Metal Forging Market Worth to Outgrow by USD 117492.9 MN By 2027
Posted On April 22, 2021
According to the research report by Value Market Research, the Global Metal Forging Market is likely to grow to USD 117492.9 MN by 2027 with a CAGR of 5% during the year 2021-2027. The increased use of iron, steel, and several other metals across various industrial sectors is the primary driver for the metal forging market. Forged playing a vital role in producing structural components of high strength in the automotive and aerospace industry will benefit market growth. Rapid industrialization and extensive use of metallic hand tools for various applications will further enhance the market growth. Forged metallic parts used in energy generation, mining, off-highway equipment, robotics, computers, electronic controls, and other critical applications that require maximum part strength, custom sizes, or essential specifications of performance will significantly impact market growth. The growing demand for high-quality manufactured parts and automation of several industrial verticals will be a market booster. The substantially high initial investments involved in setting up the forging facility are the main challenge for the market.
Metal forging is a vital metalworking process in which the metals are formed and shaped using compressive forces. The various forces used are hammering, pressing, or rolling. The forging process is classified into different types based on the temperature of the metal being worked with, like cold forging, warm forging, and hot forging. There are many tools used in the metal forging process, depending on the method used. This process produces some of the strongest manufactured metallic parts. Forging can also be used to fortify hand tools like chisels, rivets, screws, and bolts.
"Global Metal Forging Market Report By Raw Material (Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Others), By Application (Automotive, Aerospace, Oil & Gas, Construction, Agriculture, Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2021-2027" is an elaborate report providing market data on the basis of segments and geography.
On the basis of Raw Material the market is segmented into Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Others. By Application the metal forging market is categorised as Automotive, Aerospace, Oil & Gas, Construction, Agriculture, Others. By geography the report is bifurcated into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Metal Forging is the dominating region. The data tables in this section depict the market estimate by market segment.
The Report Segments Global Metal Forging Market -
By Raw Material
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Oil & Gas
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Players Profiled In the Report:
Arconic Corp., Bharat Forge Ltd., ATI, Bruck GmbH, Ellwood Group, Inc., Jiangyin Hengrun Heavy Industries Co., Ltd., Kovárna Viva, Scot Forge, Thyssenkrupp Business Area Components Technology, Precision Castparts Corp., China First Heavy Industries, Japan Casting & Forging Corp., Nippon Steel Corp., Precision Castparts Corp., and Larsen & Toubro Ltd.
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