Metal Forging Market Expected to Reach USD 168 Billion by 2032, Growing at a CAGR of 7.2%

The metal forging market has experienced strong growth, primarily driven by rising demand for forged metal components from key industries such as automotive and aerospace & defense. Increased industrialization is also boosting demand for industrial machinery, positively impacting the metal forging market.

According to a report by Allied Market Research titled "Metal Forging Market," the market was valued at $83.4 billion in 2022 and is projected to reach $168 billion by 2032, with a CAGR of 7.2% from 2023 to 2032.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲: https://www.alliedmarketresearch.com/request-sample/A74841

Metal forging is utilized to form and shape various metals, with significant usage of carbon steel, aluminum, and stainless steel. The carbon steel segment held the largest market share in 2022, owing to its strength, durability, and ease of forging. However, the stainless-steel segment is expected to lead the market in growth rate during the forecast period. The market is further segmented by forging techniques, including open die forging, closed die forging, and ring forging. Open die forging captured the largest share in 2022, driven by its widespread use in producing large metal products such as sheets, discs, hubs, blocks, and shafts.

By application, the automotive segment held the largest market share in 2022, while the industrial machinery segment is expected to grow at a faster rate over the forecast period. Growth in the automotive and aerospace industries is attributed to factors like urbanization, globalization, and rising GDPs worldwide. Forged components are extensively used in vehicles, aircraft, and ships, reinforcing demand in these sectors. In the U.S. alone, there were approximately 274 million vehicles on the road as of 2020, according to the U.S. Department of Transportation.

Despite growth drivers, challenges such as the limitations of metal forging processes may restrain market expansion. However, the integration of Industry 4.0 technologies in metal forging machinery offers promising opportunities. Leading players in the industry are continually innovating to enhance their offerings. For instance, in February 2021, Schuler Group installed two advanced forging lines in China featuring remote operation capabilities and other Industry 4.0 innovations, enhancing productivity and cost-efficiency.

Asia-Pacific dominated the metal forging market in revenue in 2022 and is expected to maintain the highest growth rate, supported by infrastructure investments in countries like India and China and increased demand in the automotive sector. Industrialization and infrastructure projects like bridges, airports, and railways are fueling regional market growth.

𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐖𝐢𝐭𝐡 𝐓𝐎𝐂:
https://www.alliedmarketresearch.com/metal-forging-market-A74841

The COVID-19 pandemic temporarily disrupted the market due to halted operations and supply chain challenges, particularly in countries like India, China, the U.S., Germany, and Italy. Labor shortages and increased metal prices also negatively impacted the market. However, recovery accelerated with the rollout of vaccinations, and inflation due to economic policies during the pandemic and geopolitical tensions such as the Ukraine-Russia conflict has had mixed effects on the market.

Key Findings of the Study
By Raw Material: The carbon steel segment led the market in revenue in 2022.
By Technique: Open die forging was the highest revenue-generating segment in 2022.
By Application: The automotive segment was the top revenue contributor in 2022.
Regional Insights: Asia-Pacific led the market in 2022 and is anticipated to register the fastest growth.
Competitive Analysis: The report profiles key players and their strategic initiatives, offering insights into the market's competitive landscape.
Market Trends: The study provides a comprehensive analysis of current trends and emerging opportunities in the metal forging market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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