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Isothermal Forging Global Market Report 2024 Market Growth And Overview Report 2024-2033
Isothermal Forging Global Market Report
According to The Business Research Company's, The isothermal forging market size has grown strongly in recent years. It will grow from $8.56 billion in 2023 to $9.15 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increased demand in automotive sector, material advancements, cost efficiency, consumer electronics, energy sector requirements, environmental considerations..
The isothermal forging market size is expected to see strong growth in the next few years. It will grow to $11.56 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to expanded material options, automotive lightweighting, medical implants, aerospace industry growth, green manufacturing practices.. Major trends in the forecast period include sustainability and recycling, advancements in mim equipment, customization and personalization, quality control and certification, 3d printing integration..
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Market Drivers and Trends:
Increasing demand for automobiles is expected to propel the growth of the isothermal forging market going forward. Automobiles refer to land-based autonomous passenger or commercial vehicles with a combustion engine and typically four or more wheels. Isothermal forging is an important process in the automobile industry for producing high-performance, complex-shaped parts that require high strength, durability, and precision, so increasing demand for automobiles will propel the growth of the isothermal forging market. For instance, in 2022, according to the data published by the International Organization of Motor Vehicle Manufacturers, a France-based international trade automotive association, the global sales of automobiles reached 82,755,197 in 2021, up from 78,787,566 in 2020. Furthermore, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), the central lobbying and standards group for the automobile industry in the European Union, Passenger automobile sales in the United States increased by 5.5% from 2020 to 11.9 million units in 2021. In 2021, about 6.3 million passenger automobiles were produced in US auto plants, a 3.1% increase over 2020. In 2021, Chinese automakers manufactured 20.7 million automobiles, a 7.1% increase. The total number of cars produced worldwide increased by 2.7% to 63.2 million in 2021. Therefore, an increasing demand for automobiles is driving the growth of the isothermal forging market.
The advanced technological effects are a key trend gaining popularity in the isothermal forging market. Major companies operating in the isothermal forging market are focusing on launching advanced technologies to sustain their position in the market. For instance, in May 2021, the Defense Research and Development Organization (DRDO), an India-based Department of Defense Research and Development working under the Ministry of Defense, developed an indigenous isothermal forging technology for aero engines. With its special 2000 MT isothermal forge press, this technology is vital for producing the five phases of high-pressure compressors (HPC) discs made of tough-to-deform titanium alloy. This technology is essential for developing self-reliance in the field of aero-engine technology.
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Major Key Players of the Market:
Anchor-Harvey Components LLC; Arconic Corp.; ATI Forged Inc.; Bharat Forge Ltd.; CFS Forge; H C Starck Solutions Services Inc.; Larsen & Toubro Ltd.; Schuler Group; Trenton Forging Company; Pratt & Whitney; Alcoa Corporation; ALD Vacuum Technologies Pvt. Ltd.; SMT Limited; Precision Castparts Corp.; Leistritz Turbinentechnik GmbH; 3A Composites; Sundaram Fasteners Ltd.; Kalyani Forge Limited; Aubert and Duval Pvt. Ltd.; Bharat Dynamics Limited; Bharat Electronics Limited; Bharat Earth Movers Limited; Bharat Petroleum Corporation Limited; Amtek Auto Limited; Tata Steel Limited; Nanshan Forge Company; Bharat Heavy Electricals Limited; Formosa Plastics Group; Howmet Aerospace Inc.; Aalco metals ltd.
Isothermal Forging Market 2024 Key Insights:
• The isothermal forging market will grow to $11.56 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Increasing Automotive Demand Driving Growth In The Isothermal Forging Market
• Rise Of Advanced Technological Innovations In The Isothermal Forging Market
• Asia-Pacific was the largest region in the isothermal forging 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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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
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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