The latest report by IMARC, titled “Metal Forging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global metal forging market is expected to grow at a CAGR of 6.7% during the forecast period (2023-2028). Metal forging refers to the procedure through which metals are formed and shaped with the help of compressive forces. These forces are applied using pressing, hammering, or rolling. Metal forging forms a vital part of industrial metal manufacturing, especially iron and steel, and this process makes some of the strongest parts, compared to other metal-producing procedures. Forging removes inclusions and breaks up impurities that cause stress points. In recent years, metal forging has gained momentum as it is widely used for producing vital aircraft parts, such as shafts for jet engines and turbines, landing gear, and structural components for transportation equipment.
Global Metal Forging Market Trends:
One of the primary factors driving the market is the exponential growth in the automotive and aerospace industries. Additionally, the extensive utilization of ferrous and nonferrous forgings in the aerospace industry in supersonic military aircraft, piston-engine planes, commercial jets, and helicopters is creating a positive market outlook. Other than this, the widespread usage of titanium in manufacturing aircraft components is positively influencing market growth. Besides this, forged components are also used in stress and shock points in trucks and other automobiles in the automotive industry. In line with this, key players are focusing on extending their production capacities to cater to a wider consumer base. Moreover, the augmenting demand for steel-based products is escalating the demand for metal forging as this process also finds widespread application in the steel industry.
- Based on the raw material, the market has been divided into carbon steel, alloy steel, aluminium, magnesium, stainless steel, titanium, and others.
- On the basis of the application, the market has been segmented into automotive, aerospace, oil and gas, construction, agriculture, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Arconic Corp., ATI, Bharat Forge Ltd., Bruck GmbH, China First Heavy Industries, Ellwood Group Inc., Jiangyin Hengrun Heavy Industries Co. Ltd., Nippon Steel Corp., Precision Castparts Corp. (Berkshire Hathaway Inc), Kovarna Viva, Larsen & Toubro Limited, Scot Forge, and Thyssenkrupp AG.
|Base Year of the Analysis
||Raw Material, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Arconic Corp., ATI, Bharat Forge Ltd., Bruck GmbH, China First Heavy Industries, Ellwood Group Inc., Jiangyin Hengrun Heavy Industries Co. Ltd., Nippon Steel Corp., Precision Castparts Corp. (Berkshire Hathaway Inc), Kovárna Viva, Larsen & Toubro Limited, Scot Forge and Thyssenkrupp AG
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