ROCKVILLE, Md., March 07, 2022 (GLOBE NEWSWIRE) -- The global metal forging market is poised to reach US$ 180 Bn by 2031, expanding at an impressive 7% CAGR across the forthcoming decade, concludes Fact.MR’s recently published research report. Extensive applications in the automotive industry is spurring growth.
From 2016 to 2020, the market surged at around 5% CAGR, being valued at around US$ 84 Bn by the end of the historical period. However, as the COVID-19 pandemic unfurled, prospects stalled as the aerospace and automotive sectors – prominent end users of metal forging – contracted in the first half.
Titanium alloy metal forging is expected to gain prominence in the aerospace sector. High melting point and reduced thermal conductivity has increased its applications. It combines high strength-to-weight ratios, low density, and corrosion resistance in a one package. Because the material has a low thermal expansion rate, it can keep its form with a tight tolerance. As a result of these reasons, the demand for titanium alloys in the aerospace sector has increased, bolstering the worldwide metal forging market.
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Lucrative is the Market in the U.S for Metal Forging
In 2020, the U.S accounted over than 20% of global market revenue. The area is a key user of forged components because to high demand from the automobile, oil and gas, aerospace, and construction sectors.
According to the International Organization of Motor Vehicle Manufacturers, North America accounted for more than 18% of global automotive output in 2019.
Profitable is the Metal Forging Industry in the U.K.
COVID-19's initial wave had a tremendous influence on European nations, resulting in severe GDP reductions. The European Union's GDP decreased by 11.4 percent between the first and second quarters of 2020. This substantially impacted metal forging demand.
Fortunately, manufacturers anticipate a market recovery that would enhance product demand due to the region's long-established aircraft manufacturing industry as well as the presence of major automakers and automobile component manufacturers. A CAGR of around 5% is projected for this market.
Market Segmentation
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
Application
- Metal Forging for Automotive
- Metal Forging for Aerospace
- Metal Forging for Oil & Gas
- Metal Forging for Construction
- Metal Forging for Agriculture
- Metal Forging for Other Applications
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Competitive Landscape
Companies are pursuing strategic initiatives, such as capacity expansions and mergers and acquisitions, to improve their presence and position in the sector, which is extremely competitive.
- For example, American Axle & Manufacturing, Inc. stated in June 2018 that it will open a new manufacturing unit in Barcelona to service European markets
- Likewise, MM Forgings announced a US$ 93.6 Mn investment in March 2018 to expand manufacturing of various grades of steel forgings to fulfill demand from the automobile industry
- In October 2020, Liberty Steel Group made an offer to buy Thyssenkrupp Europe's steel business
Key Companies Profiled:
- Arconic Corp.
- ATI
- Bharat Forge Ltd.
- Bruck GmbH
- China First Heavy Industries
- Ellwood Group, Inc.
- Japan Casting & Forging Corp.
- Jiangyin Hengrun Heavy Industries Co. Ltd.
- Nippon Steel Corp.
- Precision Castparts Corp.
- Kovárna Viva
- Larsen & Toubro Ltd.
- Scot Forge
- Thyssenkrupp Business Area Components Technology
How does the Automotive Application Segment contribute to market growth?
The automotive application segment is expected to account for over 51% percent of total volume, and this trend is projected to continue during the projection period.
Automotive components and parts made via forging are more durable than those made by casting or machining. Furthermore, forged parts require little or no machining, which saves time and money.
In the foreseeable future, rising investments in the automobile sector are projected to boost product demand. Nissan, for example, announced plans to establish two new car assembly factories in China in October 2020.
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Key Points Addressed in Metal Forging Industry Analysis
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Metal Forging and How to Navigate
- Recommendation on Key Winning Strategies
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