Aluminum Component Forging Market – Global Industry Size, Share, Trends Opportunity, and Forecast, Segmented By Forging Type (Open Die Forging, Close Die Forging, And Ring Rolled Forging), By Component Type (Transmission Parts, Steering Parts, Others), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Region and By Competition 2018-2028

Industry : Automotive
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Published Date : NA

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Report Description

Forecast Period	2024-2028
Market Size (2022)	USD 23.93 billion
CAGR (2023-2028)	5.57%
Fastest Growing Segment	Steel
Largest Market	North America

Market Overview

The Global Aluminum Component Forging Market size reached USD 23.93 billion in 2022 and is expected to grow with a CAGR of 5.57% in the forecast period. The Global Aluminum Component Forging Market is a vital segment of the broader forging industry, characterized by the production of high-quality, lightweight, and durable components forged from aluminum. This market plays a pivotal role in serving various sectors, including aerospace, automotive, and industrial machinery, where lightweight and corrosion-resistant aluminum components are in high demand.

The automotive industry is a significant driver of the aluminum component forging market, as automakers strive to reduce vehicle weight to enhance fuel efficiency and reduce emissions. Forged aluminum components, such as suspension parts, engine components, and structural elements, contribute to achieving these objectives while maintaining safety and performance standards.

In the aerospace sector, the demand for lightweight, high-strength aluminum components for aircraft and spacecraft is driving the growth of this market. Forged aluminum parts, such as wing components and structural elements, are essential for meeting the stringent weight requirements of aerospace applications while ensuring structural integrity.

The industrial machinery sector also benefits from aluminum component forging, as manufacturers seek lightweight and durable components for various machines and equipment. These components are often used in critical applications where high strength-to-weight ratios are essential.

Overall, the Global Aluminum Component Forging Market thrives on the versatility of aluminum as a material, offering a balance between strength, weight reduction, and corrosion resistance. As industries continue to emphasize sustainability, efficiency, and performance, the demand for high-quality forged aluminum components is expected to remain robust, making this market a crucial contributor to various sectors.

Key Market Drivers

Automotive Lightweighting

The automotive industry's relentless pursuit of lightweight materials to improve fuel efficiency and reduce emissions is a major driver of aluminum component forging. Forged aluminum parts, including suspension components and Transmission Parts, help automakers achieve these objectives without compromising safety and performance.

Aerospace Advancements

In the aerospace sector, the demand for lightweight, high-strength components is driving the adoption of forged aluminum parts for aircraft and spacecraft. These components contribute to the overall weight reduction of aerospace vehicles, enhancing their fuel efficiency and maneuverability.

Industrial Machinery

Industrial machinery manufacturers seek lightweight yet durable components for various equipment. Forged aluminum components, known for their high strength-to-weight ratio, find applications in critical machinery parts, contributing to improved performance and efficiency.

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Corrosion Resistance

Aluminum's natural resistance to corrosion is a significant driver, making it a preferred choice for components used in harsh environments. This feature is particularly valuable in industries such as marine, offshore, and chemical processing.

Recyclability

Aluminum is highly recyclable, aligning with sustainability goals across industries. The ability to recycle and reuse aluminum components reduces environmental impact and contributes to a circular economy, making it an attractive material choice.

Economic Growth

Global economic growth and industrialization lead to increased demand for aluminum-forged components. As emerging economies expand their infrastructure and manufacturing sectors, the need for lightweight, durable parts rises significantly.

Technological Advancements

Continuous advancements in forging techniques and processes enhance the efficiency and precision of aluminum component forging. Innovations in precision forging, heat treatment, and quality control contribute to the production of high-quality components.

Environmental Regulations

Stringent environmental regulations and emissions standards drive industries to seek lightweight materials that can help reduce the carbon footprint of their products. Aluminum's role in achieving these sustainability goals makes it a preferred choice in various applications.

In summary, the Global Aluminum Component Forging Market benefits from a convergence of factors, including industry-specific demands for lightweighting, corrosion resistance, and recyclability, as well as broader economic growth and technological advancements. These drivers collectively propel the market forward, shaping it as a crucial component of various industries worldwide.

Key Market Challenges

Market Competition

The market faces intense competition from alternative materials like advanced composites, carbon fiber, and magnesium alloys. These materials offer unique advantages in terms of weight reduction, which can pose a challenge for aluminum forging. To remain competitive, forging companies must continually innovate and demonstrate the superior qualities of aluminum components.

Quality Control

Ensuring consistent quality and precision in aluminum forging processes is a challenge. Variations in raw materials, temperature control, and forging parameters can impact the final product's integrity. Rigorous quality control measures are necessary to meet industry standards and customer expectations.

Environmental Regulations

Stringent environmental regulations, especially regarding emissions and waste disposal, add complexity to manufacturing processes. Forging companies must invest in environmentally friendly practices and technologies to comply with these regulations.

Technological Advancements

While technological advancements benefit the industry, they can also pose challenges in terms of keeping up with rapid changes. Adopting new technologies, such as advanced automation and digital manufacturing, requires substantial investments and workforce training.

Supply Chain Disruptions

Global supply chain disruptions, such as those experienced during the COVID-19 pandemic, can impact the availability of raw materials, transportation logistics, and workforce availability. Developing resilient supply chain strategies is crucial to mitigate these disruptions.

Skills Shortage

Finding and retaining skilled labor in the forging industry can be challenging. As experienced workers retire, forging companies must invest in training and development programs to ensure a qualified workforce.

Energy Efficiency

The energy-intensive nature of aluminum forging processes can be a challenge in terms of sustainability and operational costs. Forging companies must focus on energy-efficient practices and explore alternative energy sources to reduce their carbon footprint.

Global Economic Uncertainties

Economic fluctuations and uncertainties, such as trade disputes and geopolitical tensions, can impact market demand. Companies must remain adaptable to changing economic conditions and diversify their customer base to reduce risk.

In conclusion, the Global Aluminum Component Forging Market faces a diverse set of challenges, ranging from material competition to environmental regulations and economic uncertainties. Successfully addressing these challenges requires forging companies to adopt innovative strategies, invest in technology, and prioritize sustainability and quality control to remain competitive in the evolving landscape.

Key Market Trends

Digital Manufacturing

The integration of digital technologies like computer-aided design (CAD), computer-aided manufacturing (CAM), and simulation tools is transforming the manufacturing process. These technologies enable precise design optimization, reducing material waste and enhancing component performance. Furthermore, the implementation of Industry 4.0 principles, such as IoT sensors and data analytics, enables real-time monitoring and predictive maintenance, improving overall efficiency and quality control.

Customization and Small Batch Production

Customer demand for customized products and smaller production batches is growing. Forging companies are adapting to this trend by offering flexible manufacturing processes that can accommodate varying component specifications and quantities. This trend is particularly significant in industries like aerospace and defense, where specialized components are often required.

Sustainability and Recycling

Sustainability is a driving force in the aluminum forging market. Companies are increasingly focused on reducing environmental impact through sustainable practices, such as using recycled aluminum and implementing energy-efficient manufacturing processes. Additionally, the ability to recycle and reuse aluminum components aligns with sustainability goals, contributing to a circular economy.

Global Supply Chain Diversification

Recent disruptions in global supply chains have highlighted the importance of diversifying sources and ensuring supply chain resilience. Forging companies are exploring alternative sources for raw materials and forging capabilities to reduce the risk of supply chain disruptions.

Collaborative R&D

Collaborative research and development initiatives between forging companies, material suppliers, and end-users are on the rise. These partnerships aim to accelerate innovation and address specific challenges, such as developing new aluminum alloys or forging techniques to meet evolving industry demands.

Additive Manufacturing Integration

The integration of additive manufacturing (3D printing) with traditional aluminum forging processes is gaining traction. This hybrid approach allows for the creation of intricate aluminum components with reduced material waste. Forging companies are exploring how additive manufacturing can complement their existing capabilities and offer new design possibilities.

Market Expansion

Forging companies are expanding their geographic footprint to tap into emerging markets with growing demand for aluminum components. Regions like Asia-Pacific and Latin America offer significant opportunities due to increasing industrialization and infrastructure development.

In conclusion, the Global Aluminum Component Forging Market is witnessing a transformative phase driven by lightweighting, advanced alloys, digital manufacturing, customization, sustainability, supply chain diversification, collaborative R&D, additive manufacturing integration, and market expansion. These trends collectively shape the industry's future and underscore the importance of innovation and adaptability for forging companies.

Segmental Insights

By Forging Type

Within the Global Aluminum Component Forging Market, the Forging Type segment is experiencing notable trends and advancements. Closed-die forging, known for its precision and high-quality finish, remains a popular choice for critical components in aerospace and automotive applications. Open-die forging, on the other hand, is valued for its versatility and suitability for larger and more complex components in various industries. Rolled ring forging is gaining traction due to its efficiency in producing seamless rings for applications like bearings and gears. Additionally, increasingly sophisticated techniques like near-net-shape forging are reducing material waste and machining requirements, enhancing cost-efficiency across the industry. These diverse forging methods cater to a wide range of component sizes and shapes, ensuring that forged aluminum components meet the specific needs of various industries while promoting efficiency and sustainability.

By Component Type

In the Global Aluminum Component Forging Market, the Component Type segment encompasses a diverse array of applications and product categories. Key components include structural parts, such as chassis components and engine components, which play a critical role in automotive lightweighting initiatives and aerospace applications, contributing to enhanced fuel efficiency and performance. Additionally, components related to suspension systems and drivetrains are pivotal for both vehicle stability and handling. Forged aluminum parts also find applications in the industrial machinery sector, where they are used in critical machine components, contributing to improved efficiency and durability. The Component Type segment reflects the versatility and adaptability of aluminum forging, addressing the specific needs of multiple industries and emphasizing the importance of lightweight, durable, and high-performance components across various applications.

By Vehicle Type

Within the Global Aluminum Component Forging Market, the Vehicle Type segment encompasses a wide spectrum of transportation categories. The automotive sector, comprising passenger cars, SUVs, and commercial vehicles, is a significant driver of demand for forged aluminum components, particularly in the pursuit of lightweighting for improved fuel efficiency and emissions reduction. In the aerospace industry, aluminum-forged components are essential for aircraft and spacecraft, where weight reduction is paramount for achieving better fuel economy and maneuverability. Additionally, industrial and heavy machinery, including construction equipment and agricultural machinery, benefit from lightweight yet durable aluminum parts to enhance efficiency and durability. This segment underscores the adaptability of aluminum forging to meet the diverse needs of multiple vehicle types across various industries, all seeking to optimize performance, safety, and sustainability.

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Regional Insights

North America, led by the United States and Canada, is a prominent player in the aluminum component forging market. The region's strong automotive and aerospace industries drive significant demand for lightweight, high-strength aluminum components. The emphasis on sustainability and reducing carbon emissions further fuels the adoption of forged aluminum parts in transportation. Forging companies in North America prioritize quality, precision, and advanced alloys to meet the stringent standards of these industries.

Europe boasts a robust aerospace and automotive sector, making it a vital market for aluminum component forging. Countries like Germany, France, and the United Kingdom lead the way in innovation and sustainability, emphasizing the importance of lightweight, durable aluminum components for both commercial and military aircraft, as well as passenger cars. European forging companies invest heavily in research and development to create advanced alloys and precision forging techniques, aligning with the region's commitment to eco-friendly transportation.

The Asia-Pacific region, including major players like China, Japan, and India, is a dynamic and rapidly growing market for aluminum component forging. Strong economic growth, urbanization, and infrastructure development projects drive the demand for forged aluminum parts in various industries, including automotive, aerospace, and industrial machinery. Aluminum forging companies in this region cater to the diverse needs of an expanding market and often adopt innovative techniques and materials to enhance product quality and meet strict safety standards.

Latin America, with countries such as Brazil and Mexico, is experiencing increased demand for aluminum-forged components, particularly in the automotive and industrial sectors. Infrastructure development, economic growth, and the expansion of logistics and transportation networks contribute to this trend. Forging companies in Latin America focus on producing components that can withstand the region's challenging environmental conditions and rugged terrains.

The Middle East and Africa region are witnessing a rise in commercial vehicle utilization due to infrastructure projects, economic diversification, and the expansion of transportation networks. Forging companies in this region play a vital role in providing durable and reliable aluminum components suitable for harsh environments, including extreme temperatures and demanding terrains.

These regional insights highlight how the Global Aluminum Component Forging Market adapts to the unique demands, economic conditions, and sustainability goals of different regions. Forging companies strategically tailor their products and manufacturing processes to meet the specific requirements of each region, contributing to the overall growth and success of the industry.

Recent Developments

In July 2022, Bharat Forge has recently unveiled its acquisition of JS Autocast Foundry India Private Limited, situated in Coimbatore, India. JS Autocast is a prominent provider of precision-machined ductile castings, catering to a diverse range of industries such as automotive, hydraulic, off-highway, and wind power applications.

Key Market Players

Accurate Steel Forgings (INDIA) Limited
AICHI STEEL CORPORATION
Alcoa Corporation
Aluminum Precision Products
Anderson Shumaker Company
Arconic Inc
Bharat Forge Limited
Ellwood Group Inc.
Kalyani Technoforge
Kobe Steel, Ltd.

By Forging Type	By Component Type	By Vehicle Type	By Region
Open Die Forging Close Die Forging Ring Rolled Forging	Transmission Parts Steering Parts Others	Passenger Cars Commercial Vehicles	North America Europe & CIS Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Aluminum Component Forging Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Aluminum Component Forging Market, By Forging Type:

o Open Die Forging

o Close Die Forging

o Ring Rolled Forging

Aluminum Component Forging Market, By Component Type:

o Transmission Parts

o Steering Parts

o Others

Aluminum Component Forging Market, By Type:

o Passenger Cars

o Commercial Vehicles

Aluminum Component Forging Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Europe & CIS

§ Germany

§ Spain

§ France

§ Russia

§ Italy

§ United Kingdom

§ Belgium

o Asia-Pacific

§ China

§ India

§ Japan

§ Indonesia

§ Thailand

§ Australia

§ South Korea

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East & Africa

§ Turkey

§ Iran

§ Saudi Arabia

§ UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Aluminum Component Forging Market.

Available Customizations:

Global Aluminum Component Forging Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Aluminum Component Forging Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Impact of COVID-19 on Global Aluminum Component Forging Market

5. Global Aluminum Component Forging Market Outlook

5.1. Market Size & Forecast

5.1.1. By Volume & Value

5.2. Market Share & Forecast

5.2.1. By Forging Type Market Share Analysis (Open Die Forging, Close Die Forging, And Ring Rolled Forging)

5.2.2. By Component Type Market Share Analysis (Engine Parts, Steering Parts, Others)

5.2.3. By Vehicle Type Market Share Analysis (Passenger Cars, Commercial Vehicles)

5.2.4. By Regional Market Share Analysis

5.2.4.1. Asia-Pacific Market Share Analysis

5.2.4.2. Europe & CIS Market Share Analysis

5.2.4.3. North America Market Share Analysis

5.2.4.4. South America Market Share Analysis

5.2.4.5. Middle East & Africa Market Share Analysis

5.2.5. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)

5.3. Global Aluminum Component Forging Market Mapping & Opportunity Assessment

5.3.1. By Forging Type Market Mapping & Opportunity Assessment

5.3.2. By Component Type Market Mapping & Opportunity Assessment

5.3.3. By Vehicle Type Market Mapping & Opportunity Assessment

5.3.4. By Regional Market Mapping & Opportunity Assessment

6. Asia-Pacific Aluminum Component Forging Market Outlook

6.1. Market Size & Forecast

6.1.1. By Volume & Value

6.2. Market Share & Forecast

6.2.1. By Forging Type Market Share Analysis

6.2.2. By Component Type Market Share Analysis

6.2.3. By Vehicle Type Market Share Analysis

6.2.4. By Country Market Share Analysis

6.2.4.1. China Market Share Analysis

6.2.4.2. India Market Share Analysis

6.2.4.3. Japan Market Share Analysis

6.2.4.4. Indonesia Market Share Analysis

6.2.4.5. Thailand Market Share Analysis

6.2.4.6. South Korea Market Share Analysis

6.2.4.7. Australia Market Share Analysis

6.2.4.8. Rest of Asia-Pacific Market Share Analysis

6.3. Asia-Pacific: Country Analysis

6.3.1. China Aluminum Component Forging Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Volume & Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Forging Type Market Share Analysis

6.3.1.2.2. By Component Type Market Share Analysis

6.3.1.2.3. By Vehicle Type Market Share Analysis

6.3.2. India Aluminum Component Forging Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Volume & Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Forging Type Market Share Analysis

6.3.2.2.2. By Component Type Market Share Analysis

6.3.2.2.3. By Vehicle Type Market Share Analysis

6.3.3. Japan Aluminum Component Forging Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Volume & Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Forging Type Market Share Analysis

6.3.3.2.2. By Component Type Market Share Analysis

6.3.3.2.3. By Vehicle Type Market Share Analysis

6.3.4. Indonesia Aluminum Component Forging Market Outlook

6.3.4.1. Market Size & Forecast

6.3.4.1.1. By Volume & Value

6.3.4.2. Market Share & Forecast

6.3.4.2.1. By Forging Type Market Share Analysis

6.3.4.2.2. By Component Type Market Share Analysis

6.3.4.2.3. By Vehicle Type Market Share Analysis

6.3.5. Thailand Aluminum Component Forging Market Outlook

6.3.5.1. Market Size & Forecast

6.3.5.1.1. By Volume & Value

6.3.5.2. Market Share & Forecast

6.3.5.2.1. By Forging Type Market Share Analysis

6.3.5.2.2. By Component Type Market Share Analysis

6.3.5.2.3. By Vehicle Type Market Share Analysis

6.3.6. South Korea Aluminum Component Forging Market Outlook

6.3.6.1. Market Size & Forecast

6.3.6.1.1. By Volume & Value

6.3.6.2. Market Share & Forecast

6.3.6.2.1. By Forging Type Market Share Analysis

6.3.6.2.2. By Component Type Market Share Analysis

6.3.6.2.3. By Vehicle Type Market Share Analysis

6.3.7. Australia Aluminum Component Forging Market Outlook

6.3.7.1. Market Size & Forecast

6.3.7.1.1. By Volume & Value

6.3.7.2. Market Share & Forecast

6.3.7.2.1. By Forging Type Market Share Analysis

6.3.7.2.2. By Component Type Market Share Analysis

6.3.7.2.3. By Vehicle Type Market Share Analysis

7. Europe & CIS Aluminum Component Forging Market Outlook

7.1. Market Size & Forecast

7.1.1. By Volume & Value

7.2. Market Share & Forecast

7.2.1. By Forging Type Market Share Analysis

7.2.2. By Component Type Market Share Analysis

7.2.3. By Vehicle Type Market Share Analysis

7.2.4. By Country Market Share Analysis

7.2.4.1. Germany Market Share Analysis

7.2.4.2. Spain Market Share Analysis

7.2.4.3. France Market Share Analysis

7.2.4.4. Russia Market Share Analysis

7.2.4.5. Italy Market Share Analysis

7.2.4.6. United Kingdom Market Share Analysis

7.2.4.7. Belgium Market Share Analysis

7.2.4.8. Rest of Europe & CIS Market Share Analysis

7.3. Europe & CIS: Country Analysis

7.3.1. Germany Aluminum Component Forging Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Volume & Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Forging Type Market Share Analysis

7.3.1.2.2. By Component Type Market Share Analysis

7.3.1.2.3. By Vehicle Type Market Share Analysis

7.3.2. Spain Aluminum Component Forging Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Volume & Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Forging Type Market Share Analysis

7.3.2.2.2. By Component Type Market Share Analysis

7.3.2.2.3. By Vehicle Type Market Share Analysis

7.3.3. France Aluminum Component Forging Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Volume & Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Forging Type Market Share Analysis

7.3.3.2.2. By Component Type Market Share Analysis

7.3.3.2.3. By Vehicle Type Market Share Analysis

7.3.4. Russia Aluminum Component Forging Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Volume & Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Forging Type Market Share Analysis

7.3.4.2.2. By Component Type Market Share Analysis

7.3.4.2.3. By Vehicle Type Market Share Analysis

7.3.5. Italy Aluminum Component Forging Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Volume & Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Forging Type Market Share Analysis

7.3.5.2.2. By Component Type Market Share Analysis

7.3.5.2.3. By Vehicle Type Market Share Analysis

7.3.6. United Kingdom Aluminum Component Forging Market Outlook

7.3.6.1. Market Size & Forecast

7.3.6.1.1. By Volume & Value

7.3.6.2. Market Share & Forecast

7.3.6.2.1. By Forging Type Market Share Analysis

7.3.6.2.2. By Component Type Market Share Analysis

7.3.6.2.3. By Vehicle Type Market Share Analysis

7.3.7. Belgium Aluminum Component Forging Market Outlook

7.3.7.1. Market Size & Forecast

7.3.7.1.1. By Volume & Value

7.3.7.2. Market Share & Forecast

7.3.7.2.1. By Forging Type Market Share Analysis

7.3.7.2.2. By Component Type Market Share Analysis

7.3.7.2.3. By Vehicle Type Market Share Analysis

8. North America Aluminum Component Forging Market Outlook

8.1. Market Size & Forecast

8.1.1. By Volume & Value

8.2. Market Share & Forecast

8.2.1. By Forging Type Market Share Analysis

8.2.2. By Component Type Market Share Analysis

8.2.3. By Vehicle Type Market Share Analysis

8.2.4. By Country Market Share Analysis

8.2.4.1. United States Market Share Analysis

8.2.4.2. Mexico Market Share Analysis

8.2.4.3. Canada Market Share Analysis

8.3. North America: Country Analysis

8.3.1. United States Aluminum Component Forging Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Volume & Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Forging Type Market Share Analysis

8.3.1.2.2. By Component Type Market Share Analysis

8.3.1.2.3. By Vehicle Type Market Share Analysis

8.3.2. Mexico Aluminum Component Forging Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Volume & Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Forging Type Market Share Analysis

8.3.2.2.2. By Component Type Market Share Analysis

8.3.2.2.3. By Vehicle Type Market Share Analysis

8.3.3. Canada Aluminum Component Forging Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Volume & Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Forging Type Market Share Analysis

8.3.3.2.2. By Component Type Market Share Analysis

8.3.3.2.3. By Vehicle Type Market Share Analysis

9. South America Aluminum Component Forging Market Outlook

9.1. Market Size & Forecast

9.1.1. By Volume & Value

9.2. Market Share & Forecast

9.2.1. By Forging Type Market Share Analysis

9.2.2. By Component Type Market Share Analysis

9.2.3. By Vehicle Type Market Share Analysis

9.2.4. By Country Market Share Analysis

9.2.4.1. Brazil Market Share Analysis

9.2.4.2. Argentina Market Share Analysis

9.2.4.3. Colombia Market Share Analysis

9.2.4.4. Rest of South America Market Share Analysis

9.3. South America: Country Analysis

9.3.1. Brazil Aluminum Component Forging Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Volume & Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Forging Type Market Share Analysis

9.3.1.2.2. By Component Type Market Share Analysis

9.3.1.2.3. By Vehicle Type Market Share Analysis

9.3.2. Colombia Aluminum Component Forging Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Volume & Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Forging Type Market Share Analysis

9.3.2.2.2. By Component Type Market Share Analysis

9.3.2.2.3. By Vehicle Type Market Share Analysis

9.3.3. Argentina Aluminum Component Forging Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Volume & Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Forging Type Market Share Analysis

9.3.3.2.2. By Component Type Market Share Analysis

9.3.3.2.3. By Vehicle Type Market Share Analysis

10. Middle East & Africa Aluminum Component Forging Market Outlook

10.1. Market Size & Forecast

10.1.1. By Volume & Value

10.2. Market Share & Forecast

10.2.1. By Forging Type Market Share Analysis

10.2.2. By Component Type Market Share Analysis

10.2.3. By Vehicle Type Market Share Analysis

10.2.4. By Country Market Share Analysis

10.2.4.1. Turkey Market Share Analysis

10.2.4.2. Iran Market Share Analysis

10.2.4.3. Saudi Arabia Market Share Analysis

10.2.4.4. UAE Market Share Analysis

10.2.4.5. Rest of Middle East & Africa Market Share Africa

10.3. Middle East & Africa: Country Analysis

10.3.1. Turkey Aluminum Component Forging Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Volume & Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Forging Type Market Share Analysis

10.3.1.2.2. By Component Type Market Share Analysis

10.3.1.2.3. By Vehicle Type Market Share Analysis

10.3.2. Iran Aluminum Component Forging Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Volume & Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Forging Type Market Share Analysis

10.3.2.2.2. By Component Type Market Share Analysis

10.3.2.2.3. By Vehicle Type Market Share Analysis

10.3.3. Saudi Arabia Aluminum Component Forging Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Volume & Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Forging Type Market Share Analysis

10.3.3.2.2. By Component Type Market Share Analysis

10.3.3.2.3. By Vehicle Type Market Share Analysis

10.3.4. UAE Aluminum Component Forging Market Outlook

10.3.4.1. Market Size & Forecast

10.3.4.1.1. By Volume & Value

10.3.4.2. Market Share & Forecast

10.3.4.2.1. By Forging Type Market Share Analysis

10.3.4.2.2. By Component Type Market Share Analysis

10.3.4.2.3. By Vehicle Type Market Share Analysis

11. SWOT Analysis

11.1. Strength

11.2. Weakness

11.3. Opportunities

11.4. Threats

12. Market Dynamics

12.1. Market Drivers

12.2. Market Challenges

13. Market Trends and Developments

14. Competitive Landscape

14.1. Company Profiles (Up to 10 Major Companies)

14.1.1. Accurate Steel Forgings (INDIA) Limited

14.1.1.1. Company Details

14.1.1.2. Key Product Offered

14.1.1.3. Financials (As Per Availability)

14.1.1.4. Recent Developments

14.1.1.5. Key Management Personnel

14.1.2. Aichi Steel Corporation

14.1.2.1. Company Details

14.1.2.2. Key Product Offered

14.1.2.3. Financials (As Per Availability)

14.1.2.4. Recent Developments

14.1.2.5. Key Management Personnel

14.1.3. Alcoa Corporation

14.1.3.1. Company Details

14.1.3.2. Key Product Offered

14.1.3.3. Financials (As Per Availability)

14.1.3.4. Recent Developments

14.1.3.5. Key Management Personnel

14.1.4. Aluminum Precision Products

14.1.4.1. Company Details

14.1.4.2. Key Product Offered

14.1.4.3. Financials (As Per Availability)

14.1.4.4. Recent Developments

14.1.4.5. Key Management Personnel

14.1.5. Anderson Shumaker Company

14.1.5.1. Company Details

14.1.5.2. Key Product Offered

14.1.5.3. Financials (As Per Availability)

14.1.5.4. Recent Developments

14.1.5.5. Key Management Personnel

14.1.6. Arconic Inc

14.1.6.1. Company Details

14.1.6.2. Key Product Offered

14.1.6.3. Financials (As Per Availability)

14.1.6.4. Recent Developments

14.1.6.5. Key Management Personnel

14.1.7. Bharat Forge Limited

14.1.7.1. Company Details

14.1.7.2. Key Product Offered

14.1.7.3. Financials (As Per Availability)

14.1.7.4. Recent Developments

14.1.7.5. Key Management Personnel

14.1.8. Ellwood Group Inc.

14.1.8.1. Company Details

14.1.8.2. Key Product Offered

14.1.8.3. Financials (As Per Availability)

14.1.8.4. Recent Developments

14.1.8.5. Key Management Personnel

14.1.9. Kalyani Technoforge

14.1.9.1. Company Details

14.1.9.2. Key Product Offered

14.1.9.3. Financials (As Per Availability)

14.1.9.4. Recent Developments

14.1.9.5. Key Management Personnel

14.1.10. Kobe Steel, Ltd.

14.1.10.1. Company Details

14.1.10.2. Key Product Offered

14.1.10.3. Financials (As Per Availability)

14.1.10.4. Recent Developments

14.1.10.5. Key Management Personnel

15. Strategic Recommendations

15.1. Key Focus Areas

15.1.1. Target Regions

15.1.2. Target Forging Type

15.1.3. Target Component Type

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the market size of the Global Aluminum Component Forging Market in 2022?

The Global Aluminum Component Forging Market size reached USD 23.93 billion in 2022

Which was the dominant segment By Forging Type in the Global Aluminum Component Forging Market in 2022?

Close Die Forging stands as the dominant segment due to its precision and high-quality finish. Open Die Forging and Ring Rolled Forging, while important, typically cater to specialized applications and larger components. Close Die Forging's versatility and suitability for critical components make it a primary choice in the industry.

Which is the dominant region in the Global Aluminum Component Forging Market?

North America emerges as the dominant region in the Global Aluminum Component Forging Market, led by the United States and Canada. The region's robust automotive and aerospace sectors drive significant demand for lightweight, high-strength aluminum components. Additionally, stringent quality standards, advanced manufacturing capabilities, and a strong emphasis on sustainability contribute to North America's leadership in this market.

What are the major drivers for the Global Aluminum Component Forging Market?

The Global Aluminum Component Forging Market is propelled by several major drivers. Firstly, the persistent emphasis on lightweighting in industries such as automotive and aerospace fuels demand for aluminum-forged components that offer a compelling combination of strength and reduced weight. Secondly, the growing preference for sustainability drives the use of aluminum, a highly recyclable material. Lastly, advancements in forging techniques, digital manufacturing, and the pursuit of advanced alloys contribute to the market's growth by enhancing efficiency, precision, and product performance.

Related Reports

Srishti Verma

Business Consultant

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Press Release

Aluminum Component Forging Market to Grow with a CAGR of 5.57% through 2028

Oct, 2023

Rising economic expansion and infrastructure development fuel demand for commercial vehicles and Technological advancements are the factors driving the market in the forecast period 2024-2028