Dublin, Feb. 11, 2020 (GLOBE NEWSWIRE) -- The "Global Aluminum Forging Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2019 To 2027" report has been added to ResearchAndMarkets.com's offering.
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. Growing demand for lightweight materials in the aerospace and automotive industries is driving the growth of aluminum forging market.
Growth of the forging market worldwide is one of the major growth factors which are driving growth for the aluminum forging market. The global forging market is valued at around US$ 65 billion 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.
Based on the application, in 2018, the 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 the wide application of aluminum in modern vehicles are the major factors for the growth of the segment.
In 2018, the 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 the 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. The Asia Pacific has nearly 1/3rd share in the same year. The growing automotive and construction industry are the major growth driving factors for the aluminum forging market in the Asia Pacific.
Developing economies of the Asia Pacific such as China and India will be the major contributor in the region owing to growth in the 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 the aluminum forging market. Consequently, we expect that the Asia Pacific region will continue its dominance throughout the forecast period.
Some of the major companies profiled in the report include Aichi Steel, Alcoa Corporation, Bharat Forge Limited, Nippon Steel Corporation, ThyssenKrupp AG, Aluminum Precision Products, American Handforge, KITZ CORPORATION, Ellwood Group Inc, Arconic Inc. among others.
Key Topics Covered
Chapter 1 Preface
Chapter 2 Executive Summary
2.1 Market Snapshot: Global Aluminum Forging Market
2.1.1 Global Aluminum Forging Market, by Product Type, 2018 (US$ Mn)
2.1.2 Global Aluminum Forging Market, by Application, 2018 (US$ Mn)
2.1.3 Global Aluminum Forging Market, by Geography, 2018 (US$ Mn)
Chapter 3 Market Dynamics
3.1 Introduction
3.2 Market Dynamics
3.2.1 Market Drivers
3.2.2 Market Restraint
3.3 Attractive Investment Proposition, by Geography, 2018
3.4 Market Positioning of Key Aluminum Forging Manufacturers, 2018
Chapter 4 Global Aluminum Forging Market, by Product Type
4.1 Overview
4.2 Open Die Forging
4.3 Close Die Forging
4.4 Ring Rolled Forging
Chapter 5 Global Aluminum Forging Market, by Application
5.1 Overview
5.2 Aerospace
5.3 Automotive
5.4 Defense
5.5 Others (Construction, Mining, etc.)
Chapter 6 North America Aluminum Forging Market Analysis, 2017 - 2027 (US$ Mn)
Chapter 7 Europe Aluminum Forging Market Analysis, 2017 - 2027 (US$ Mn)
Chapter 8 Asia-Pacific Aluminum Forging Market Analysis, 2017 - 2027 (US$ Mn)
Chapter 9 Rest of the World (RoW) Aluminum Forging Market Analysis, 2017 - 2027 (US$ Mn)
Chapter 10 Company Profiles
10.1 Aichi Steel
10.2 Alcoa Corporation
10.3 Bharat Forge Limited
10.4 Nippon Steel Corporation
10.5 thyssenkrupp AG
10.6 Aluminum Precision Products
10.7 American Handforge
10.8 KITZ Corporation
10.9 Ellwood Group Inc.
10.10 Arconic Inc.
For more information about this report visit https://www.researchandmarkets.com/r/5gadya
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.