Metal forging market size from USD 82.3 billion in 2022 to USD 158.8 billion in 10 years. The growth of the automobile industry and the energy sector, which includes thermal power plants and oil and gas refineries, are the main drivers of the metal forgings market.
Newark, Jan. 09, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 82.3 billion metal forging market will reach USD 158.8 billion by 2032. The increasing number of fliers worldwide drives the demand for metal-forged components from the aerospace industry, driving aircraft manufacturing and benefiting market growth. For example, Boeing delivered 302 aircraft in 2021—nearly twice as many as the year before. In addition, Boeing declared in March 2022 that it intended to double the manufacturing of 737 Max. Throughout the forecast period, it is anticipated that this type of movement in the aerospace industry will increase demand for metal forgings. When comparing Q4 2021 to Q4 2020, the U.S. GDP increased by 6.9%. This upsurge was credited to capital expenditure and consumer spending, which helped the U.S. economy develop fastest since 1984. In 2021, the nation reached a 37-year high of 5.7%. The recovery points to an uptick in industrial activity, which is expected to increase the nation's need for metal forgings in the upcoming years. Rising investments in energy, infrastructure, aerospace, and transportation, among other areas, are propelling the market's expansion. The U.S. Senate approved a $1 trillion infrastructure bill in 2021. Under this measure, the government invests significantly in clean drinking water, public transport, high-speed internet, roads, bridges, and electric vehicle (E.V.) networks. Caterpillar Casting Part
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Key Insights on Metal Forging Market
North America to account for the largest market size during the forecast period.
During the projected period, the demand for metal forgings is expected to be driven by the growing needs of the railway, automotive, energy, and aerospace industries. For example, South Korea declared in April 2021 that it will invest KRW 114.7 trillion (~USD 102.7 billion) by 2030 to increase its railway network. Rising demand for high-value items and the rapid technical improvements in the construction and automotive sectors are the main drivers of market revenue growth in this area. Additionally, the region's growing need for metal forging can be linked to the aircraft industry's growing need for stainless steel. The aerospace industry favours stainless steel because of its resilience to both chemical and physical changes. Moreover, stainless steel items may be easily recycled, saving producers much money overall.
The carbon steel dominated the market with the most significant revenue of USD 19.7 billion.
The carbon steel dominated the market with the most significant revenue of USD 19.7 billion. Carbon steel is frequently used to make machinery parts and components because of its great strength and durability. Furthermore, the hot forging procedure makes carbon steel easier to shape and form. This metal is widely used in products made by the railway, automobile, and industrial machinery industries.
The automotive segment dominated the market with the most significant revenue of USD 15.6 billion.
The automotive segment dominated the market with the most significant revenue of USD 15.6 billion. The growth of meta-forging in producing automotive structures and components drives market revenue growth. Metal forging techniques are used in producing automotive components because they can significantly increase the value of finished goods. Additionally, metal forging enables automakers to give great strength to automobile components—a critical capability given that governments worldwide are currently concentrating on passenger and driver security and safety.
Bharat Forge Limited,ELLWOOD Group, Inc.,Berkshire Hathaway Inc. (Precision Castparts Corp.),Canada Forgings Inc.,ASAHI FORGE CORPORATION,ATI Inc.,Bruck GmbH,NIPPON STEEL CORPORATION,American Axle & Manufacturing Holdings, Inc.,Trenton Forging
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Drivers: Rapidly growing automotive industry
The demand for forged metals is predicted to rise with the automobile industry's rapid expansion. High strength, resistance to corrosion, and heat resistance are features of forged metals. Its characteristics make it an excellent option for various automobile parts, such as connecting rods and piston forgings. The market for metal forging is also growing due to the growing demand for automobile parts made of austenitic grades of forged steel that contain nickel. Compared to casting and extrusion, forged steel aids in creating stronger and more resilient automobile parts. Steel forging provides superior durability and automotive components of the highest calibre for market applications. The adoption of metal forging will be aided by the "Next Generation Vehicle" project, continued technological advancements in the automotive sector, and progress in electric vehicle technology. Therefore, the market will develop due to the automobile industry's growing demand for forged metal.
Restraint: Limitations of the metal forging process
Metal forging is slow compared to other methods, and it isn't easy to produce complicatedly shaped components with a good surface finish. These limitations are expected to limit the growth of the metal forging market in the upcoming years.
Technical developments in the metal forging sector are anticipated to present profitable expansion prospects for market participants. Many metal forging enterprises have embraced the newest technologies under the "Industry 4.0 technology." Industry 4.0 technology increases the efficiency of the metal forging sector by utilising the Internet of Things (IoT), Artificial Intelligence (AI), cloud connectivity, automation, enhanced operator interface, and many other characteristics. A significant participant in the forged metal forging industry, Bharat Forge, reported achieving an Overall Equipment Effectiveness (OEE) of 15% in 2021.
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Some of the major players operating in the metal forging market are:
● Bharat Forge Limited ● ELLWOOD Group, Inc. ● Berkshire Hathaway Inc. (Precision Castparts Corp.) ● Canada Forgings Inc. ● ASAHI FORGE CORPORATION ● ATI Inc. ● Bruck GmbH ● NIPPON STEEL CORPORATION ● American Axle & Manufacturing Holdings, Inc. ● Trenton Forging
Key Segments cover in the market:
● Alloy Steel ● Magnesium ● Titanium ● Carbon Steel ● Aluminum ● Stainless Steel ● Others
● Transportation ● Oil & Gas ● Agriculture ● Marine ● Automotive ● Aerospace ● Construction ● Power Generation ● Others
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The global metal forging market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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