Global Metal Forging Market Overview
The key driver impacting the metal forging market is the rapidly growing aerospace sector globally, which is likely to create more market demand in the forecast period. The aerospace sector necessitates a large number of forged parts, which are manufactured by using special alloys. The aircraft components, such as landing gear systems, aerospace turbines, engines, and precision machined parts, are manufactured through the forging process. For instance, Aerospace Industry Association (AIA), The U.S. Aerospace & Defense (A&D) industry, is the worldwide leader in developing, designing, and manufacturing technologically advanced aircraft space systems and defense capabilities. As 2019 drew to a close, the A&D industry shows robust yearly growth with joint industry sales revenue reaching $909 billion. It is a 6.7% rise from 2018. In 2019, A&D recorded $909 billion in sales, rising 6.7% from the prior year. Moreover, the rise in demand for machinery and equipment from ever expanding construction industry worldwide is estimated to be a significant factor that positively impacts market growth. The machinery and equipment utilized in the construction industry consist of forged parts, such as mold design, pistons, and fabrication parts. Whereas with regards to volume,the market was calculated XX Metric Kilo Tons in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global metal forging market was valued at around USD 83,500 million in 2020 and is estimated to grow at a CAGR of about 5% during the forecast period of 2021 to 2027.
The automotive industry's growth is estimated to augment metal forgings demand in the forecast period as there is the massive adoption of forged parts in manufacturing automotive components. For instance, as per Crescendo Worldwide Organization, globally automobile production in 2019 was estimated as 92 MN Vehicles, and it is predicted to grow by a CAGR of 20.78% by 2028. International Organization of motor vehicle manufacturers (OICA), in 2019, increased sales of passenger cars by about 5% and reached 69.5 million units. similarly, the commercial vehicles segment showed a constant rise as the sales reached 24 million units in 2019. however, increasing prices of raw materials may hamper the global metal forging market in the long run. also, the growing adoption of electric vehicles negatively impacts market growth. the current industry trends, such as the escalating demand for metal forged parts in the nuclear power industry and rising defense expenditure, are expected to provide market players with several market opportunities.
The metal forging market is vast, with many local and global players. the key leaders follow different strategies to improve their market position, such as contracts, mergers, contracts, extending product portfolio, acquisitions, expansions, and product innovations to improve their market share globally. for instance, in September 2020, Fushun Special Steel Co., Ltd., a steel-production and forging company, placed an order to Siempelkamp technology. The order is for a new 60/70 MN open-die forging press with a four-column push-down design. This new press will improve the plant cost efficiency. the known players included in the report are 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.
In this research report, the metal forging market is segmented by raw material, application, and region.
Analysis by Raw Material:
By raw material, the report is categorized into carbon steel, alloy steel, aluminum, magnesium, stainless steel, titanium, and others. Carbon steel dominates the product segment with over 40% share in 2020. It is due to the low price of carbon steel together with its easy availability. Moreover, raw material presents improved ductility and high impact strength to the final products, thus contribute to the high demand for carbon steel in the forecast period.
Analysis by Application:
By applications, the report is categorized into automotive, aerospace, oil & gas, construction, agriculture, and others. The automotive sector dominates the application segment with over 50% share in 2020. It is due to the rising production and sales of automobiles across the globe. Moreover, the high adoption of forged aluminum in automobiles to meet the high strength and lightweight components needs drives the market demand from the automotive sector in the forecast period.
Analysis by Region:
In the regional outlook of the global metal forging market, the Asia Pacific region dominates with a 50% market share during the forecast period. It is due to rising foreign investments and high demand from the automotive and construction sector, which is a significant consumer of forged parts in developing economies like India and China. Moreover, the presence of a manufacturing hub and rising demand for nickel-based and aluminum-based forgings in the rapidly growing automotive sector contributes to the development of the metal forging market across the Asia Pacific.
Market Segmentation covered in the Report:
By Raw Material
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Oil & Gas
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.