Press release
Demand for Metal Forging Is Anticipated to Reach a Value of US$ 180 BN by 2031
From 2016 to 2020, the market surged at around 5% CAGR, being valued at around US$ 84 Bn by the end of the historical period. However, as the COVID-19 pandemic unfurled, prospects stalled as the aerospace and automotive sectors- prominent end users of metal forging- contracted in the first half. Titanium alloy metal forging is expected to gain prominence in the aerospace sector. High melting point and reduced thermal conductivity has increased its applications. It combines high strength-to-weight ratios, low density, and corrosion resistance in a one package. Because the material has a low thermal expansion rate, it can keep its form with a tight tolerance. As a result of these reasons, the demand for titanium alloys in the aerospace sector has increased, bolstering the worldwide metal forging market.
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Key Takeaways from the Market Study
• By application, automotive industry to account for over 51% demand for metal forging
• By raw material, carbon steel to capture 2/5th of overall market revenue
• In 2019, Asia Pacific had the highest revenue share of more than 51 percent, and this trend is expected to continue throughout the forecast period.
• China to experience growth at around 6% CAGR until 2031, amid high uptake in automotive manufacturing
• U.S generated over 20% of North American market revenue in 2020
• Asia to surpass half of the global metal forging demand as a whole until 2031
• U.K to register noteworthy growth, expanding at a CAGR of around 5%
"As the number of electric cars increases, so will the demand for strong and durable forged components, propelling market development over the projected period". - says the Fact.MR analyst.
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Market Segmentation
Raw Material
• Carbon Steel Metal Forging
• Alloy Steel Metal Forging
• Aluminum Metal Forging
• Magnesium Metal Forging
• Stainless Steel Metal Forging
• Titanium Metal Forging
• Other Raw Material Metal Forging
Application
• Metal Forging for Automotive
• Metal Forging for Aerospace
• Metal Forging for Oil & Gas
• Metal Forging for Construction
• Metal Forging for Agriculture
• Metal Forging for Other Applications
Competitive Landscape
Companies are pursuing strategic initiatives such as capacity expansions and mergers and acquisitions to strengthen their footprint and position in the highly competitive market.
American Axle & Production, Inc., for example, announced in June 2018 that it will open a new manufacturing facility in Barcelona to serve European markets
• In March 2018, MM Forgings announced a US$ 93.6 million investment to expand manufacture of various grades of steel forgings to meet demand from the automotive sector
• In October 2020, Liberty Steel Group made an offer to purchase Thyssenkrupp Europe's steel division
Key Market Players:
• Arconic Corp.
• ATI
• Bharat Forge Ltd.
• Bruck GmbH
• China First Heavy Industries
• Ellwood Group, Inc.
• Japan Casting & Forging Corp.
• Jiangyin Hengrun Heavy Industries Co. Ltd.
• Nippon Steel Corp.
• Precision Castparts Corp.
• Kovárna Viva
• Larsen & Toubro Ltd.
• Scot Forge
• Thyssenkrupp Business Area Components Technology
Report Summary
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of metal forging across the globe.
A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of metal forging during the forecast period. Price point comparison by region with global average price is also considered in the study.
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Key Questions Answered in Report
• Which are the most lucrative metal forging markets?
• Which factors will impact the growth of metal forging?
• How will changing trends impact the strategies of market players?
• How can market players capture the low-hanging opportunities across regions?
• Which companies are leading the metal forging industry?
• What are the winning strategies of stakeholders in the market?
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