The new report by Expert Market Research titled, ‘Global Metal Forging Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global metal forging market, assessing the market based on its segments like metal, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 91.6 Billion
• Forecast CAGR (2023-2028): 6.5%
Forgings can endure high pressure while maintaining structural integrity and are used in a wide range of industries, including heavy vehicles, medical supplies, automotive parts, and aerospace. Forgings can practically give any shape to the metal, reducing the requirement for several pieces to be joined which increases the strength of the parts. Metal forging is used to make important aviation parts including turbine and jet engine shafts, as well as structural components for transportation equipment and landing gear. Due to increasing aircraft passenger traffic, the demand for forged aircraft parts has increased, driving the market.
Metal Forging Industry Definition and Major Segments
Metal forging is a manufacturing technique that involves pounding, pressing, or rolling metal to shape it. It is usually classified by the temperature at which it is carried out: cold, warm, or hot forging. Drop forging and roll forging are two of the most regularly utilized forging techniques.
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Based on metal, the market is divided into:
• Carbon Steel
• Alloy Steel
• Stainless Steel
On the basis of application, the market is segmented into:
• Oil and Gas
The major regional markets include:
• North America
• Latin America
• Middle East and Africa
Metal Forging Market Trends
The automobile industry’s expansion will boost demand for forged metal parts, propelling the metal forging industry forward. New needs for lighter, stronger, more heat resistant materials and forged parts are emerging in aerospace. The demand for aircraft is being positively impacted by rising disposable income of the population. Increased aircraft passenger traffic translates to increased aircraft production, which drives the metal forging market. Forging metals is a low-cost, time-consuming method that does not require any machinery making it a lucrative market for most industries.
Infrastructure investments, such as smart city initiatives would further boost the metal forging industry. Key players are focusing on developing their production capacity in order to assure optimal quality and reach a larger client base, which is a major growth-inducing driver. The increasing demand for steel in various industry is also driving the market as forging is extensively used in steel industry.
Key Market Players
The major players in the market are Arconic Inc, Allegheny Technologies Incorporated, Bharat Forge Ltd., Bruck GmbH, China First Heavy Industries, Jiangyin Hengrun Heavy Industries Co., Ltd, Nippon Steel Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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