Press release
Metal Forging Market Size, Share Estimation, Business Strategies, Top Trends, Opportunities And Forecast To 2032
Metal Forging Market Analysis
The Business Research Company's Metal Forging Global Market Report 2023 identifies rise in the construction industry as the major driver for the metal forging market's growth in the forecast period. Construction refers to building, modifying, repairing, remodeling, enhancing, or destroying a public infrastructure facility, including any public structure, public building, or other public improvements of any type to real estate. The construction industry relies heavily on forged metal products such as steel beams, columns, and other structural components essential for building strong and durable structures that can withstand the elements and meet safety standards.
The global metal forging market size is expected to grow from $87.88 billion in 2022 to $94.74 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global metal forging market size is expected to reach $123.11 billion in 2027 at a CAGR of 6.7%.
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Major competitors in the metal forging market are Arconic Corporation, Allegheny Technologies Incorporated (ATI), Bharat Forge Ltd., Ellwood Group Inc., China First Heavy Industries, Thyssenkrupp.
A key trend in the metal forging market includes automation in forging systems. Major market players are concentrating their efforts on creating innovative products through automated processing equipment such as induction forging, computer-controlled forging equipment, automatic control, and remote control of free forging hammers to sustain their position in the market. For instance, in January 2023, Strojmetal, a Czech Republic-based manufacturer of aluminum chassis parts and applications in the powertrain and battery housing sectors, installed a fully automated aluminum forging line. The new line is equipped with a range of state-of-the-art technologies, including a fully automated loading and unloading system, robots for part handling and transfer, and an advanced control system that allows for real-time monitoring and optimization of the forging process. The line is also designed to be highly flexible, with the ability to produce a wide range of different parts and handle different aluminum alloys.
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The metal forging market is segmented -
1) By Type: Closed-Die Forging, Open-Die Forging, Ring Rolling
2) By Raw Material: Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Other Raw Materials
3) By End-User: Automotive, Defense And Aerospace, Shipbuilding, Power Industry, Oil And Gas, Other End User
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the metal forging market.
The Business Research Company's "Global Metal Forging Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Metal Forging Market Include:
1. Executive Summary
2. Metal Forging Market Characteristics
3. Metal Forging Market Trends And Strategies
4. Metal Forging Market - Macro Economic Scenario
5. Metal Forging Market Size And Growth
…….
26. Africa Metal Forging Market
27. Metal Forging Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Metal Forging Market
29. Metal Forging Market Future Outlook and Potential Analysis
30. Appendix
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