Press release
Metal Forging Market Expanding at a CAGR of 6.7% During 2023-2028
Metal Forging Market
Metal forging is a process in which metal is shaped by applying pressure and heat to alter its shape and properties. The process involves heating the metal to a high temperature and applying a compressive force to it using a forging press or hammer. This causes the metal to deform and take on the desired shape. It produces many components, from small parts such as bolts and screws to large components such as turbine blades and crankshafts. It is often used in automotive, aerospace, and construction industries due to forged metal components' high strength and durability.
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Market Trends:
The global market is majorly driven by the increasing demand from the automotive and aerospace industries. In line with this, the rising construction activities are significantly contributing to the demand for metal forging. Furthermore, the energy and power sector also uses metal forgings for critical components in power generation equipment, transmission, and distribution systems. The expansion of this sector is stimulating the market. Apart from this, the growing demand for renewable energy and the emergence of electric vehicles are catalyzing the market. With the rise of industrial automation, the need for high-precision, complex-shaped metal components is accelerating, which can be produced through metal forging. This, in turn, is propelling the market. Besides, the rapid adoption of additive manufacturing and the escalating demand for defense and military equipment are strengthening the market. Additionally, the increasing consumer goods manufacturing and the rising demand for high-performance materials, such as titanium and nickel alloys, are providing a boost to the market.
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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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