Global Aluminum Forging Market targets achieving USD 20 BN By 2025
Posted On July 04, 2019
Value Market Research forecast that the Global Aluminum Forging Market will reach USD 20 BN by 2025 with a CAGR of 6% during 2019 to 2025. It was valued USD 12.7 BN (by revenue) in 2018. The market of aluminum forging has experienced strong growth on account of the booming automotive industry. Rising demand for superior casting as they have high impact, toughness, and fatigue properties which make them ideal for application where reliability and safety are important is further expected to enhance market value. Moreover, rising application of aluminum casting material from oil and gas, aircraft, construction, military, and shipbuilding coupled with the rising number of various manufacturing industries across developing region is also expected to shape the industry structure over the forecast timeline.
Aluminum forging is a mechanical method of creating high strength material by pressing and pounding under extremely high pressure across the various manufacturing sector. Up setters, hammers, and presses are some of the basic types of equipment which are used in the forging process. Open-die forging, closed-die forging, and ring-rolled forging are the types of aluminum forging. Open-die forging process is ideal for larger aluminum components, closed-die forging is mainly suitable for intricate designs and tighter tolerances and ring-rolled forging are used with high-strength ring-shaped applications. Gears, Pistons, and wheel spindles which are used in high-performance automobiles and aircraft applications are mostly made from forged aluminum.
The report "Global Aluminum Forging Market Report By Type (Open Die Forging, Closed Die Forging And Ring Rolled Forging), By Application (Aerospace, Defense, Transformation/Automotive And Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2018-2025" cover comprehensive mapping of the various factors which shapes the entire market structure.
The market segmentation cover type, application, and region. Type segments include open die forging, closed die forging, and ring rolled forging. Closed die forging held the leading position because this process yields almost numerous variety of shapes with different range in weight. Also, it can produce more complex and closer tolerance metals shapes than other processes. Application area encompasses aerospace, defense, transformation/automotive and others. Aerospace is dominating the overall application segment because aluminum forging is an ideal choice of creating aircraft parts as it produces lightweight, high strength and corrosion resistant making them especially valuable for manufacturing aircraft. Regional segmentation covers North America, Europe, Latin America, the Middle East, and Africa. Currently, Asia-Pacific is ruling the overall aluminum forging market owing to ongoing urbanization and industrialization coupled with the rising demand for forged products across various manufacturing industries.
The Report Segments Global Aluminum Forging Market -
Open Die Forging
Closed Die Forging
Ring Rolled Forging
Middle East and Africa
Players Profiled In The Report:
Aluminum Precision Products, American Handforge, Anderson Shumaker, BRAWO USA, BUNTY LLC, MATTCO FORGE, Philadelphia Forgings and Queen City Forging Company among others.
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