NEW YORK, Nov. 3, 2023 /PRNewswire/ — The metal forging market is expected to grow by USD 33.29 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 6.85% during the forecast period. The market is segmented by material (carbon steel, aluminum, stainless steel, and others), application (automotive, aerospace and defense, and construction and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample
High demand for advanced materials and alloys is a key factor driving market growth. Advanced alloys, which are being developed and used to fuel the evolution of performance materials with increased strength, durability, and corrosion resistance, are also becoming increasingly in demand. In addition, components with exceptionally high strength, longevity, and resistance to extreme conditions must be used in industries such as aircraft, automobiles, or energy.
Key Highlights:
- The report recognizes the following as some of the key players in the metal forging market: Aichi Steel Corp., Ajax Tocco Magnethermic Corp., Alicon Castalloy Ltd., All Metals and Forge Group, Allegheny Technologies Inc., Aluminum Precision Products, American Axle and Manufacturing Holdings Inc., Asahi Forge Corp., Bharat Forge Ltd., Bruck GmbH, Consolidated Industries Inc., Farinia SA, Fountaintown Forge Inc., Larsen and Toubro Ltd., Mitsubishi Steel Mfg. Co. Ltd., Pacific Forge Inc., Patriot Forge Co., Scot Forge Co., Sumitomo Heavy Industries Ltd., and thyssenkrupp AG
- Metal Forging Market is fragmented in nature.
- Market to observe 6.53% YOY growth in 2024.
Market Dynamics:
Major Trend
- Infrastructure development is a major trend in the market.
- Projects for infrastructure, which often involve a comprehensive range of forging metal components, play an essential role in growth and urbanization.
- In addition, it is essential that the projects are accompanied by several fabricated components which include bridge beams, rail fasteners, and tunnel support structures.
Significant Challenge
· Rising raw material costs for metal forging are significant challenges restricting the market growth.
- The key factor in the overall cost of production for forged parts is raw material costs, particularly metals and alloys.
- Moreover, the metal sector is exposed to price fluctuations caused by several factors that include supply and demand patterns, geopolitical tensions, and exchange rates.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Keg Segments:
- The carbon steel segment is estimated to witness significant growth during the forecast period. Compared to stainless steel, the carbon steel segment has lower material costs. This leads to an increase in the use of carbon steel for drilling and automotive applications. In addition, driven by factors such as consumer expenditure, Industrial production, and technological advancement, the demand for carbon steel in the automotive, machinery, appliances, and consumer goods industries is increasing.
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Related Reports:
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The forging market is estimated to grow at a CAGR of 5.82% between 2022 and 2027. The size of the market is forecasted to increase by 17.34 million tons.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Material
Market Segmentation by Application
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
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