Newark, NJ, Aug. 09, 2021 (GLOBE NEWSWIRE) -- As per the study given by Fior Markets, the global metal forging market is expected to grow from USD 88.13 billion in 2020 to USD 131.19 billion by 2028, at a CAGR of 5.1% during the forecast period 2021-2028.
The market growth is because of the increasing demand from the global aerospace and automotive industries. Increased passenger traffic has led to the development of the aviation sector, thus boosting the production of aircraft parts. However, the market has been severely affected by the COVID-19 pandemic. Market players were forced to temporarily suspend their operations, affecting the entire value chain, from raw material suppliers to manufacturers and end-users. The market is expected to stabilize in the forecast period as end-use industries, such as automotive, aerospace, and construction, have resumed operations.
Forging is a process that uses various comprehensive forces to be able to form metals. Carbon steel, stainless steel, titanium, aluminum, magnesium and other common raw materials for forging metals are used. Metal forging usually increases the strength of a material by closing empty spaces and sealing the cracks. It also removes embedding in the developed part by breaking impurities and redistributing them in the metalwork. They are widely used in oil and gas, construction, automotive and agriculture, among others.Metal forging methods were used for making jewellery, coins and various tools by hammering the metal with tools made of stone. Forged parts now include oversized turbine rotors; gears. Bolts and nails. Knife hand tools many structural components of machinery, aircraft and railways; And a variety of other transportation equipment.
Various factors such as, increased demand for passenger cars and commercial vehicles increased commercial aircraft production, and increased demand for forged metal parts in the nuclear power industry is mainly driving the global market growth during the forecast period. The automated road industry is experiencing the most significant increase in demand because of the increased demand from various industries, including sugar, mineral rolling, and cement manufacturing. The increasing demand for titanium for the production of aircraft components, the growing demand for crude steel, and the growth of the aerospace and defense sector will also drive market growth. The increasing competition from the casting industry and the high cost of investment will limit the development of this market.
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Key players in the market are Bharat Forge Ltd., Japan Casting & Forging Corp., Arconic Corp., Bruck GmbH, ATI, Nippon Steel Corp., Scot Forge, Thyssenkrupp Business Area Components Technology, China First Heavy Industries, Precision Castparts Corp., Kovárna Viva and Larsen & Toubro Ltd.The market is highly competitive, and companies are engaged in adopting strategic initiatives, such as capacity expansions and mergers and acquisitions, to enhance their presence and position in the industry. For example, in October 2020, Liberty Steel Group submitted a bid to acquire the steel activities of Thyssenkrupp Europe.
The carbon steel dominated the marketand held the largest market share of 45% in the year 2020.
Based on raw materials, the global metal forging market is segmented into carbon steel and aluminium. Carbon steel captured the largest share of revenue in the worldwide Metal forming market is expected to continue its dominance during the forecast period with market share of 45%. The large share of this sector is due to the low cost of carbon steel and its ease of availability. In addition, the raw materials provide improved flexibility and higher impact strength for the final products.
The automotive segment dominates the market and held 52% of market share in the year 2020.
Based on application, the global metal forging market is segmented into automotive and aerospace. The automotive applications sector captured the largest volume share of 52% of the total market share, and this trend is expected to continue during the forecast period. Automobile components or parts manufactured by forging are more vital than those manufactured by casting or fabrication. The forged parts require little or no processing, which helps save time and cost. Increased investments in the automotive industry are expected to increase demand for the product soon. For example, in October 2020, Nissan announced two new car assembly plants in China.
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Regional Segment of Metal Forging Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global metal forging market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Asia – Pacific region holds the largest market share. The Asia-Pacific region captured the largest share of revenue with more than 51%, and this trend is anticipated to carry on during the forecast period of 2021 - 2028. The growth is attributed to increased foreign investment in the developing economies of the region. For example, the Indian company Mahindra & Mahindra announced its collaboration with REE Automotive to develop commercial electric vehicles (EVs). Singapore's aviation industry announced that it had received an investment of US $370 million over five years. Singapore's state agency JTC has signed agreements with companies, such as GE Aviation, Safran Aircraft Engines and Rolls-Royce, for new or expanded facilities. These investments in end-use markets are expected to increase the demand for the regional market during the forecast period.
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About the report:
The global metal forging market is analyzed based on value (USD billion). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each detail. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insights into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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