Forging Billets Market Size, Share, Trends, Growth, and Market Forecast 2023-2030
The Global Forging Billets Market reached USD 1.6 billion in 2022 and is expected to reach USD 2.1 billion by 2030, growing with a CAGR of 9.2% during the forecast period 2023-2030.
Forging technology advancements like computer-aided design (CAD), simulation software and automated forging processes have enhanced the efficiency and quality of forging billet production. The worldwide expansion of the forging billets market necessitates international commerce and export-import operations.
Trade regulations, taxes, and shipping restrictions all influence the global supply and demand dynamics of forging billets. Europe is estimated to account for less than a quarter of the global forging billets market between 2023 and 2030. Automotive is a significant industry in the area, accounting for a significant amount of European exports, and this is likely to enhance demand for forging billets in the region.
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Key Market Drivers
Rising Demand for Aerospace Industry
The growing number of passengers flying across the globe is increasing aircraft manufacturing and benefitting market growth, which is driving demand for forging billets for aerospace components. In 2021, Boeing delivered 302 aircraft, almost double the number supplied the previous year. In addition, Boeing indicated in March 2022 that it intends to increase 737 Max output.
The gain was attributed to higher consumer and capital expenditure expenditures, which propelled the US economy to its strongest expansion since 1984. The country's unemployment rate hit a 37-year high of 5.7% in 2021. The recovery indicates a return to industrial activity, which is projected to boost demand for forging billets throughout the projection period.
• Round Billets
• Square Billets
• Forged Parts
• Carbon Steel
• Alloy Steel
• Stainless Steel
• Open Die
• Closed Die
By End User
• Oil & Gas
• Power Generation
The Asia-Pacific forging billets market has grown significantly, accounting for more than one-third of the world market in 2022. China, India, Japan, and South Korea are major automotive manufacturing countries. Several huge steel businesses are situated in the area, particularly China, the world's biggest steel manufacturer. The regional forging billets market is influenced by the steel industry's performance, which includes variables such as capacity utilization, production levels, and pricing.
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• In April 2022, Alcoa, a Pittsburgh-based industrial corporation, improves in a sustainable manner by employing recycled aluminum produced with renewable energy. Alcoa finished the installation of a new furnace that recycles aluminum using renewable energy, saving energy and unleashing the metal's limitless recyclability.
Major Companies Covered
Key players profiled in the forging billets market include Alleima, Ellwood City Forge, UBE STEEL, Deutsche Nickel, Alcoa, AMETEK, Emirates Global Aluminium, Hindalco, Matalco and Vista Metals.
Steel Market - https://www.datamintelligence.com/research-report/steel-market
Coated Steel Market - https://www.datamintelligence.com/research-report/coated-steel-market
Sintered Steel Market - https://www.datamintelligence.com/research-report/sintered-steel-market
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