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Metal Forging Market Overview
Metal Forging Market Size was valued at USD 84.1 billion in 2021. The metal forging market industry is projected to grow from USD 89.43 Billion in 2022 to USD 137.52 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.34% during the forecast period (2022 - 2030).
The metal forging market has been a crucial aspect of various industries worldwide, including automotive, aerospace, construction, and manufacturing. Metal forging is the process of shaping metal using compressive force to deform and refine its structure. The process involves heating metal to high temperatures and then applying pressure to shape it into a specific form.
The global metal forging market has experienced substantial growth over the years, thanks to the increase in demand for forged products from various end-use industries.
One of the primary factors driving the growth of the metal forging market is the increasing demand for lightweight and fuel-efficient automobiles. The automotive industry has been a significant consumer of forged products, including crankshafts, gears, and axles. These components require high strength and durability, and forging is the most suitable manufacturing process for such products.
The aerospace industry is another major end-use industry for forged products. Forged parts such as landing gear, engine shafts, and turbine disks require high strength and resistance to extreme conditions, making forging an ideal manufacturing process. With the growth in the aerospace industry, the demand for forged products is expected to increase, thereby driving the growth of the metal forging market.
The construction industry is also a significant contributor to the metal forging market. Forged products such as anchor bolts, structural components, and fasteners are widely used in construction projects. The increasing demand for infrastructure development across the globe has led to an increase in demand for forged products in the construction industry.
Moreover, the increasing demand for renewable energy sources such as wind and solar power has also driven the growth of the metal forging market. Forged components such as shafts, flanges, and couplings are used in wind turbines and solar power plants, and the increasing adoption of these renewable energy sources is expected to drive the demand for forged products.
The Asia Pacific region is expected to witness significant growth in the metal forging market due to the growing automotive and construction industries in the region. China, India, and Japan are some of the major countries driving the growth of the metal forging market in the Asia Pacific region. Moreover, the increasing investments in the aerospace industry in the region are also expected to drive the demand for forged products.
North America and Europe are also significant markets for metal forging, driven by the automotive and aerospace industries in these regions. The presence of major automobile manufacturers such as Ford, General Motors, and BMW in these regions has led to an increase in demand for forged products.
However, the metal forging market is facing some challenges that could hinder its growth. The high initial investment required for setting up forging facilities and the availability of alternative manufacturing processes such as casting and machining could pose a challenge to the growth of the metal forging market. Additionally, the impact of the COVID-19 pandemic has also affected the market, with disrupted supply chains and reduced demand for forged products.
In conclusion, the metal forging market is a vital aspect of various industries worldwide, driven by the increasing demand for high-strength and durable products. The growth of the automotive, aerospace, construction, and renewable energy industries is expected to drive the demand for forged products, thereby driving the growth of the metal forging market. However, the market is facing challenges that need to be addressed to ensure its sustained growth.
Key Players
Arconic Corp.
ATI
Bharat Forge Ltd.
Ellwood Group Inc.
China First Heavy Industries
Scot Forge
Thyssenkrupp Business Area Components Technology
Bruck GmbH
Nippon Steel Corp.
Precision Castparts Corp.
Kovárna Viva
Larsen & Toubro Ltd.
Japan Casting & Forging Corp
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