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The global metal forging market exhibited moderate growth during 2015-2020. Metal forging is the process of shaping and forming metals by hammering or pressing. This is done by applying compressive forces for deforming and making geometrical changes to the material. The forging process is an essential part of industrial metal manufacturing, especially iron and steel. As compared to other metal producing processes, forging makes some of the strongest parts. The hot method of metal forging breaks up impurities and eliminates inclusions that can cause stress points. Consequently, metal forging is utilized for manufacturing essential aircraft parts, such as shafts for turbines and jet engines, structural components for transportation equipment, and landing gear.
Significant growth in the aerospace and automotive industries represents one of the key factors creating a positive outlook for the market. In the aerospace industry, ferrous and nonferrous forgings are utilized in piston-engine planes, supersonic military aircraft, helicopters, and commercial jets. On the other hand, forged components are found at stress and shock points in trucks and other automobiles across the automotive industry. Besides this, key players are concentrating on expanding their production capacities to ensure optimal quality and reach a wider consumer base, which, in turn, is acting as another major growth-inducing factor. The process of metal forging also finds widespread application in the steel industry. In line with this, increasing demand for steel-based products is, therefore, expected to contribute to the market growth further. Looking forward, IMARC Group expects the global metal forging market to grow at a CAGR of around 5% during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the global metal forging market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, raw material and application.
Breakup by Raw Material:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles 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., Kovárna Viva, Larsen & Toubro Limited, Scot Forge and Thyssenkrupp AG.
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