, the surge in demand for electric and hybrid vehicles is projected for driving the demand for aluminum forging in the automotive sector.
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The construction sector is one key end-users of aluminum forging where building facades, roofing systems, and structural components are manufactured using aluminum forging. The builders employ aluminum forging by reducing the weight of buildings and structures which thus helps in improving the energy efficiency and thus reduce the greenhouse gas emissions.
Key Takeaways of Market Report
.Global Aluminum Forging Market to generate absolute dollar opportunity worth US$ 32 billion until 2031.
.Global Aluminum Forging Market CAGR from 2023 to 2031 is 5.8%
.Global Aluminum Forging Market is currently valued at US$ 20.34 billion in 2023.
.The market value of aluminum forging from 2018 to 2022 is 4.9%
.On the basis of application, the Aluminum Forging Market held 35% of the revenue share in 2018.
Global Aluminum Forging Market: Growth Drivers
.The growth of the forging market worldwide is one of the major growth factors which are driving growth for the Aluminum Forging Market. On account of durability, high strength, resistance, and other benefits, the demand for aluminum forging is growing which in turn helps the Aluminum Forging Market to grow. Therefore, we expect that the Aluminum Forging Market will show healthy growth during the forecast period.
.Increasing demand for enhanced utility and durability amid the surging adoption of smart devices creates demand for lightweight aluminum components. Research and development of efficient and scalable casting methods will provide manufacturers with a competitive edge. All these factors provide opportunities for the growth of the market.
Global Aluminum Forging Market: Key Players
.Nippon Steel Corporation
Developments-
.In April 2023, Nippon Steel obtained EcoLeaf environmental product declaration for steel sheet pile products.
Strategies-
.Capture environmental and other new demands.
.Expand sales and improve profitability by coordinating with major users.
.Promote M&A and alliance strategy.
.Reform steel distribution via DX strategy.
.Implementation measures and Financial Targets
.Alcoa Corporation
Developments-
.The Company expects 2023 total alumina and aluminum shipments to remain unchanged between 12.7 and 12.9 million metric tons, and between 2.5 and 2.6 million metric tons, respectively.
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Global Aluminum Forging Market Segmentation by-
Type
.Open die
.Close die
.Ring rolled
Process
.Custom
.Conventional
Application
.Engine parts
.Transmission parts
.Suspension components
.Landing gears
.Engine mounts
.Hydraulic presses
.Extruders
.Offshore drilling equipment
.Heat exchangers
.Scaffolding components
.Military vehicles
.Weapons
.Others
End-use
.Automotive
.Aerospace
.Defense
.Oil & Gas
.Mining
.Industrial
.Others
Regions
.North America
.Latin America
.Europe
.Asia Pacific
.Middle East & Africa
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