The overall aluminum forging market worldwide was valued at US$ 11.60 Bn in 2018 and is set to grow with a CAGR of 5.4% during the forecast period.
Market Insights
Growing demand for lightweight materials in aerospace and automotive industries are driving the growth for aluminum forging market. Aluminum forging is a manufacturing process in which aluminum is pressed, squeezed below heavy pressure for producing high strength parts. Growth of forging market worldwide is one of the major growth factors which are driving growth for aluminum forging market. The global forging market is valued around US$ 65.00 Bn in 2018. On account of durability, high strength, resistance and other benefits, the demand for aluminum forging is growing which in turn helping the aluminum forging market to grow. Therefore, we expect that the aluminum forging market will show healthy growth during the forecast period.
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Based on application, in 2018, automotive segment was the largest value contributor in the global aluminum forging market. The aforementioned segment has above 35% revenue share in the same year. Growth in automotive production and wide application of aluminum in modern vehicles are the major factors for the growth of the segment. In 2018, global automotive industry consumed over 3.5 Mn tons of aluminum. The fact of every 1 kilogram use of aluminum in car manufacturing reduces the overall weight of the car by 1 kilogram. Due to aforementioned reason, different car parts such as engine radiators, bumpers, transmission bodies, and other major parts are made of aluminum nowadays. Since 1970, the continuous rise in the aluminum share in car production has increased from 35 Kg to 152 Kg in 2018. As a result of these factors, we expect that the segment will show significant growth throughout the forecast period.
Based on the geography, Asia Pacific was the largest value contributor in the aluminum forging market in 2018. Asia Pacific has nearly 1/3rd share in the same year. Growing automotive and construction industry are the major growth driving factors for aluminum forging market in Asia Pacific. Developing economies of Asia Pacific such as China and India will be the major contributor in the region owing to growth in adoption of forging techniques in the manufacturing industry. Hefty investments and government initiatives for increasing manufacturing in the region are one of the major growth factors for aluminum forging market. Consequently, we expect that the Asia Pacific region will continue its dominance throughout the forecast period.
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Automotive Segment will continue its Dominance
The aluminum forging market by application is split into aerospace, automotive, defense and others (construction, mining, etc.). In 2018, automotive segment was the largest value contributor and accounts for around 1/3rd of the revenue share in the same year. Increased application of aluminum in the automotive sector is the key driver for the growth of the segment. On account of light weight, low density, resistance, toughness and other benefits of aluminum forging has increased the use of aluminum in automotive production. Consequently, we expect that the automotive segment will dominant the aluminum forging market throughout the forecast period.
Asia Pacific will continue leading the market
In 2018, Asia Pacific was the largest value contributor in the aluminum forging market. Asia Pacific accounts for nearly 35% of the revenue share in the same year. Growth of manufacturing industry in the developing economies of Asia Pacific such as China and India is the major growth factor for the region. Hefty investments for the growth of construction and manufacturing industry is the other major factor driving the growth of Asia Pacific. As a result of aforementioned factors, we expect that the Asia Pacific region will continue leading the market during the forecast period.
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