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Forged And Stamped Goods Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Forged And Stamped Goods Global Market
According to The Business Research Company's, The forged and stamped goods market size has grown strongly in recent years. It will grow from $297.32 billion in 2023 to $314.56 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to industrial growth, raw material prices, technological advancements, environmental regulations.
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Market Drivers and Trends:
The growing construction industry is expected to boost the growth of the forged and stamped goods market going forward. The construction industry refers to a broad sector of the economy that encompasses the planning, design, development, construction, renovation, and maintenance of physical structures and infrastructure. Construction projects, whether residential or commercial, require a wide range of structural components such as beams, columns, brackets, and fasteners. These components are often forged or stamped to meet the specific requirements of the construction project. For instance, in February 2022, according to the report published by the Office for National Statistics, a UK-based administrative office of the United Kingdom Statistics Authority, in 2021, the annual construction sector rose by a record 12.7% compared to 202. Further, in December 2021, the volume of monthly construction output climbed by 2.0%. Therefore, the growing construction industry is driving the growth of the forged and stamped goods market.
Major companies operating in the forged and stamped goods market are developing innovative products such as metal stamping simulation software to meet larger customer bases, more sales, and increase revenue. Metal stamping simulation software is a specialized computer program or tool used in the manufacturing industry to simulate and analyse the process of metal stamping or forming sheet metal components. For instance, in April 2022, Ansys, a US-based software company, launched, Ansys Forming, an all-in-one forming simulation software, designed to make it possible for metal formers to digitally plan and validate each stage of the sheet metal forming process. This product's unique feature is that it simulates every step of metal stamping through an end-to-end workflow, drastically reducing the number of components used during the simulation and accelerating solve times with intelligent adaptivity features that let customers precisely fine-tune the mesh. Ansys Forming offers a comprehensive platform that allows for the monitoring of each stage with presets, including feasibility, formability, and spring back, and is powered by the LS-Dyna solver. Additionally, it has an intuitive graphical user interface.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
ArcelorMittal S.A.; Berkshire Hathaway Inc.; Thyssenkrupp AG; American Axle & Manufacturing Inc.; Kobe Steel Ltd.; Bharat Forge Limited; Illinois Tool Works Inc; Fine Sinter Co. Ltd.; CITIC Heavy Industries Co.Ltd.; Allegheny Technologies Incorporated; PCC Structurals Inc.; Smith & Wesson Precision Components (SWPC); CAB Worldwide; Ferralloy Inc.; McKees Rocks Forgings Inc.; All Metals & Forge Group LLC; Source International; The Federal Group USA; Atlas Bronze; Ken Forging Inc.; Cornell Forge Co.; MES Inc; Precision Castparts; Ellwood Group; Scot Forge; Anchor Harvey; SIFCO Industries Inc.; Queen City Forging Company; Walker Forge Tennessee LLC; Weldaloy Products Company; Sintavia LLC; Sintex A/S; Bourdon Forge Company; Moline Forge; Patriot Forge Co.; GMP Metal Products; Peerless Industrial Group; Carpathian Industries LLC; Forge Resources Group
Forged And Stamped Goods Market 2024 Key Insights:
• The forged and stamped goods market size is expected to grow to $384.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Growing Construction Industry Positively Impacts The Forged And Stamped Goods Market
• Development Of Products To Drive The Revenues Of Forged And Stamped Goods Market
• The Asia-Pacific was the largest region in the forged and stamped goods market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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