Metal Forging Market Is Predicted to Reach US$ 208 Billion by 2033

According to a detailed industry analysis by Fact.MR, in 2023, the global metal forging market stands at US$ 103.8 billion and is predicted to reach US$ 208 billion by 2033. Worldwide demand for metal forging solutions is forecasted to rise at a CAGR of 7.2% from 2023 to 2033.

Localized compressive stresses are used to shape metal during the forging process. Depending on the temperature, forging is classified as hot, warm, or cold. The mechanical properties and value of forged objects are higher than those created by other manufacturing processes like casting or extrusion because forging dies do not distort the workpiece material. By striking it against a die, metal can be forged or stamped.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗮 𝗦𝗮𝗺𝗽𝗹𝗲 𝗖𝗼𝗽𝘆 𝗼𝗳 𝗧𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁:https://www.factmr.com/connectus/sample?flag=S&rep_id=4524?PJ

Metal is shaped utilizing localized compressive stresses during the forging process. Forging can be categorized as hot, warm, or cold, depending on its temperature. Because forging dies do not distort the workpiece material, the mechanical characteristics and value of forged items are higher than those produced by other manufacturing techniques such as casting or extrusion. Metal can be forged or stamped by striking it against a die.

𝗞𝗲𝘆 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗣𝗿𝗼𝗳𝗶𝗹𝗲𝗱

Arconic Corp.
Nippon Steel Corp.
Precision Castparts Corp.
Scot Forge
Ellwood Group, Inc.
Brück GmbH
China First Heavy Industries
Japan Casting & Forging Corp.
Jiangyin Hengrun Heavy Industries Co. Ltd.
Kovárna Viva
Larsen & Toubro Ltd.
Bharat Forge Ltd.
ThyssenKrupp Group

"𝗥𝗮𝗽𝗶𝗱𝗹𝘆 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝗣𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗼𝗳 𝗠𝗲𝘁𝗮𝗹 𝗖𝗼𝗺𝗽𝗼𝗻𝗲𝗻𝘁𝘀 𝘄𝗶𝘁𝗵 𝗜𝗺𝗽𝗿𝗼𝘃𝗲𝗱 𝗨𝗻𝗶𝗳𝗼𝗿𝗺𝗶𝘁𝘆"

Recent inventions and the surging use of technology, such as sensors, have significantly increased the need for metal forging processes. Compared to other methods of producing metal, metal forging has many advantages, including superior performance, maximum strength, favorable metallurgical properties, and enhanced internal integrity.

Growing usage of pre-assembled products and ready-to-fit components is boosting market growth. Forgers can employ advanced processing tools and control systems to quickly produce metal components with improved uniformity and extremely close dimensional tolerances to meet customer delivery deadlines.

It is anticipated that rapid innovations in metal forging techniques will provide profitable growth prospects for market participants. Many businesses engaged in metal forging have embraced advanced technology such as Industry 4.0 technology. Internet of Things (IoT), Artificial Intelligence (AI), cloud connection, automation, a better operator interface, and other characteristics are used in Industry 4.0 technology, which increases the efficiency of the metal forging sector.

𝗞𝗲𝘆 𝗧𝗿𝗲𝗻𝗱𝘀:

Demand for Lightweight Forged Components: A significant trend in the Metal Forging Market is the increasing demand for lightweight forged components. Industries, particularly automotive and aerospace, are prioritizing the development of lightweight structures to improve fuel efficiency and overall performance. Forging processes, such as closed die forging, enable the production of intricate and lightweight components with superior strength-to-weight ratios.

Integration of Advanced Materials: The market is witnessing the integration of advanced materials in forging processes. Alloy steels, stainless steels, and titanium alloys are commonly used in forging applications to meet stringent performance requirements. The use of advanced materials enhances the mechanical properties of forged components, making them suitable for critical applications in aerospace, defense, and energy sectors.

Rise in Precision Forging: Precision forging is gaining prominence as a key trend in the Metal Forging Market. Precision forging involves the use of tightly controlled manufacturing processes to achieve near-net-shape components with minimal material waste. This trend is driven by the need for cost-effective and resource-efficient manufacturing, especially in industries where precision and tight tolerances are critical.

Increasing Automation and Digitalization: There is a notable trend towards increasing automation and digitalization in forging processes. Automated forging lines equipped with robotics and digital control systems enhance the efficiency, consistency, and repeatability of forging operations. Digitalization, including the use of simulation software and sensors, allows for real-time monitoring and optimization of forging processes.

𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗡𝗲𝘄𝘀:

Recent industry developments underscore the dynamic nature of the Metal Forging Market, including strategic collaborations, regulatory advancements, and responses to emerging market demands:

Collaborations for Materials Research: Leading companies in the Metal Forging Market are entering collaborations with material scientists and research institutions to advance forging materials. Collaborative efforts involve the exploration of new alloys, heat treatment methods, and surface coatings to enhance the performance and durability of forged components. These collaborations aim to address evolving industry needs for materials with superior properties.

Regulatory Compliance for Aerospace Forgings: The industry is proactively addressing regulatory compliance, particularly in the aerospace sector. Forged components used in aerospace applications are subject to stringent quality and safety standards. Manufacturers are investing in quality management systems and forging processes that adhere to aerospace regulatory requirements, ensuring the reliability of forged aerospace components.

Market Expansion through Strategic Acquisitions: Companies in the Metal Forging Market are strategically expanding their market presence through acquisitions. Strategic acquisitions involve the integration of forging capabilities, expertise, and customer bases. This approach enables companies to diversify their product portfolios, enter new geographic markets, and strengthen their overall position in the competitive forging landscape.

Focus on Sustainable Forging Practices: The industry is placing increased emphasis on sustainable forging practices. Manufacturers are adopting environmentally friendly initiatives, such as recycling of metal, optimizing energy consumption, and implementing green manufacturing processes. Sustainable forging practices align with global efforts to reduce

𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲

Leading companies are extending their production capabilities to assure optimal quality and serve a larger client base. They are focusing on new developments, product standards, quality control, and supply chain management to expand their geographical presence.

For example :

In 2018, American Axle & Manufacturing, Inc. stated that it will open a new manufacturing unit in Barcelona to service European markets,

In 2018, MM Forgings announced a US$ 93.6 million investment to expand the manufacturing of various grades of steel forgings to fulfil demand from the automobile industry

𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝗛𝗶𝗻𝗱𝗲𝗿𝗶𝗻𝗴 𝘁𝗵𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝗚𝗿𝗼𝘄𝘁𝗵

The metal forging industry is highly dependent on the availability and prices of raw materials such as steel, aluminum, and titanium. Fluctuations in raw material prices can impact the cost of production and profit margins for metal forging manufacturers.

Uncertainty in raw material prices due to factors like global supply-demand dynamics, trade policies, and geopolitical events poses a challenge for market growth.

Metal forgings face competition from alternative manufacturing processes and materials. For example, advancements in composite materials, 3D printing, and casting technologies provide alternatives to traditional metal forgings.

Manufacturers may choose these substitutes based on factors like cost, design flexibility, and speed of production. The competition from substitutes can impact the growth prospects of the metal forging market.

𝗞𝗲𝘆 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝘀 𝗼𝗳 𝗠𝗲𝘁𝗮𝗹 𝗙𝗼𝗿𝗴𝗶𝗻𝗴 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵

𝗕𝘆 𝗥𝗮𝘄 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹:

Carbon Steel

Alloy Steel

Aluminum

Magnesium

Stainless Steel

Titanium

Others

𝗕𝘆 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻 :

Automotive

Aerospace

Oil & Gas

Construction

Agriculture

Others

𝗥𝗲𝗰𝗲𝗻𝘁 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻𝘀:

Additive Manufacturing in Forging: Recent innovations in the Metal Forging Market include the exploration of additive manufacturing or 3D printing in conjunction with traditional forging processes. This hybrid approach allows for the creation of complex geometries and customized components that may be challenging to achieve through conventional forging methods alone. Additive manufacturing in forging is opening new avenues for design flexibility and product customization.

Smart Forging Dies with Sensors: Innovations in forging dies involve the integration of sensors to create smart dies. These smart dies are equipped with sensors that monitor factors such as temperature, pressure, and stress during the forging process. Real-time data from smart dies enable operators to make informed decisions, optimize parameters, and enhance the overall quality of forged components.

Energy-Efficient Induction Heating: Energy efficiency is a focal point of innovation in the Metal Forging Market, with a specific focus on induction heating technology. Induction heating is employed to heat metal billets before forging, and recent advancements aim to optimize energy consumption by improving the efficiency of induction heating systems. Energy-efficient heating contributes to sustainable forging practices.

Development of High-Temperature Forging Alloys: The development of high-temperature forging alloys is a notable innovation, especially for applications in aerospace and power generation. These alloys exhibit exceptional heat resistance and mechanical properties, allowing for the forging of components that operate in high-temperature environments. The development of high-temperature alloys addresses the evolving demands of industries with stringent performance requirements.

𝗚𝗲𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝘁𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁 𝗳𝗼𝗿 𝗦𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀:https://www.factmr.com/connectus/sample?flag=RC&rep_id=4524?PJ

US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E Mail : sales@factmr.com

About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

This release was published on openPR.