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Defence Budgets And Commercial Aviation Increases Forged Metal Component Demand: An Emerging Driver Transforming The Forged And Stamped Goods Market Landscape
Forged And Stamped Goods
What Is the Projected Growth of the Forged And Stamped Goods Market?
The forged and stamped goods market has experienced solid growth in recent years. It will grow from $317.16 billion in 2024 to $337.01 billion in 2025, reflecting a CAGR of 6.3%. This growth is due to industrial development, raw material pricing trends, technological advancements, and stricter environmental regulations.
The forged and stamped goods market is expected to experience steady growth, reaching $404.5 billion by 2029 at a CAGR of 4.7%. Growth drivers include infrastructure development, the automotive industry, aerospace and defense sectors, and renewable energy. Key trends include electrification and lightweighting, advanced materials, additive manufacturing, digitalization, and industry partnerships.
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What Are the Different Forged And Stamped Goods Market Segments?
The forged and stamped goods market covered in this report is segmented -
1) By Type: Iron and Steel Forged Goods, Nonferrous Forged Goods, Custom Roll Formed Goods, Powder Metallurgy Parts, Metal Crown, Closure, and Other Metal Stamped Goods
2) By End User Industry: Automotive, Construction, Food and Beverage Packaging, Machinery, Metal Products, Other End User Industries
Subsegments:
1) By Iron And Steel Forged Goods: Carbon Steel Forgings, Alloy Steel Forgings, Stainless Steel Forgings, Tool Steel Forgings
2) By Nonferrous Forged Goods: Aluminum Forgings, Copper Forgings, Brass Forgings, Titanium Forgings, Nickel-Based Alloy Forgings
3) By Custom Roll Formed Goods: Structural Shapes (Channels, Angles), Rails And Beams, Custom Profiles (Unique Shapes For Specific Applications)
4) By Powder Metallurgy Parts: Iron-Based Powder Metallurgy Parts, Non-Ferrous Powder Metallurgy Parts, Stainless Steel Powder Metallurgy Parts
5) By Metal Crown: Aluminum Metal Crowns, Steel Metal Crowns, Plastic Coated Metal Crowns
6) By Closure: Metal Closures (Bottle Caps, Cans), Plastic Closures, Composite Closures
7) By Other Metal Stamped Goods: Automotive Metal Stamped Parts, Industrial Metal Stamped Parts, Electrical Metal Stamped Parts, Consumer Goods Metal Stamped Parts
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What Are the Primary Drivers Shaping the Forged And Stamped Goods Market?
The increasing demand for aircraft manufacturing, driven by the growth in both international and domestic air travel as well as rising defense budgets, is expected to fuel the demand for forged and stamped goods. Many countries are boosting their defense budgets to enhance their capacity to respond to global crises, integrating advanced technologies in sectors such as ammunition, aircraft, and helicopters for emergency preparedness. For instance, in January 2023, the U.S. President requested $772 billion for the Department of Defense, with projections indicating a 1.5% increase to $784 billion in 2024. The rise in defense budgets and commercial aircraft production will lead to an increased demand for forged metal components, supporting the overall growth of the forged and stamped goods market.
Which Companies Are Leading in the Forged And Stamped Goods Market?
Major companies operating in the forged and stamped goods market include 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.
What Forged And Stamped Goods Market Trends Are Gaining Traction Across Different Segments?
Major players in the forged and stamped goods market are focusing on the development of high-strength forged products to cater to the rising demand for durable and lightweight materials across industries. For example, in June 2024, Hilton Metal Forging Ltd., an Indian company, introduced wagon axles for railway wagons with a yearly production capacity of 48,000 wheels. These axles meet strict quality standards and are designed for reliable, heavy-duty use in rail transport. This launch is part of Hilton's broader strategy to expand within India's railway sector and includes efforts to secure funding for production capacity enhancements.
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What Are the Top Revenue-Generating Geographies in the Forged And Stamped Goods Market?
Asia-Pacific was the largest region in the forged and stamped goods market in 2023. Western Europe was the second-largest region in the forged and stamped goods market. The regions covered in the forged and stamped report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Forged And Stamped Goods Market?
2. What is the CAGR expected in the Forged And Stamped Goods Market?
3. What Are the Key Innovations Transforming the Forged And Stamped Goods Industry?
4. Which Region Is Leading the Forged And Stamped Goods Market?
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