July 26, 2023 02:19 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, July 26, 2023 (GLOBE NEWSWIRE) -- The global metal forging market size was USD 75.62 billion in 2022 and is projected to grow from USD 81.13 billion in 2023 to USD 135.91 billion in 2030 at a CAGR of 7.6% during the forecast period. Precision Sintered Parts
Metal forging is a metal-forming process and has incorporated various diverse and innovative techniques. In this process, a metal is deformed using compressive forces such as pressing in controlled conditions, hammering, and rolling to give a proper geometric change to the material.
Fortune Business Insights™ mentioned this in a report titled “Metal Forging Market, 2023-2030.”
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List of Key Players Profiled in the Metal Forging Market Report:
Report Scope & Segmentation:
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/metal-forging-market-103175
Carbon Steel Remains the Leading Segment due to High Demand from Various End-User Industries
On the basis of raw material, the market is segmented into carbon steel, alloy steel, stainless steel, aluminum, magnesium, titanium, and others. The carbon steel segment held the major share in 2022. Carbon steel is a widely used alloy in various end-user industries, including general manufacturing, automotive, industrial, and others.
Open Die Segment to be Rapidly Growing Due to High Product Demand
Based on technology, the market is divided into open die, closed die, and others. The closed die segment dominated the market. Closed die forging offers exceptional strength as compared to alternative methods.
Automotive to Lead End-User Segment Due to High Product Demand
The market is fragmented into aerospace & railways, automotive, mechanical equipment, and others, based on end-user. The automotive segment led the market in 2022 and is anticipated to dominate the market share in 2030. The automotive industry is one of the prime consumers of forged products such as engines, frames, gear components, drive shafts, clutch, and others.
Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Strict Regulations during the Pandemic Impacted the Supply Chains
The COVID-19 outbreak has impacted every industry, and the metal forging industry is no exception. The pandemic and lockdown restrictions imposed by governments have caused disturbances in the entire forged metal components production supply chain. The market faced a similar supply chain crisis due to the pandemic.
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• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Growing Demand for Titanium for the Production of Aircraft Components to Propel the Market Growth
Rising population, urbanization, and the surging pace of transportation & tourism are the key drivers of the aerospace industry growth. The aerospace industry uses forged materials to produce components for landing gear, airframe structure, and engine components, and other aerospace applications, thereby driving the metal forging market growth. Titanium alloys and commercially available titanium are majorly used for aircraft manufacturing that features a density than 60% of steel with better strength and effective corrosion resistance.
Forging and casting are the two most famous metal transformation and manufacturing processes to create parts and components for various end-use industries. Forging has limitations in terms of thickness of the metal and product size.
Asia Pacific to Dominate the Market Due to the Presence of Major Metal Forging Nations
Asia Pacific dominated the largest metal forging market share in 2022 and is the fastest-growing region due to the presence of major metal forging nations such as Japan, China, and India. Furthermore, rising manufacturing capabilities of end-use industries such as general manufacturing and automotive are major factors driving the regional growth.
Europe is anticipated to witness subsequent growth by the end of the projected period. The growth in this region is due to increasing adoption of forged metal in automotive applications.
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Business Expansion is a Strategic Initiative Implemented by Companies
The global market is fragmented in nature. The prominent strategies major companies adopt include new product launches to increase their regional presence and improve their portfolio. The market comprises players, such as ThyssenKrupp AG, Bharat Forge, and Schuler AG, which will strive to consolidate their position during the projected period.
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