Global Aluminum Forging Market: Analysis By Forging Type (Closed Die Forging, Open Die Forging, and Ring Rolled Forging), By End-User (Automotive and Transportation, Aerospace and Defense, Industrial Machinery, Construction, and Others), By Region Size an

Global Aluminum Forging Market: Analysis By Forging Type (Closed Die Forging, Open Die Forging, and Ring Rolled Forging), By End-User (Automotive and Transportation, Aerospace and Defense, Industrial Machinery, Construction, and Others), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2029 - Report Summary

Report Metrics	Details
Years Considered	2019-2029
Base Year	2023
Forecast Period	2024-2029
Page Count	137
Units Referenced	US $
Segments/Key Topics	Segments/Key Topics By Forging Type, By End-User
Regions Covered	Asia Pacific (China, Japan, India, South Korea, and Rest of the Asia Pacific), North America (The US, Canada, and Mexico), Europe (Germany, The UK, France, Italy, and Rest of the Europe), Latin America, and Middle East & Africa
Key Companies Mentioned	Alcoa Corporation, Bharat forge limited, Kobe Steel, Ltd., Ellwood Group Inc., Arconic Corporation, Queen City Forging Company, Scot Forge Company, Continental Forge Company, All Metals & Forge Group, American Handforge, Accurate Steel Forgings (INDIA) Limited, and Aluminum Precision Products

Five FAQs about the Report

What is the size of this market?
The global aluminum forging market was valued at US$22.71 billion in 2023.

What is the forecasted growth for this market?
The global aluminum forging market value is expected to reach US$31.73 billion by 2029, growing at a CAGR of 5.77% over the projected period of 2024-2029.

What are key factors driving this market?
The aluminum forging market is poised for growth due to the continuing shift toward sustainability, advancements in forging technology, and increasing investment in key end-user industries such as transportation and aerospace. The push for green energy, including renewable energy infrastructure and electric vehicles, will likely further boost demand. Additionally, emerging markets in regions like Asia-Pacific, particularly in China and India, are expected to play a significant role in the market’s future growth due to rapid industrialization and infrastructural development.

How is this market segmented in this report?
In the report, the global aluminum forging market can be segmented based on forging type (Closed Die Forging, Open Die Forging, and Ring Rolled Forging), and end-user (Automotive and Transportation, Aerospace and Defense, Industrial Machinery, Construction, and Others).

What is the definition of this market in this report?
Aluminum forging is a manufacturing process that shapes aluminum into high-strength components through the application of extreme pressure. This method enhances the metal’s structural integrity, making it ideal for industries requiring durable and lightweight materials.

What are the major influences driving the growth/decline of this market?
The global aluminum forging market growth is predicted to be supported by numerous growth drivers such as growing passenger car production, rising utilization of aluminum in aircraft industry, growing construction spending, rising demand for renewable energy, superior properties of aluminum forged products, growing maintenance, repair, and overhaul (MRO) industry, and many other factors. Conversely, the market growth would be negatively impacted by various challenges such as fluctuating aluminum prices, negative environmental impact of aluminum forging process, high initial investment, etc. Moreover, the market growth would succeed in various market trends like rising demand of electric vehicles, increasing adoption of advanced aluminum alloy, increasing focus on sustainability and recycling, growing developments in aluminum forging techniques, etc.The global aluminum forging market was valued at US$22.71 billion in 2023. The market value is expected to reach US$31.73 billion by 2029. Aluminum forging is a manufacturing process that shapes aluminum into high-strength components through the application of extreme pressure. This method enhances the metal’s structural integrity, making it ideal for industries requiring durable and lightweight materials.

Looking ahead, the aluminum forging market is poised for further growth due to the continuing shift toward sustainability, advancements in forging technology, and increasing investment in key end-user industries such as transportation and aerospace. The push for green energy, including renewable energy infrastructure and electric vehicles, will likely further boost demand. Additionally, emerging markets in regions like Asia-Pacific, particularly in China and India, are expected to play a significant role in the market’s future growth due to rapid industrialization and infrastructural development. The market is expected to grow at a CAGR of approx. 6% during the forecasted period of 2024-2029.

Market Segmentation Analysis:

By Forging Type: The report provides the bifurcation of the global aluminum forging market based on the forging type: Closed Die Forging, Open Die Forging, and Ring Rolled Forging. Closed die forging held the highest share of the aluminum forging market because of its widespread applications in high-demand industries, and it is expected to be the fastest-growing segment due to increasing demand for precision-engineered, lightweight components across various sectors. Moreover, the automotive sector, especially electric vehicle (EV) manufacturing, benefits from closed die forging as it enables the production of lightweight, high-strength components like suspension systems and drivetrain parts. Its popularity also extends to aerospace, where it is used for structural and engine components due to its ability to produce high-quality, reliable parts.

By End-User: On the basis of end-user, the global aluminum forging market can be divided into five segments namely, Automotive and Transportation, Aerospace and Defense, Industrial Machinery, Construction, and Others. The automotive and transportation segment held the highest share of the market. The demand for aluminum forging in the automotive and transportation sector has been increasing primarily due to the industry's growing focus on lightweighting and improving fuel efficiency. Additionally, the focus on reducing greenhouse gas emissions and meeting stricter regulatory standards has further driven the demand for aluminum components in automotive manufacturing. On the other hand, the aerospace and defense sectors are expected to grow fastest for aluminum forging due to the critical role that lightweight, high-strength materials play in these industries. Aluminum forgings are extensively used in the manufacturing of aircraft parts, including wings, fuselage frames, landing gear, and engine components, where strength, durability, and corrosion resistance are essential. The demand for more fuel-efficient aircraft, coupled with the rise in commercial air travel and defense spending, has significantly increased the need for forged aluminum parts in aerospace applications.

By Region: The report provides insight into the aluminum forging market based on the regions: Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific held the major share of the market. The use of aluminum forging in the automotive sector in China is in high demand, owing to the advantage of producing a wide range of products that fit the industry’s needs with a special quality. Moreover, China is the world’s biggest automobile market in production and sales. According to OICA (International Organization of Motor Vehicle Manufacturers), vehicle production in China reached a total of 30.16 million units in 2023, which is an increase of 12% over 2022 for the same period. Further, the automobile industry in the country is witnessing switching trends as the consumer inclination toward battery-operated vehicles is on the higher side. Poised to continue sales at this momentum, the market is anticipated to increase the demand for the forged aluminum in the country.

The US government’s increased defense spending and focus on maintaining military technological superiority have further spurred the demand for aluminum forgings in defense applications. For instance, the US is ranked as the world's leading defense manufacturer and exporter. According to Statista, the US led the ranking of the countries with the highest military spending in 2023, with US$916 billion dedicated to the military. That constituted over 40% of the total military spending worldwide in 2023.

Germany holds the major share of the European aluminum forging market due to its position as a global leader in automotive and industrial manufacturing. The country is home to some of the world’s largest automakers, such as BMW, Volkswagen, and Mercedes-Benz, which are increasingly adopting aluminum forgings to manufacture lightweight, high-strength components for their vehicles. Moreover, as Germany shifts toward electric vehicles (EVs), the demand for aluminum forged parts has surged, particularly for components like electric motors, battery housings, and chassis systems.

Market Dynamics:

Growth Drivers: The global aluminum forging market has been growing over the past few years, due to factors such as growing passenger car production, rising utilization of aluminum in aircraft industry, growing construction spending, rising demand for renewable energy, superior properties of aluminum forged products, growing maintenance, repair, and overhaul (MRO) industry, and many other factors. The increasing production of passenger cars is driving significant demand for aluminum forgings due to the material’s lightweight, strength, and energy absorption properties. As automakers focus on enhancing fuel efficiency and reducing CO2 emissions, aluminum has become a preferred material for critical components such as suspension systems, chassis, and wheels. Its lightweight nature allows for improved vehicle performance without compromising safety or durability. Moreover, the use of aluminum in forgings helps reduce the overall weight of vehicles, thereby improving fuel economy and meeting stringent regulatory standards for emissions.

Challenges: However, the market growth would be negatively impacted by various challenges such as fluctuating aluminum prices, negative environmental impact of aluminum forging process, high initial investment, etc.

Trends: The market is projected to grow at a fast pace during the forecast period, due to rising demand of electric vehicles, increasing adoption of advanced aluminum alloy, increasing focus on sustainability and recycling, growing developments in aluminum forging techniques, etc. Aluminum’s recyclability, which allows it to be reused multiple times without losing its mechanical properties, makes it an environmentally sustainable choice for industries aiming to reduce their carbon footprint. The energy required to recycle aluminum is only a fraction of what is needed to produce primary aluminum from bauxite, making it a cost-effective and eco-friendly option. As industries like automotive, aerospace, and construction move toward greener production practices, the demand for forged aluminum components made from recycled materials is rising.

Impact Analysis of COVID-19 and Way Forward:

The COVID-19 pandemic had a significant impact on the global aluminum forging market, disrupting multiple aspects of the value chain. One of the most immediate effects was the supply chain disruptions caused by lockdowns, restrictions on international trade, and factory shutdowns. This led to delays in the supply of raw materials like bauxite and alumina, as well as finished aluminum products, causing a slowdown in forging operations. With many industries halting production or reducing their output, the demand for forged aluminum components plummeted in key sectors such as automotive, aerospace, and construction. However, as the global economy began to recover in the latter half of 2021, demand for aluminum forging gradually picked up.

Competitive Landscape:

The global aluminum forging market is fragmented in nature.

The key players in the global aluminum forging market are:

Alcoa Corporation
Bharat forge limited
Kobe Steel, Ltd.
Ellwood Group Inc.
Arconic Corporation
Queen City Forging Company
Scot Forge Company
Continental Forge Company
All Metals & Forge Group
American Handforge
Accurate Steel Forgings (INDIA) Limited
Aluminum Precision Products