San Francisco, 11 November 2024: The Report Aluminum Forging Market Size, Share & Trends Analysis Report By Product (Open Die, Closed Die), By Application (Automotive, Aerospace), By Region, And Segment Forecasts, 2030 - 2030
The global aluminum forging market size is expected to reach USD 33.61 billion by 2030, registering a CAGR of 7.0% from 2030 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for lightweight metal forgings in the aerospace & automotive industries is propelling the market growth.
The process of forging involves pressing and squeezing metal under high pressure for manufacturing high-strength parts. Forged aluminum is preferable for applications that require high safety and performance along with lightweight for enhanced fuel efficiency and speed.
Product penetration is increasing in the aerospace & defense industry as aircraft part manufacturers are shifting towards lightweight materials for developing components such as landing gears and engines to reduce aircraft weight. A lighter aircraft results in increased fuel efficiency, thereby improving airline profitability.
Based on product, the market is segmented into open-die, close-die, and ring-rolled. In terms of revenue, close-die is anticipated to register the fastest growth rate over the forecast period. The close-die forging process involves using two or more dies containing impressions. It enables the production of a variety of shapes with relatively precise tolerances, compared to other processes.
The market witnessed high raw material costs in 2022 due to the Russia-Ukraine war. The operating costs of companies increased in 2022 as there was a surge in the prices of aluminum and its raw materials. These prices were corrected in the mid of 2022 as alternative countries were found for importing aluminum products. Global supply chain disruptions caused by the war have also led to inflationary pressures.
Based on region, Europe is anticipated to register a CAGR of 5.1% in terms of revenue during the forecast period. The primary aluminum industry in Europe has been severely impacted by rising energy costs and soaring natural gas prices, along with the lack of sufficient nuclear or renewable energy. The invasion of Ukraine by Russia also affected the product supply chain. It adversely impacted the trade of natural gas in Europe, which made the issue worse for European countries. Energy-intensive sectors in Europe, including forging companies, halted or temporarily suspended their operations across Europe owing to these difficulties.
Market participants continue to expand their production capacity to stay ahead of their competition. For instance, in December 2022, Strojmetal announced that it has installed a new 2,500-ton scotch yoke press for aluminum forging in its plant located in the Czech Republic. The new product manufacturing line of the company is anticipated to help it in catering to the surging demand for lightweight components from automobile manufacturers.
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The rising demand for lightweight materials in the automotive industry is driving growth. Automobile manufacturers have been trying to reduce the weight of vehicles for many years to increase fuel efficiency and improve vehicle performance, as well as to reduce carbon emissions. According to the U.S. Department of Energy, a decrease in the weight of vehicles by 10% can increase fuel efficiency by 6% to 8%. Thus, global automotive manufacturers are shifting towards the production of lightweight cars.
• Closed die forging held the revenue share of over 72% in 2024. Closed die process produces more complex shapes with higher tolerances than the open die because of the presence of two or more dies enclosed during the process. • The ring-rolled segment is anticipated to register a CAGR of 6.3%, in terms of revenue, over the forecast period. Rings are lightweight, able to resist corrosion, and extremely durable. • Automotive segment held the revenue share of over 56% in 2024. The global automotive industry is increasing its consumption of forged components to lower the weight of vehicles. • The aerospace segment is expected to register a CAGR of 7.0%, in terms of revenue, during the forecast period.
Increasing demand for new defense aircraft is expected to further augment market growth. Airbus experienced a remarkable 200% increase in profits, primarily driven by a surge in passenger aircraft sales and heightened demand for military aircraft. In response to this growth, the company announced in May 2022 plans to boost A320 production by 50%, aiming to manufacture a minimum of 75 aircraft per month by 2030. This strategic move highlights Airbus's commitment to scaling operations in line with market demand.
Aluminum Forging Report Scope
Report Attribute Details Market size value in 2030 USD 25.10 billion Revenue forecast in 2030 USD 33.61 billion Growth rate CAGR of 7.0% from 2030 to 2030 Base year for estimation 2024 Historical data 2018 - 2023 Forecast period 2030 - 2030
Recent Developments
• In September 2024, Ramkrishna Forgings announced plans to establish a new aluminum forging facility in Jamshedpur, India. This strategic move aims to enhance the company's capabilities in producing lightweight and high-strength aluminum components, catering to the growing demand from the automotive and aerospace sectors. • In January 2023, Pacific Precision Forging in China expanded its investment in aluminum forging technology with a fully automatic eccentric forging press that is closed die. This is expected to enhance the overall product quality and provide lightweight solutions to automotive sector.
Mar 12, 2020: The global Prosthetics and Orthotics market size is expected to reach USD 13.3 billion by 2027, according to a new report by Radiant Insights, Inc., registering a 4.6% CAGR over the forecast period.
Increasing incidences of sports injuries, rising incidence of osteosarcoma, and expanding geriatric population base are key factors driving the market.Rising geriatric population across the globe has become a major factor driving demand for prosthetics and orthotics.
For instance, as per the United Nations, the number of people aged 60 years or over globally is expected to more than double by 2050, increasing from 962 million in 2017 to 2.1 billion in 2050.
The elderly are more susceptible to conditions such as osteoporosis and osteopenia, making them common users of various orthopedic solutions.To Request A Sample Copy Of This Report @: https://www.radiantinsights.com/research/prosthetics-and-orthotics-market/request-sampleIncreasing incidence of osteosarcoma in young adults and children is also driving the market to a great extent.
Around 800 to 900 new cases of osteosarcoma are reported in the U.S. each year as of 2018.Further key findings from the report suggest:In terms of revenue, the orthotics segment is projected to expand at a CAGR of 4.0% over the forecast period.
Increasing cases of diabetes-related amputations across the globe are acting as the driving factor for this segmentBy revenue, Asia Pacific is expected to exhibit the highest growth rate over the forecast period.
