MANUFACTURING TIDBITS
The Future of Aluminum Closed Die Forging is Upon Us by TOM LEFAIVRE
The future of closed-die aluminum forging is wide-open. The value of the global metal forging market, with a predicted compound annual growth rate of 6.3% over the next several years, is set to grow to over $130 billion by 2027 according to recent reporting. With a growing demand for commercial and electric vehicles, a coming resurgence in aerospace, and an increasing need for forged parts in markets ranging from the sugar industry to machine equipment, the closed-die aluminum forging market is well-positioned to reach new heights in the coming years. However, in its present state, the forging market is also significantly fragmented and faces a variety of challenges. Forging companies that are able to recognize these difficulties and adapt to a shifting landscape will be in the best position to reap the benefits set to come over the next decade.
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Manufacturing Outlook / November 2020
Accelerating Markets The onset of the ongoing coronavirus pandemic has resulted in numerous changes to how people are going about their daily lives. One of the more unsurprising results, given the benefit of hindsight, has been the growth in the used-car market. Consumers, eager to avoid public transportation or ride-hailing services, have taken to purchasing used cars. Online automotive platform Edmunds.com has reported a surge in the sale of used vehicles. With a booming automotive market, the need for aftermarket automotive parts is set to multiply as these consumers look to maintain their new, pre-owned vehicles. In addition to used vehicles, the increasing emergence of electric vehicles (EVs) is also set to significantly expand
