Summary

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

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Table of Contents

1. Executive Summary

2. Introduction

2.1 Aluminum Forging: An Overview
2.1.1 Introduction to Aluminum Forging
2.1.2 Aluminum Forging Value Chain Analysis

2.2 Aluminum Forging Segmentation: An Overview

3. Global Market Analysis

3.1 Global Aluminum Forging Market: An Analysis

3.1.1 Global Aluminum Forging Market: An Overview
3.1.2 Global Aluminum Forging Market by Value
3.1.3 Global Aluminum Forging Market by Forging Type (Closed Die Forging, Open Die Forging, and Ring Rolled Forging)
3.1.4 Global Aluminum Forging Market by End-User (Automotive and Transportation, Aerospace and Defense, Industrial Machinery, Construction, and Others)
3.1.5 Global Aluminum Forging Market by Region (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa)

3.2 Global Aluminum Forging Market: Forging Type Analysis

3.2.1 Global Aluminum Forging Market by Forging Type: An Overview
3.2.2 Global Aluminum Closed Die Forging Market by Value
3.2.3 Global Aluminum Open Die Forging Market by Value
3.2.4 Global Aluminum Ring Rolled Forging Market by Value

3.3 Global Aluminum Forging Market: End-User Analysis

3.3.1 Global Aluminum Forging Market by End-User: An Overview
3.3.2 Global Automotive and Transportation Aluminum Forging Market by Value
3.3.3 Global Aerospace and Defense Aluminum Forging Market by Value
3.3.4 Global Industrial Machinery Aluminum Forging Market by Value
3.3.5 Global Construction Aluminum Forging Market by Value
3.3.6 Global Others Aluminum Forging Market by Value

4. Regional Market Analysis

4.1 Asia Pacific Aluminum Forging Market: An Analysis

4.1.1 Asia Pacific Aluminum Forging Market: An Overview
4.1.2 Asia Pacific Aluminum Forging Market by Value
4.1.3 Asia Pacific Aluminum Forging Market by Region (China, Japan, India, South Korea, and Rest of the Asia Pacific)
4.1.4 China Aluminum Forging Market by Value
4.1.5 Japan Aluminum Forging Market by Value
4.1.6 India Aluminum Forging Market by Value
4.1.7 South Korea Aluminum Forging Market by Value
4.1.8 Rest of Asia Pacific Aluminum Forging Market by Value

4.2 North America Aluminum Forging Market: An Analysis

4.2.1 North America Aluminum Forging Market: An Overview
4.2.2 North America Aluminum Forging Market by Value
4.2.3 North America Aluminum Forging Market by Region (The US, Canada, and Mexico)
4.2.4 The US Aluminum Forging Market by Value
4.2.5 Canada Aluminum Forging Market by Value
4.2.6 Mexico Aluminum Forging Market by Value

4.3 Europe Aluminum Forging Market: An Analysis

4.3.1 Europe Aluminum Forging Market: An Overview
4.3.2 Europe Aluminum Forging Market by Value
4.3.3 Europe Aluminum Forging Market by Region (Germany, The UK, France, Italy, and Rest of the Europe)
4.3.4 Germany Aluminum Forging Market by Value
4.3.5 The UK Aluminum Forging Market by Value
4.3.6 France Aluminum Forging Market by Value
4.3.7 Italy Aluminum Forging Market by Value
4.3.8 Rest of Europe Aluminum Forging Market by Value

4.4 Latin America Aluminum Forging Market: An Analysis

4.4.1 Latin America Aluminum Forging Market: An Overview
4.4.2 Latin America Aluminum Forging Market by Value

4.5 Middle East & Africa Aluminum Forging Market: An Analysis

4.5.1 Middle East & Africa Aluminum Forging Market: An Overview
4.5.2 Middle East & Africa Aluminum Forging Market by Value

5. Impact of COVID-19

5.1 Impact of COVID-19 on Global Aluminum Forging Market
5.2 Post COVID-19 Impact on Global Aluminum Forging Market

6. Market Dynamics

6.1 Growth Drivers
6.1.1 Growing Passenger Car Production
6.1.2 Rising Utilization of Aluminum in Aircraft Industry
6.1.3 Growing Construction Spending
6.1.4 Rising Demand for Renewable Energy
6.1.5 Superior Properties of Aluminum Forged Products
6.1.6 Growing Maintenance, Repair, and Overhaul (MRO) Industry

6.2 Challenges
6.2.1 Fluctuating Aluminum Prices
6.2.2 Negative Environmental Impact of Aluminum Forging Process
6.2.3 High Initial Investment

6.3 Market Trends
6.3.1 Rising Demand of Electric Vehicles
6.3.2 Increasing Adoption of Advanced Aluminum Alloy
6.3.3 Increasing Focus on Sustainability and Recycling
6.3.4 Growing Developments in Aluminum Forging Techniques

7. Competitive Landscape

7.1 Global Aluminum Forging Market: Competitive Landscape

8. Company Profiles

8.1 Alcoa Corporation
8.1.1 Business Overview
8.1.2 Operating Segments
8.1.3 Business Strategy

8.2 Bharat forge limited
8.2.1 Business Overview
8.2.2 Operating Segments
8.2.3 Business Strategy

8.3 Kobe Steel, Ltd.
8.3.1 Business Overview
8.3.2 Operating Segments
8.3.3 Business Strategy

8.4 Ellwood Group Inc.
8.4.1 Business Overview
8.4.2 Business Strategy

8.5 Arconic Corporation
8.5.1 Business Overview
8.5.2 Business Strategy

8.6 Queen City Forging Company
8.6.1 Business Overview

8.7 Scot Forge Company
8.7.1 Business Overview

8.8 Continental Forge Company
8.8.1 Business Overview

8.9 All Metals & Forge Group
8.9.1 Business Overview

8.10 American Handforge
8.10.1 Business Overview

8.11 Accurate Steel Forgings (INDIA) Limited
8.11.1 Business Overview

8.12 Aluminum Precision Products
8.12.1 Business Overview

List of Figures

Figure 1: Aluminum Forging Value Chain Analysis
Figure 2: Aluminum Forging Segmentation
Figure 3: Global Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 4: Global Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 5: Global Aluminum Forging Market by Forging Type; 2023 (Percentage, %)
Figure 6: Global Aluminum Forging Market by End-User; 2023 (Percentage, %)
Figure 7: Global Aluminum Forging Market by Region; 2023 (Percentage, %)
Figure 8: Global Aluminum Closed Die Forging Market by Value; 2019-2023 (US$ Billion)
Figure 9: Global Aluminum Closed Die Forging Market by Value; 2024-2029 (US$ Billion)
Figure 10: Global Aluminum Open Die Forging Market by Value; 2019-2023 (US$ Billion)
Figure 11: Global Aluminum Open Die Forging Market by Value; 2024-2029 (US$ Billion)
Figure 12: Global Aluminum Ring Rolled Forging Market by Value; 2019-2023 (US$ Billion)
Figure 13: Global Aluminum Ring Rolled Forging Market by Value; 2024-2029 (US$ Billion)
Figure 14: Global Automotive and Transportation Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 15: Global Automotive and Transportation Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 16: Global Aerospace and Defense Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 17: Global Aerospace and Defense Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 18: Global Industrial Machinery Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 19: Global Industrial Machinery Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 20: Global Construction Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 21: Global Construction Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 22: Global Others Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 23: Global Others Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 24: Asia Pacific Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 25: Asia Pacific Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 26: Asia Pacific Aluminum Forging Market by Region; 2023 (Percentage, %)
Figure 27: China Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 28: China Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 29: Japan Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 30: Japan Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 31: India Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 32: India Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 33: South Korea Aluminum Forging Market by Value; 2019-2023 (US$ Million)
Figure 34: South Korea Aluminum Forging Market by Value; 2024-2029 (US$ Million)
Figure 35: Rest of Asia Pacific Aluminum Forging Market by Value; 2019-2023 (US$ Million)
Figure 36: Rest of Asia Pacific Aluminum Forging Market by Value; 2024-2029 (US$ Million)
Figure 37: North America Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 38: North America Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 39: North America Aluminum Forging Market by Region; 2023 (Percentage, %)
Figure 40: The US Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 41: The US Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 42: Canada Aluminum Forging Market by Value; 2019-2023 (US$ Million)
Figure 43: Canada Aluminum Forging Market by Value; 2024-2029 (US$ Million)
Figure 44: Mexico Aluminum Forging Market by Value; 2019-2023 (US$ Million)
Figure 45: Mexico Aluminum Forging Market by Value; 2024-2029 (US$ Million)
Figure 46: Europe Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 47: Europe Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 48: Europe Aluminum Forging Market by Region; 2023 (Percentage, %)
Figure 49: Germany Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 50: Germany Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 51: The UK Aluminum Forging Market by Value; 2019-2023 (US$ Million)
Figure 52: The UK Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 53: France Aluminum Forging Market by Value; 2019-2023 (US$ Million)
Figure 54: France Aluminum Forging Market by Value; 2024-2029 (US$ Million)
Figure 55: Italy Aluminum Forging Market by Value; 2019-2023 (US$ Million)
Figure 56: Italy Aluminum Forging Market by Value; 2024-2029 (US$ Million)
Figure 57: Rest of Europe Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 58: Rest of Europe Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 59: Latin America Aluminum Forging Market by Value; 2019-2023 (US$ Billion)
Figure 60: Latin America Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 61: Middle East & Africa Aluminum Forging Market by Value; 2019-2023 (US$ Million)
Figure 62: Middle East & Africa Aluminum Forging Market by Value; 2024-2029 (US$ Billion)
Figure 63: Global Passenger Car Production; 2019-2023 (Million Unit)
Figure 64: Global Airline Industry Revenue; 2019-2024 (US$ Billion)
Figure 65: The US Construction Spending; March 2024- July 2024 (US$ Billion)
Figure 66: Global Electricity Supply and Share of Renewable Source; 2020-2025 (TWh, Percentage, %)
Figure 67: The Global Aluminum Prices; 2023-2024 (US$ Thousand per Metric Ton)
Figure 68: Global Electric Car Sales; 2020-2024 (Million Units)
Figure 69: Alcoa Corporation Sales by Segment; 2023 (Percentage, %)
Figure 70: Bharat forge limited Revenue by Segment; 2024 (Percentage, %)
Figure 71: Kobe Steel, Ltd. Net Sales by Segment; 2023 (Percentage, %)