Global Aluminum Forging Market Expected to Reach $31.73 Billion by 2029, Driven by Advancements in Technology and Growing Demand for Sustainable Products

The global aluminum forging market is expected to reach $31.73 billion by 2029, growing at a CAGR of 6% during the forecast period. The market is driven by factors such as increasing adoption of advanced aluminum alloy, growing MRO industry, aircraft utilization, and demand for EVs. Asia-Pacific held the major share of the market, with China being the world's biggest automobile market in production and sales. The US is also a significant market due to increased defense spending and a focus on maintaining military technological superiority.

The global aluminum forging market is poised for significant growth, projected to reach $31.73 billion by 2029, expanding at a CAGR of approximately 6% during the forecast period [1]. This growth can be attributed to several factors, including the increasing adoption of advanced aluminum alloys, the expanding maintenance, repair, and overhaul (MRO) industry, the growing utilization of aircraft, and the rising demand for electric vehicles (EVs).

Advanced aluminum alloys are increasingly being adopted due to their superior strength-to-weight ratio and corrosion resistance. This makes them an ideal choice for various industries, including transportation, aerospace, and defense. According to a report by ResearchAndMarkets.com, the global aluminum forging market was valued at $22.71 billion in 2023 [1].

The MRO industry is another significant driver of the global aluminum forging market. The increasing focus on maintaining equipment and infrastructure in good condition is leading to an increase in demand for aluminum forgings in various industries, including power generation, oil and gas, and transportation.

The aviation industry is also expected to contribute significantly to the growth of the global aluminum forging market. Aluminum forgings are widely used in aircraft manufacturing due to their lightweight properties and high strength. According to a report by Statista, the global aircraft fleet is expected to grow from 26,635 aircraft in 2020 to 42,840 aircraft by 2039 [2].

The growing demand for EVs is another key driver of the global aluminum forging market. Aluminum forgings are used extensively in EV manufacturing, particularly in battery enclosures and chassis components. According to a report by Grand View Research, the global EV market is expected to grow at a CAGR of 21.2% during the forecast period [3].

Asia-Pacific is the largest market for aluminum forgings, accounting for a significant share of the global market. China, in particular, is a major contributor to the growth of the market in this region. According to a report by OICA, China was the world's biggest automobile market in production and sales in 2023, with a total of 30.16 million units produced and sold [1]. The automotive industry in China is witnessing a shift towards battery-operated vehicles, which is expected to further boost demand for aluminum forgings in the country.

The US is also a significant market for aluminum forgings, particularly in the defense sector. According to Statista, the US is the world's leading defense manufacturer and exporter, and the country's increased defense spending and focus on maintaining military technological superiority have led to an increase in demand for aluminum forgings in defense applications [1].

References:

[1] "Aluminum Forging Market Analysis by Forging Type, End-user, and Region - Forecast to 2029." ResearchAndMarkets.com, Oct. 03, 2024. https://www.researchandmarkets.com/reports/5826108/aluminum-forging-market-analysis-by-forging

[2] "Global Aircraft Fleet Size." Statista, Aug. 18, 2022. https://www.statista.com/topics/1296/aircraft-fleet/

[3] "Global Electric Vehicle Market Size, Share & Trends Analysis Report By Type, By Component, By Region And Segment Forecasts, 2022 - 2028." Grand View Research, Inc., Aug. 19, 2022. https://www.grandviewresearch.com/industry-analysis/electric-vehicle-market