Metal Forging Market to Reach $168 Billion, Globally, by 2032 at 7.2% CAGR: Allied Market Research

Aug 05, 2023

PORTLAND, Ore., June 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Metal Forging Market by Raw Material (Carbon Steel, Aluminum, Stainless Steel, and Others), Technique (Open Die Forging, Closed Die Forging, and Ring Forging), and Application (Automotive, Aerospace and Defense, Railway, Industrial Machinery, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032." According to the report, the global metal forging industry was estimated at $83.4 billion in 2022 and is anticipated to generate $168 billion by 2032, witnessing a CAGR of 7.2% from 2023 to 2032.

Download Free Sample Report @ https://www.alliedmarketresearch.com/request-sample/75325

Prime Determinants of Growth:

The market for global metal forging is experiencing growth due to several factors, such as industrial expansion in the automotive and aerospace sectors, growth in the energy industry, and industrialization. However, the limitations associated with the metal forging process restrict market growth. Moreover, the incorporation of industry 4.0 technologies in the metal forging process and machinery presents new opportunities in the coming years.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$83.4 Billion

Market Size in 2032

$168 Billion

CAGR

7.2 %

No. of Pages in Report

240

Segments covered

Raw material, Technique, Application, and Region

Drivers

Growth in the Automotive and Aerospace Industry

Growth in the energy sector and industrialization

Opportunities

Limitations of metal forging

Restraints

Adoption of Industry 4.0 technology

Covid-19 Scenario:

The outbreak of the COVID-19 pandemic had a negative impact on the global metal forging market, owing to the temporary closure of manufacturing firms during the lockdown.

Production was also hampered by the exponential rise in the cost of raw materials used for the construction of forging machinery and the raw materials used for producing end products.

Despite these challenges, as the global situation has now recovered, there is a growing demand for the metal forging industry.

The carbon steel segment to maintain its leadership status throughout the forecast period:

Based on raw materials, the carbon steel segment held the highest market share in 2022, accounting for more than two-fifths of the global metal forging market revenue, and is estimated to maintain its leadership status throughout the forecast period. Carbon steel is widely used for making parts and components of machinery owing to its high strength and durability. In addition, with the hot forging method, shaping and forming carbon steel is easier. On the other hand, the stainless-steel segment is projected to manifest the highest CAGR of 9.5% from 2023 to 2032. Due to its greater appearance, resistance to corrosion, and high strength, which makes it a favorable material in the construction sector, automotive industry, machinery manufacturing, and others.

Buy This Research Report (240 Pages PDF with Insights, Charts, Tables, Figures): https://www.alliedmarketresearch.com/checkout-final/7f031f0f6cd84374a8f07fed885261a0

The open die forging segment to maintain its dominance in term of revenue during forecast period:

Based on technique, the open die segment held the highest market share in 2022, accounting for more than half of the global metal forging market, and is estimated to maintain its dominance in term of revenue during forecast period. Simple-shaped components like sleeves, flats, rounds, hexes, discs, shafts, hubs, blocks, cylinders, and other custom shapes can be formed using open die forging. The size and weight of the workpiece are not significant constraints because it uses an open die. However, the ring forging segment is projected to portray the fastest CAGR of 8.7% from 2023 to 2032. Owing to its greater appearance, resistance to corrosion, and high strength, which makes it a favorable material in the construction sector, automotive industry, machinery manufacturing, and others. Typically, the parts and components made using ring forging are machines, robotics, valves, bearings, clutches, couplings, drives, flanges, gears, and glass-lined reactors, and the rise in demand for these components is driving the growth of ring forging.

The automotive segment to maintain its lead position during the forecast period:

Based on application, the automotive segment accounted for the largest share in 2022, contributing to more than two-fifths of the global metal forging market revenue, and is projected to maintain its lead position during the forecast period. Rising disposable income, increasing urban population, and expanding boundaries of cities are driving the growth of the automotive industry, which is eventually driving demand for forged metal components for automobiles. However, the industrial machinery segment is expected to exhibit the largest CAGR of 10.0% from 2023 to 2032. This is due to rising industrialization across the world, especially in developing nations, which is driving the demand for industrial machinery, which mainly incorporates forged metal components.

Asia-Pacific to garnered the major share in 2032:

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global metal forging market revenue, and is likely to dominate the market by 2032. The same region is also expected to witness the fastest CAGR of 8.0% during the forecast period. This growth is attributed to the extensive economic growth of the region, which is driving the growth of the industrial sector. Moreover, governments in India, China, Vietnam, and Indonesia have introduced various favorable guidelines to help their domestic industries grow.

Enquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/75325

Leading Market Players:

ATI Inc.

American Axle & Manufacturing Holdings, Inc.

Bruck GmbH

ELLWOOD Group, Inc.

Berkshire Hathaway Inc. (Precision Castparts Corp.)

ASAHI FORGE CORPORATION

Trenton Forging

NIPPON STEEL CORPORATION

Bharat Forge Limited

Canada Forgings Inc.

The report provides a detailed analysis of these key players in the global metal forging market. These players have adopted different strategies, such as acquisition, to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.

Trending Reports in Construction Industry (Book Now with 10% Discount):

Metal Structural Insulation Panels Market is projected to reach $68.3 billion by 2031

Metalworking Tool Holder Market is expected to reach $1,193.1 million by 2030

Metal Cutting Tool Market is projected to reach $97.9 billion by 2031

CNC Metal Cutting Machine Market is projected to reach $83,364.4 million by 2030

Metal Recycling Market is expected to reach $368.7 billion by 2030

Metal Polish Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

Metal Forming Machine Tools Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa5933 NE Win Sivers Drive#205, Portland, OR 97220United StatesUSA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022UK: +44-845-528-1300Hong Kong: +852-301-84916India (Pune): +91-20-66346060Fax: +1(855)[email protected]: https://www.alliedmarketresearch.com/reports-store/energy-and-powerFollow Us on Blog: https://www.marketinshort.com/

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

View original content:https://www.prnewswire.com/news-releases/metal-forging-market-to-reach-168-billion-globally-by-2032-at-7-2-cagr-allied-market-research-301852317.html

SOURCE Allied Market Research

Previous: Repairing A Home Injection Molding Machine Next: Breaking the mold on injection molding

Send inquiry

Send