According to IMARC Group latest report titled “Metal Forging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on metal forging industry report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global metal forging market is expected to exhibit a growth rate (CAGR) of 6.7% during 2023-2028.
Metal forging represents the process of shaping and forming metals by hammering or pressing. This is generally done by applying compressive forces for deforming and making geometrical changes to the material. Metal forging is an essential part of industrial metal manufacturing, particularly iron and steel. In addition to this, it removes inclusions and breaks up impurities that cause stress points. Consequently, metal forging finds extensive applications in the manufacturing of aircraft parts, such as shafts for turbines and jet engines, structural components for transportation equipment, landing gear, etc. It is also utilized in several sectors, including oil and gas, construction, agriculture, etc., across the globe.
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Market Trends:
The expanding automotive and aerospace industries and the growing demand for steel-based products are primarily driving the metal forging market. Additionally, the widespread adoption of titanium in the manufacturing of aircraft components and the increasing usage of forged parts in stress and shock points in trucks and other automobiles are further catalyzing the market growth. Besides this, the inflating need for ferrous and nonferrous forgings in piston-engine planes, supersonic military aircraft, helicopters, commercial jets, etc., is acting as another significant growth-inducing factor. Moreover, this process is also utilized in the steel industry, which is positively influencing the global market. Apart from this, extensive investments in R&D activities by leading manufacturers are bolstering the market growth. Furthermore, key market players are focusing on extending their production capacities to cater to a wider consumer base, which is anticipated to fuel the metal forging market over the forecasted period.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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
- Thyssenkrupp AG
Metal Forging Market Segmentation:
Our report has categorized the market based on region, raw material and application.
Breakup by Raw Material:
- Carbon Steel
- Alloy Steel
- Aluminum
- Magnesium
- Stainless Steel
- Titanium
- Others
Breakup by Application:
- Automotive
- Aerospace
- Oil and Gas
- Construction
- Agriculture
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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