The market for global metal forging is experiencing growth due to several factors, such as industrial expansion in the automotive and aerospace sectors, growth in the energy industry, and industrialization.
PORTLAND, Ore., June 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Metal Forging Market by Raw Material (Carbon Steel, Aluminum, Stainless Steel, and Others), Technique (Open Die Forging, Closed Die Forging, and Ring Forging), and Application (Automotive, Aerospace and Defense, Railway, Industrial Machinery, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global metal forging industry was estimated at $83.4 billion in 2022 and is anticipated to generate $168 billion by 2032, witnessing a CAGR of 7.2% from 2023 to 2032.
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Prime Determinants of Growth:
The market for global metal forging is experiencing growth due to several factors, such as industrial expansion in the automotive and aerospace sectors, growth in the energy industry, and industrialization. However, the limitations associated with the metal forging process restrict market growth. Moreover, the incorporation of industry 4.0 technologies in the metal forging process and machinery presents new opportunities in the coming years.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $83.4 Billion |
Market Size in 2032 | $168 Billion |
CAGR | 7.2 % |
No. of Pages in Report | 240 |
Segments covered | Raw material, Technique, Application, and Region |
Drivers | Growth in the Automotive and Aerospace Industry Growth in the energy sector and industrialization |
Opportunities | Limitations of metal forging |
Restraints | Adoption of Industry 4.0 technology |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the global metal forging market, owing to the temporary closure of manufacturing firms during the lockdown.
- Production was also hampered by the exponential rise in the cost of raw materials used for the construction of forging machinery and the raw materials used for producing end products.
- Despite these challenges, as the global situation has now recovered, there is a growing demand for the metal forging industry.
The carbon steel segment to maintain its leadership status throughout the forecast period:
Based on raw materials, the carbon steel segment held the highest market share in 2022, accounting for more than two-fifths of the global metal forging market revenue, and is estimated to maintain its leadership status throughout the forecast period. Carbon steel is widely used for making parts and components of machinery owing to its high strength and durability. In addition, with the hot forging method, shaping and forming carbon steel is easier. On the other hand, the stainless-steel segment is projected to manifest the highest CAGR of 9.5% from 2023 to 2032. Due to its greater appearance, resistance to corrosion, and high strength, which makes it a favorable material in the construction sector, automotive industry, machinery manufacturing, and others.
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The open die forging segment to maintain its dominance in term of revenue during forecast period:
Based on technique, the open die segment held the highest market share in 2022, accounting for more than half of the global metal forging market, and is estimated to maintain its dominance in term of revenue during forecast period. Simple-shaped components like sleeves, flats, rounds, hexes, discs, shafts, hubs, blocks, cylinders, and other custom shapes can be formed using open die forging. The size and weight of the workpiece are not significant constraints because it uses an open die. However, the ring forging segment is projected to portray the fastest CAGR of 8.7% from 2023 to 2032. Owing to its greater appearance, resistance to corrosion, and high strength, which makes it a favorable material in the construction sector, automotive industry, machinery manufacturing, and others. Typically, the parts and components made using ring forging are machines, robotics, valves, bearings, clutches, couplings, drives, flanges, gears, and glass-lined reactors, and the rise in demand for these components is driving the growth of ring forging.
The automotive segment to maintain its lead position during the forecast period:
Based on application, the automotive segment accounted for the largest share in 2022, contributing to more than two-fifths of the global metal forging market revenue, and is projected to maintain its lead position during the forecast period. Rising disposable income, increasing urban population, and expanding boundaries of cities are driving the growth of the automotive industry, which is eventually driving demand for forged metal components for automobiles. However, the industrial machinery segment is expected to exhibit the largest CAGR of 10.0% from 2023 to 2032. This is due to rising industrialization across the world, especially in developing nations, which is driving the demand for industrial machinery, which mainly incorporates forged metal components.
Asia-Pacific to garnered the major share in 2032:
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global metal forging market revenue, and is likely to dominate the market by 2032. The same region is also expected to witness the fastest CAGR of 8.0% during the forecast period. This growth is attributed to the extensive economic growth of the region, which is driving the growth of the industrial sector. Moreover, governments in India, China, Vietnam, and Indonesia have introduced various favorable guidelines to help their domestic industries grow.
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Leading Market Players:
- ATI Inc.
- American Axle & Manufacturing Holdings, Inc.
- Bruck GmbH
- ELLWOOD Group, Inc.
- Berkshire Hathaway Inc. (Precision Castparts Corp.)
- ASAHI FORGE CORPORATION
- Trenton Forging
- NIPPON STEEL CORPORATION
- Bharat Forge Limited
- Canada Forgings Inc.
The report provides a detailed analysis of these key players in the global metal forging market. These players have adopted different strategies, such as acquisition, to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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