Press release
Global Isothermal Forging Market Projected to Grow at 6.8% CAGR, Reaching $12.47 Billion by 2029
Isothermal Forging Market
What Will the Isothermal Forging Industry Market Size Be by 2025?
In recent years, significant growth has been observed in the isothermal forging market size. It is projected to increase from $9.02 billion in 2024 to $9.57 billion in 2025, experiencing a compound annual growth rate (CAGR) of 6.2%. The growth during the historic period stems from factors such as the soaring demand in the automotive industry, advancements in materials, cost effectiveness, consumer electronics, energy sector needs, and environmental considerations.
What's the Long-Term Growth Forecast for the Isothermal Forging Market Size Through 2029?
In the next few years, the market size for isothermal forging is projected to experience robust growth, predicted to reach $12.47 billion by 2029 with a compound annual growth rate (CAGR) of 6.8%. The surge anticipated during the forecast duration is due to the availability of various material options, endeavors towards automotive weight reduction, the expansion of the medical implant industry, growth in the aerospace industry, and the adoption of environmentally friendly manufacturing processes. Sustainability and recycling, improvements in Metal Injection Molding (MIM) equipment, increased customization and personalization, stringent control on quality and certification, and the integration of 3D printing are among the major trends expected to define the period under prediction.
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What Are the Key Growth Drivers Fueling the Isothermal Forging Market Expansion?
The rise in the demand for vehicles is anticipated to boost the expansion of the isothermal forging market. Automobiles, in this context, denote land-oriented self-driving personal or commercial vehicles with a combustion engine, ideally having four or more wheels. Isothermal forging, a crucial process in the car industry, enables the creation of high-functioning parts of intricate designs demanding superior strength, longevity, and precision. Hence, the growing need for automobiles is crucial for the increasing proliferation of the isothermal forging market. To illustrate, the European Automobile Manufacturers Association, a major automobile manufacturers company located in Belgium, reported in March 2024 that the EU car market burgeoned significantly in 2023, with a growth of 13.9% compared to 2022, achieving a total of 10.5 million units. Consequently, the escalating demand for cars is fueling the expansion of the isothermal forging market.
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What Are the Key Trends Driving Isothermal Forging Market Growth?
Companies in the isothermal forging market are advancing technologies like isothermal forging modules to improve efficiency and meet industry demands. In April 2024, France-based ALD was selected by Safran to supply an isothermal forging system that maintains consistent temperature for producing strong, complex components, particularly for aerospace applications.
How Is the Isothermal Forging Market Segmented?
The isothermal forging market covered in this report is segmented -
1) By Raw Material: Carbon Steel Metal Forging, Alloy Steel Metal Forging, Aluminum Metal Forging, Magnesium Metal Forging, Stainless Steel Metal Forging, Titanium Metal Forging, Other Raw Material Metal Forging
2) By Processes: Conduction heating, Induction heating
3) By End Use Vertical: Aerospace And Defense, Agriculture Equipment, Automotive, Construction And Mining Equipment And Components, Electrical And Electronic, Energy And Power, Industrial And Manufacturing, Marine And Rail, Oil And Gas
Subsegments:
1) By Carbon Steel Metal Forging: Low Carbon Steel Forging, Medium Carbon Steel Forging, High Carbon Steel Forging
2) By Alloy Steel Metal Forging: Low Alloy Steel Forging, High Alloy Steel Forging
3) By Aluminum Metal Forging: 2000 Series Aluminum Forging, 3000 Series Aluminum Forging, 5000 Series Aluminum Forging, 6000 Series Aluminum Forging, 7000 Series Aluminum Forging
4) By Magnesium Metal Forging: AZ Series Magnesium Forging, AM Series Magnesium Forging
5) By Stainless Steel Metal Forging: Austenitic Stainless Steel Forging, Ferritic Stainless Steel Forging, Martensitic Stainless Steel Forging
6) By Titanium Metal Forging: Alpha Titanium Forging, Beta Titanium Forging, Alpha-Beta Titanium Forging
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Which Companies Are Leading the Charge in Isothermal Forging Market Innovation?
Major companies operating in the isothermal forging market include 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.
Which Regions Are Leading the Global Isothermal Forging Market in Revenue?
Asia-Pacific was the largest region in the isothermal forging market in 2024. The regions covered in the isothermal forging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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