Newark, NJ, March 16, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global aluminum forgings market is expected to grow from USD 10.37 billion in 2016 and expected to reach USD 20.91 billion by 2025 at a CAGR of 8.15% during the forecast period 2017-2025.
Aluminum is widely employed in various end-user industries such as aerospace, construction, packaging, automotive, and electrical & electronics. Aluminum forging products are used in the aerospace and automotive industry for the necessity to make modern vehicles safer, lighter, and more environmentally friendly. The automotive industry is one of the major users of aluminum forged parts since low-fuel-consumption cars have been demanded for the economy in recent years. The major factors influencing the forgeability of aluminum alloys are the deformation rate and the solidus temperature. Most of the alloys are forged below the corresponding solidus temperature at approximately 55°C (100°F).
Aluminum forging is a manufacturing process that is accomplished through the pounding of the aluminum or the intense squeezing until high-strength forged aluminum parts are formed. Aluminum forgings are ideal for parts used in applications that require safety and for superior strength. Common forged aluminum parts include automobile chassis and body panels, aircraft frames and wheels, automotive drive train and engine components, structural components for construction, decorative architectural components, components for boats and marine equipment, and processing equipment.
Global aluminum forgings market is expected to witness rapid growth over the forecast period, as aluminum forgings used extensively in aerospace applications and airframe structures, due to their favorable high fatigue strength and low density. However, fluctuation in prices and availability of aluminum, is anticipated to hinder the market growth over the forecast period.
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Key players operating in the global aluminum forgings market include All Metals & Forge Group, Aluminum Precision Products, Inc., Anderson Shumaker Company, Alcoa Corporation, Sun Fast International, LLC, Queen City Forging Company, Scot Forge Company, Deeco Metals, Continental Forge Company, UNIFOR Brass Forgings Inc., Accurate Steel Forgings (India) Limited, and Consolidated Industries, Inc. among others. To enhance their market position in the global aluminum forgings market, the key players are now focusing on adopting the strategies such as recent developments, joint venture, product innovations, mergers & acquisitions, collaborations, and partnership.
- For instance, in August, 2015, Alcoa Corporation announced the launch of world’s largest single-piece forged aluminum hull for combat vehicles to improve troop protection as part of a joint Alcoa-US Army initiative.
- In April 2019, Hydro announced the upgradation of aluminium forging operations at its Husnes (Norway) facility with new technology to produce more advanced products for the growing automotive aluminum forging market.
Custom aluminum forgings segment held largest market share and valued at USD 6.88 billion in 2016
Type segment includes conventional aluminum forgings and custom aluminum forgings. Custom aluminum forgings segment held largest market share and valued at USD 6.88 billion in 2016, due to the capability of providing various shapes and sizes of aluminum products. The custom aluminum forgings are ideally suited for applications where safety, strength, and performance will not be compromised due to the light weight nature of the aluminum. The two most common custom aluminum forgings methods includes: Closed die forgings – closed die forgings are perfect for smaller more intricate designs and constricted tolerances. Open-die forgings – open-die forgings are Ideal for producing substantial amounts of aluminum. The open-die forgings process utilizes flat dies, which do not constrain and are free of pre-cut profiles and designs.
Automotive segment held the largest market share of 35.25% in 2016
Application segment includes automotive, aerospace & military, electrical industry, engineering machinery, and general industrial machinery. Automotive segment held the largest market share of 35.25% in 2016. The customized aluminum forgings are used in automotive industry for some forged components to manufacture various automotive parts. Automotive industry covers a wide range of companies that involved in the manufacture, design, and selling of automotive parts. On an average, in the car, there are over 20,000 parts, and all these components are made in different processes, like forging, casting, stamping, welding, machining, etc. Aluminum forging used in the production of many spare parts for a large number of industries. Also the customized aluminum forgings are sued in automotive industry for some forged components. Increase in usage of aluminum sheets for body component applications in the automobiles, driving the growth of market. Additionally, aluminum content is estimated to fluctuate, depending on the ability of OEMs to meet CO2 requirements with powertrain improvements and a potential switch from mass-based European CO2 regulation. Thus, rise in usage of aluminum content per vehicle to reduce vehicular emissions is anticipated to propel the demand for aluminum forging during the forecast period.
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Regional Segment Analysis of the Aluminum Forgings Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. China held the largest market share and valued at USD 3.56 billion in 2016. China is the fastest-growing region in the aluminum forgings market with the highest CAGR of 9.32% owing to heavy investments in development of new forging methods and improve existing infrastructure. In addition to this, presence of many global and local manufacturers in the region, driving the growth of market in the China.
About the report:
The global aluminum forgings market is analysed on the basis of value (USD Billion), volume (K Tons), consumption (K Tons), imports (K Tons) and exports (K Tons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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