Wilmington, Delaware, Oct. 26, 2023 (GLOBE NEWSWIRE) -- 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 generated $83.4 billion in 2022 and is registered to garner $168.0 billion by 2032, citing a CAGR of 7.2% from 2023 to 2032.
Download PDF Sample: https://www.alliedmarketresearch.com/request-sample/75325
Prime Determinants of Growth:
The market for global metal forging is driven by factors including industrialization, growth in the energy industry, and industrial expansion in the automotive and aerospace sectors. 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 lucrative opportunities for the market 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 |
The carbon steel segment to maintain its leadership status throughout the forecast period:
By raw materials, the carbon steel segment accounted for the largest market share in 2022, contributing to more than two-fifths of the global metal forging market revenue, and is expected to maintain its leadership status throughout the forecast period. Carbon steel is widely used for the production of different 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. These factors drive the segment. On the other hand, the stainless-steel segment is estimated to witness the highest CAGR of 9.5% from 2023 to 2032. The greater appearance, resistance to corrosion, and high strength of stainless-steel 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 dominated the market with the highest market share in 2022, accounting for more than half of the global metal forging market and is estimated to maintain its lead in terms of revenue during forecast period. Simple-shaped components like flats, rounds, sleeves, hubs, blocks, cylinders, hexes, discs, shafts, 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 expected to portray the fastest CAGR of 8.7% from 2023 to 2032. The rise in demand for machines, robotics, valves, bearings, clutches, couplings, drives, flanges, gears, and glass-lined reactors is driving the growth of ring forging.
The automotive segment to maintain its lead position during the forecast period:
on the basis of 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 anticipated to maintain its dominance during the forecast period. Rising disposable income, increasing urban population, and expanding boundaries of cities are driving the growth of the segment. However, the industrial machinery segment is estimated to exhibit the fastest CAGR of 10.0% from 2023 to 2032. This is attributed to rising industrialization across the world, especially in emerging economies, which is driving the demand for industrial machinery.
Asia-Pacific to hold majority of the market share in 2032:
Region-wise, 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 projected to witness the fastest CAGR of 8.0% during the forecast period. This growth is attributed to the growth of the industrial sector and the extensive economic growth of the region. Moreover, governments in India, China, Vietnam, and Indonesia have introduced various favorable guidelines to help their domestic industries grow.
Inquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/75325
Leading Market Players:
- Bruck GmbH
- ATI Inc.
- American Axle & Manufacturing Holdings, Inc.
- ELLWOOD Group, Inc.
- ASAHI FORGE CORPORATION
- Trenton Forging
- NIPPON STEEL CORPORATION
- Berkshire Hathaway Inc. (Precision Castparts Corp.)
- 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, collaborations, expansion, joint ventures, agreements, new product launches, and others 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 Metal Industry (Book Now with 15% Discount):
Metal Polish Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
Metal Forming Machine Tools Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
Metallizer Market: Global Opportunity Analysis and Industry Forecast, 2023-2030
Metal folding machine Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
Ferrous Metal Casting Machinery Market: Global Opportunity Analysis and Industry Forecast, 2023-2030
Metal forming Market: Global Opportunity Analysis and Industry Forecast, 2023-2030
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. 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.
Contact us:
United States
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube
