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.
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In 2018, the global aluminum forging market worldwide was estimated at US$ 11.60 billion and is expected to grow over the forecast period with a CAGR of 5.4 percent. (According to a research study recently published by Credence Research”.)
Growing demand for lightweight materials is driving growth in the aluminum forging market in the aerospace and automotive industries. Forging aluminum is a process of manufacturing in which aluminium is pressed, squeezed under heavy pressure to produce high strength parts. One of the major growth factors driving growth for the aluminum forging market is the expansion of the forging industry worldwide. The global forging market in 2018 is estimated at around US$ 65.00 billion. The demand for aluminium forging is increasing due to toughness, high strength, resistance and other benefits, which in turn helps the aluminum forging market to grow. Therefore, during the forecast period, we expect the aluminum forging market to show healthy growth.
Automotive segment was the largest quality contributor on the global aluminium forging market in 2018 based on usage. In the same year, the aforementioned segment has a revenue share of over 35 percent. Development in the production of automobiles and large use of aluminum in modern vehicles are the major factors in the segment’s development. In 2018, over 3.5 million tons of aluminum are used by the global automotive industry. The fact that aluminum is used every 1 kilogram in the production of cars decreases the car’s overall weight by 1 kilogram. Different car parts such as engine radiators, bumpers, transmission bodies, and other major parts are now made of aluminum due to the aforementioned reason. The steady growth in the share of aluminum in car production since 1970 has risen from 35 Kg in 2018 to 152 Kg. We expect the segment will show significant growth throughout the forecast period as a result of these factors.
The growth of the market is driven by increased demand for robust, lightweight materials with high strength in aircraft and vehicles In an industrial application, the growing popularity of forged aluminum due to lightweight material has successfully replaced steel also drive the growth of the industry. The use of aluminum forging at a cheaper rate has increased its fields of use.
Browse Full Report Originally Published by Credence Research @ https://www.credenceresearch.com/report/aluminum-forging-market
This detailed market study focuses on data from multiple sources and is analyzed using numerous tools including the analysis of five forces by porter, analysis of market attractiveness and analysis of value chain. Such tools are used to gain insights into the market’s potential value, facilitating the new growth opportunities for business strategists. In addition, these methods also provide a detailed analysis on the global aluminum forging market of each application/product category.
Key questions answered in this report
• Who are the distributors, traders and dealers of “Aluminum Forging” market?
• What are the expected largest segments in the “Aluminum Forging” market during the forecast period from 2019 to 2027?
• What are the fastest-growing segments in the “Aluminum Forging” market for the forecast period?
• What are the current market trends in the “Aluminum Forging” market and valuable opportunities for the players?
• How the regulatory framework affects the global as well as the regional “Aluminum Forging” markets?
• Which are the key players operating in the global “Aluminum Forging” market and what are the strategies adopted by them?
• What are sales, revenue, and business strategy and product portfolio of top manufacturers of “Aluminum Forging” market?
• What is the market size and trend in emerging and developed markets?
You can get the sample copy of this research by Credence Research here: https://www.credenceresearch.com/sample-request/59960
About Credence Research (Original Publisher)
Credence Research is a worldwide market research and counselling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared to this task.
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