PUBLISHER: The Business Research Company | PRODUCT CODE: 1310614
PUBLISHER: The Business Research Company | PRODUCT CODE: 1310614
“Metal Forging Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on metal forging market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for metal forging ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The metal forging market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the metal forging market are: Arconic Corporation, Allegheny Technologies Incorporated (ATI), Bharat Forge Ltd., Ellwood Group Inc., China First Heavy Industries, Thyssenkrupp, Bruck GmbH, Nippon Steel Corp., Precision Castparts Corp., Kovarna Viva, Larsen & Toubro Ltd., Japan Casting and Forging Corp, China First Heavy Industries, Scot Forge, and Howmet Aerospace Inc.
The global metal forging market is expected to grow from $87.88 billion in 2022 to $94.74 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The metal forging market is expected to reach $123.11 billion in 2027 at a CAGR of 6.7%.
The metal forging market includes revenues earned by entities by providing upset forging, swaging, press forging, and orbital forging services for metal products. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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.
Asia-Pacific was the largest region in the metal forging market in 2022. The regions covered in metal forging report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of metal forging are closed-die forging, open-die forging, and ring rolling. Closed-die forging refers to when a heated raw material, such as steel or aluminum, is totally or partially encircled by two or more dies. It is used to forge raw materials such as carbon steel, alloy steel, aluminum, magnesium, stainless steel, titanium, and others, and are used in automotive, defense and aerospace, shipbuilding, the power industry, oil and gas, and others.
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.
Automation in forging systems is a key trend gaining popularity in the metal forging market. Major market players are concentrating their efforts on creating innovative products through automated processing equipment such as induction forging, computer-controlled forging equipment, automatic control, and remote control of free forging hammers to sustain their position in the market. For instance, in January 2023, Strojmetal, a Czech Republic-based manufacturer of aluminum chassis parts and applications in the powertrain and battery housing sectors, installed a fully automated aluminum forging line. The new line is equipped with a range of state-of-the-art technologies, including a fully automated loading and unloading system, robots for part handling and transfer, and an advanced control system that allows for real-time monitoring and optimization of the forging process. The line is also designed to be highly flexible, with the ability to produce a wide range of different parts and handle different aluminum alloys.
In July 2022, Bharat Forge Ltd., an India-based company involved in forging for the automotive, energy, construction, mining, railways, marine, aerospace, and defense industries acquired JS Autocast Foundry India Private Ltd. for an undisclosed amount. With this acquisition, Bharat Forge increases the market categories that can be served by the company, both at home and abroad. JS Autocast Foundry India Private Ltd. is an Indian-based ductile manufacturing company that specializes in the manufacturing of high-quality castings and metal forgings for industries.
The countries covered in the metal forging market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The metal forging market research report is one of a series of new reports from The Business Research Company that provides metal forging market statistics, including metal forging industry global market size, regional shares, competitors with a metal forging market share, detailed metal forging market segments, market trends and opportunities, and any further data you may need to thrive in the metal forging industry. This metal forging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.