Metal Forging Market Size, Share & Trends Report

Metal Forging Market Size, Share & Trends Analysis Report By Raw Material (Carbon Steel, Alloy Steel), By Application (Automotive, Aerospace), By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Jul, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-308-9
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 126

Industry Insights

The global metal forging market size was valued at USD 78.60 billion in 2018 and is expected to witness a CAGR of 7.6% from 2019 to 2025. Aerospace industry is one of the key growth drivers boosting the product demand. Increasing production of aircraft coupled with growing passenger traffic are projected to assist the growth.

As per the International Air Transport Association, the global passenger demand is projected to reach 8.2 billion by 2037. Asia Pacific is anticipated to represent more than 50% of new passenger surge over the next 20 years. This is projected to drive the demand for aircraft manufacturing and in turn propel the demand for metal forging.

U.S. metal forging Market

Several changes and innovations have been observed in the metal forgings industry. The use of materials such as aluminum and titanium is becoming more common in medical device and aerospace industries as their inclusion helps decrease weight and achieve performance optimization. Titanium is anticipated to witness significant demand on account of increasing production of aircraft components using forging process.

Factors such as adoption of new materials including high performance and special alloys and R&D for new manufacturing methods are expected to boost the growth of this sector. In addition, methods such as precision die forging are helpful in producing complex parts. Closer dimensional tolerances and detailed geometric features of precision die forging make it suitable for manufacturing critical components of aircraft.

Construction industry requires different types of machinery and equipment, which consists of forged parts such as rollers, levers, and shafts.Construction equipment manufacturers procure different types of forged components in assemblies. Growth in construction industry is a major factor driving the demand for construction equipment, thereby fueling the utilization of forged parts.

Application Insights

Automotive component manufactured by forging are stronger than those manufactured by casting or machining. Parts made of steel such as carbon steel, alloy steel, stainless steel, and alloys, are used for forging. The process helps in producing parts that require little or no machining. This helps save both time and cost. In terms of revenue, automotive application accounted for 43.1% of the metal forging market share in 2018.

The demand for forged parts from aerospace industry is driven by the growth in the number of flyers across the globe. Developing countries including China and India have been witnessing significant rise in the demand for aircraft, thereby fueling the product demand. Forging is commonly used in the assembly components of the jet or aircraft engines. Other aerospace forged parts include rotors, fan cases, gear blanks, shafts, seals, turbine disks, spinners, shrouds, seals, and bearing housing.

In the oil and gas sector, production and exploration activities are directly proportional to oil and gas prices. When oil and gas prices are high, the production increases, which drives the demand for oil and gas equipment.The growth in oil and gas equipment industry coupled with increasing production and exploration activities is projected to boost the global market over the next seven years.

Raw Material Insights

Carbon steel led the global market with volume share of 73.5% in 2018.It contains carbon in the range of 0.06% to 1.5% and is a popular material in the manufacturing industry. The cost of carbon steel is less as compared to stainless steel. Hence, carbon steel forgings have high penetration in the oilfield and automotive applications.

As per a report published by the World Steel Association in 2018, the demand for steel crude in India is projected to grow at 7.3% in 2019 while the global demand is likely to grow at 1.4% in 2019. Globally, per capita finished steel consumption was recorded at 212 kg in 2017. The increasing demand for crude steel is also a key growth factor for the industry.

Global metal forging Market

In terms of volume, titanium is the second fastest growing segment with a CAGR of 7.4% from 2019 to 2025.The demand for titanium in forged products is related to the growth of aerospace sector. Titanium has wide usage in aircraft parts due to its high specific strength. It has been reported that over 50% of titanium forged products are used for strength and weight reduction purpose.

Use of lightweight components in automotive and aerospace applications is driving the demand for magnesium-forged products. Magnesium forgings are also used in material handling equipment, industrial machinery, and military applications.

Regional Insights

In terms of revenue, North America is projected to witness a CAGR of 4.5% on account of growing demand from the automotive and aerospace sector.North America holds a significant share in the global automotive production market. As per the International Organization of Motor Vehicle Manufacturers, North America accounted for 18% of the global market share of automotive production in 2018.

As per the Oxford Economics, the middle class population is expected to account for about 57% of the global population by 2037. Rising spending power of consumers is expected to drive the aerospace industry in the forthcoming years. In 2018, U.S. accounted for a share of over 47% in the global aerospace parts manufacturing industry. U.S., being a leading country in this sector, is projected to have numerous opportunities in the market.

Asia Pacific accounted for more than 50% of market share in 2018 and is projected to register the highest CAGR during the forecast period. The growth is mainly driven by expansion of the manufacturing sector in China and India.China is the largest producer and consumer of forged products globally. It accounted for 26.7% of the global revenue share in 2018 and is projected to advance at a CAGR of 9.2% from 2018 to 2025.

Metal Forging Market Share Insights

Some of the key manufacturers include Arconic, ATI, Bharat Forge Ltd., Bruck GmbH, Nippon Steel and Larsen & Toubro Limited. The market is fragmented with presence of numerous small and medium players.

The key vendors are focused on capacity expansion and new product development. For instance, in June 2017, ELLWOOD Group Inc. acquired Gulfco Forge Company, LLC (Gulfco), an open die forging and rolled rings manufacturer based in Texas, U.S. The acquisition was aimed at providing high-quality forged products in the country and strengthening the position in the market.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Volume in Kilotons, Revenue in USD Million & CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., Germany, U.K., China, India, Brazil

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global metal forging market report based on raw material, application, and region:

  • Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • Carbon Steel

    • Alloy Steel

    • Aluminum

    • Magnesium

    • Stainless Steel

    • Titanium

    • Others

  • Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • Automotive

    • Aerospace

    • Oil & Gas

    • Construction

    • Agriculture

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

    • Central and South America

      • Brazil

    • MEA

Key questions answered by the report
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