Soaring Demand Set to Propel Metal Forging Market to $144.29 Billion by 2029

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What Is the Expected CAGR for the Metal Forging Market Through 2025?
The value of the metal forging market has robustly expanded in the past few years. It is anticipated to surge from $101.04 billion in 2024 to $107 billion in 2025, with a compound annual growth rate (CAGR) of 5.9%. This growth in the previous period is credited to multiple factors including the burgeoning of the automotive industry, expansion in the aerospace sector, developments in oil and gas exploration, applications in defense and military, enhancements in railway and transport systems, and the internationalization of supply chains.

What's the Projected Size of the Global Metal Forging Market by 2029?
The market for metal forging is projected to experience robust growth in the coming years, reaching $144.29 billion in 2029, showcasing a compound annual growth rate (CAGR) of 7.8%. This growth for the forecast duration is credited to the increased uptake of lightweight materials, the surge in the production of electric vehicles, investments in infrastructure in burgeoning markets, the growth of the wind and solar energy industries, and worldwide efforts to achieve carbon neutrality. Notable trends during this projected period include the use of closed-die forging technology, the employment of Industry 4.0 technologies, eco-friendly forging methods, collaborative efforts in research and development, and specialized adaptations for the defense and aerospace sectors.

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Top Growth Drivers in the Metal Forging Industry: What's Accelerating the Market?
The anticipated expansion of the construction sector is predicted to fuel the advancement of the metal forging market. Construction involves the creation, alteration, repair, renovation, enhancement, or demolition of a public infrastructure facility, inclusive of any public buildings or additional public improvements to real estate. The dependence of the construction sector on forged metal products like steel beams, columns, and other necessary structural components is significant. These components are crucial for creating robust, durable structures that can endure various weather conditions and comply with safety regulations. For example, The Office for National Statistics, a statistics authority based in the UK, reported in November 2023 that the total new construction work output for 2022 had increased by 15.8%, reaching a record-breaking value of £132,989 million ($172401 million). Consequently, the progress in the construction sector has become a significant factor propelling the growth of the metal forging market.

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What Are the Key Trends Driving Metal Forging Market Growth?
The enhancement of forging systems through automation is an emerging trend in the metal forging market. Notable market contenders are focusing on producing innovative products via automatic processing machinery like induction forging, computerized forging tools, automatic monitoring, and free forging hammers' remote controlling to maintain their market standing. For example, Strojmetal, an aluminium chassis parts and applications producer based in the Czech Republic and active in the powertrain and battery housing sectors, implemented a completely automated aluminium forging line in January 2023. The novel line comprises several futuristic technologies such as a fully automated system for loading and unloading, robots for handling and transferring parts, and a sophisticated control system facilitating real-time monitoring and enhancing the forging process. The line is also notably flexible, capable of manufacturing various parts and managing different aluminium alloys.

What Are the Main Segments in the Metal Forging Market?
The metal forging market covered in this report is segmented -

1) By Type: Closed-Die Forging, Open-Die Forging, Ring Rolling
2) By Raw Material: Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Other Raw Materials
3) By End-User: Automotive, Defense And Aerospace, Shipbuilding, Power Industry, Oil And Gas, Other End User

Subsegments:
1) By Closed-Die Forging: Precision Forgings, Multi-Stage Forgings, Cold Closed-Die Forging
2) By Open-Die Forging: Upset Forging, Flat Forging, Radial Forging
3) By Ring Rolling: Seamless Ring Rolling, Welded Ring Rolling, Specialty Ring Rolling

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Which Top Companies are Driving Growth in the Metal Forging Market?
Major companies operating in the metal forging market include Allegheny Technologies Incorporated, Bharat Forge Ltd., Ellwood Group Inc., Thyssenkrupp AG, Bruck GmbH, Nippon Steel Corp., Precision Castparts Corp., Larsen & Toubro Ltd., Japan Casting and Forging Corp., China First Heavy Industries Co. Ltd., Howmet Aerospace Inc., Schuler AG, Jiangyin Hengrun Heavy Industries Co. Ltd., ATI Ladish LLC, Kobelco Construction Machinery Co. Ltd., Scot Forge Company, Ferralloy Inc., Patriot Forge Co., Doncasters Inc., All Metals & Forge Group, Trenton Forging Company, Fountaintown Forge Inc., Commercial Forged Products, Component Sourcing International, Custom Alloy Corporation, Precision Metal Products Pvt. Ltd., SIFCO Industries Inc., Canton Drop Forge Inc., Shultz Steel Co., Consolidated Industries Inc., Pacific Forge Incorporated, Otto Fuchs KG

Which Regions Will Dominate the Metal Forging Market Through 2029?
Asia-Pacific was the largest region in the metal forging market in 2024. The regions covered in the metal forging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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