Overview and Scope
Metal forging refers to the use of compressive forces in the process of shaping and forming metals. Hammering, pushing, or rolling are used to apply the forces to create various metal parts.
Sizing and Forecast
The metal forging market size has grown strongly in recent years. It will grow from $94.74 billion in 2023 to $101.93 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to automotive industry expansion, aerospace sector growth, oil and gas exploration, defense and military applications, railway and transportation systems, globalization of supply chains.
The metal forging market size is expected to see strong growth in the next few years. It will grow to $132.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to increased adoption of lightweight materials, rise in electric vehicle production, infrastructure investments in emerging markets, expansion of wind and solar energy sectors, global efforts for carbon neutrality. Major trends in the forecast period include closed-die forging technology, integration of industry 4.0 technologies, sustainable forging practices, collaborations for research and development, customization for defense and defense aerospace.
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Segmentation & Regional Insights
The metal forging market covered in this report is segmented –
1) By Type: Closed-Die Forging, Open-Die Forging, Ring Rolling
2) By Raw Material: Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Other Raw Materials
3) By End-User: Automotive, Defense And Aerospace, Shipbuilding, Power Industry, Oil And Gas, Other End User
Asia-Pacific was the largest region in the metal forging market in 2023. The regions covered in the metal forging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in the construction industry is expected to propel the growth of the metal forging market going forward. Construction refers to building, modifying, repairing, remodeling, enhancing, or destroying a public infrastructure facility, including any public structure, public building, or other public improvements of any type to real estate. The construction industry relies heavily on forged metal products such as steel beams, columns, and other structural components essential for building strong and durable structures that can withstand the elements and meet safety standards. For instance, in March 2022, according to Metal Construction News, a US-based news magazine of the metal construction industry, metal building construction increased by 12.9% in 2021, with metal roofing seeing a 9.3% increase, metal wall panels seeing a 2.5% increase, and light-gauge steel framing up 9.5% for exteriors and 3% for interiors. Therefore, the rise in the construction industry is driving the growth of metal forging.
Key Industry Players
Major companies operating in the metal forging market report are Arconic Corporation, Allegheny Technologies Incorporated, Bharat Forge Ltd., Ellwood Group Inc., Thyssenkrupp AG, Bruck GmbH, Nippon Steel Corp., Precision Castparts Corp., Larsen & Toubro Ltd., Japan Casting and Forging Corp., China First Heavy Industries Co. Ltd., Howmet Aerospace Inc., Schuler AG, Jiangyin Hengrun Heavy Industries Co. Ltd., ATI Ladish LLC, Kobelco Construction Machinery Co. Ltd., Scot Forge Company, Ferralloy Inc., Patriot Forge Co., Doncasters Inc., All Metals & Forge Group, Trenton Forging Company, Fountaintown Forge Inc., Commercial Forged Products, Component Sourcing International, Custom Alloy Corporation, Precision Metal Products Pvt. Ltd., SIFCO Industries Inc., Canton Drop Forge Inc., Shultz Steel Co., Consolidated Industries Inc., Pacific Forge Incorporated, Otto Fuchs KG
The metal forging market report table of contents includes:
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