Metal Forging Market Size, Share & Trends Analysis Report By Raw Material (Carbon Steel, Aluminum, Alloy Steel), By Application (Automotive, Aerospace, Oil & Gas), By Region, And Segment Forecasts, 2022 - 2030

Research Methodology

A three-pronged approach was followed for deducing the metal forging market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for metal forging market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of metal forging market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Metal Forging Market Categorization:

The metal forging market was categorized into three segments, namely raw material (Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium), application (Automotive, Transportation, Aerospace, Oil & Gas, Construction, Agriculture, Power Generation, Marine), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The metal forging market was segmented into raw material, application, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The metal forging market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eleven countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; China; India; Japan; South Korea.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Metal forging market companies & financials:

The metal forging market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Arconic - Arconic is a U.S.-based company engaged in the manufacturing of lightweight metals. The company is present in 18 countries and operates through 3 business segments, namely engineered products and solutions, global rolled products, and transportation & construction solutions. The company’s product portfolio includes aluminum, titanium, and nickel. It provides services to various industries such as defense & aerospace, commercial transportation, packaging, automotive, building & construction, consumer electronics, oil & gas, and industrial machinery. It separated its business segment into two different companies namely Global Rolled Products and Engineering Products & forgings in April 2019. Global Rolled Products portfolio will include rolled aluminum extrusions and aluminum products whereas Engineered Products & Solutions will comprise of engine components, fastening systems, and engineered structures. Transportation & Construction Solutions will be bifurcated among these two aforementioned business segments. Building & Construction Systems will be part of Global Rolled Products and forged aluminum wheels will be retained in Engineering Products & Solutions.

• ATI - ATI, headquartered in the United States, is a prominent manufacturer specializing in specialty materials and components, with a global presence spanning North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa. The company's operations are organized into two primary business segments: the High-Performance Materials & Components segment and Flat-Rolled Products. With a diverse product portfolio encompassing cast products, flat-rolled products, forged products, specialty alloys & components, and specialty materials, ATI serves various industries, including aerospace & defense, oil & gas, chemical processing, electrical energy, automotive & transportation, construction & mining, electronics & communications, food equipment & appliances, and medical sectors. As of 2018, ATI boasts 17 manufacturing plants, 3 technical centers, and 7 sales & service centers strategically positioned worldwide. The company's commitment to delivering high-quality materials and components positions it as a key player in serving the diverse needs of industries on a global scale.

• Bharat Forge Ltd. - Bharat Forge Ltd., based in India, is a leading manufacturer specializing in the production of high-performance critical and safety components. Operating in five countries-India, Germany, Sweden, France, and the U.S.-the company is a crucial part of the Kalyani Group, a conglomerate involved in manufacturing automotive and non-automotive components, engineering steel, specialty chemicals, and renewable energy & infrastructure. As a vertically integrated entity, Bharat Forge possesses end-to-end capabilities spanning from steel production to the manufacturing of finished components. The company boasts two technology & innovation centers, five R&D centers, and ten manufacturing facilities strategically located across Germany, France, India, Sweden, and the U.S. With 15 subsidiaries distributed among these countries, Bharat Forge extends its services to various end-use industries, including automotive, aerospace, oil & gas, construction, railways, marine, power, and mining. This global footprint, coupled with a commitment to innovation and excellence, positions Bharat Forge as a key player in delivering critical components across diverse industries.

• Bruck GmbH - Bruck GmbH, a family-owned German company, specializes in the production of hot-rolled rings, flanges, and special forgings, demonstrating a commitment to innovative forging technology, heat treatment, fabrication, component assembly, and welding & cladding. The company distinguishes itself with an express service to ensure the punctual delivery of its products. With manufacturing facilities strategically located in Germany and branch & sales offices spanning the globe, Bruck GmbH has established a strong presence in the industry. Catering to diverse sectors including oil & gas, wind energy, and machine & plant construction, the company leverages its expertise to meet the varied needs of its clientele. The combination of advanced manufacturing capabilities and a global network underscores Bruck GmbH's dedication to providing high-quality forged components and solutions across international markets.

• China First Heavy Industries - China First Heavy Industries, based in China, is a prominent manufacturer of heavy-duty equipment catering to various sectors, including energy, industrial, environmental protection, nuclear, military, mining, and power generation. With seven distinct business segments-petrochemical equipment, special equipment, nuclear-power equipment, new materials, advanced equipment, new energy equipment, and customer service-the company operates across eleven sub-companies strategically positioned in China and Germany. The largest among these subsidiaries is Heilongjiang Steel Casting and Forging Manufacturing Co., Ltd, boasting an impressive annual production capacity of 500,000 tons of molten steel, 240,000 tons of forging, and 60,000 tons of casting. Specializing in the manufacturing of equipment for thermal and wind power plants, hydro projects, vessel forging, and marine coating & forging, Heilongjiang Steel Casting and Forging Manufacturing Co., Ltd efficiently operates eight factories dedicated to delivering high-quality products that meet the diverse needs of the industrial landscape.

• ELLWOOD Group Inc. - ELLWOOD Group Inc., a family-owned company based in the U.S., stands as a key player in the manufacturing of heavy metal components, operating across seven vital segments: steelmaking, forging, ring rolling, machining, distribution, cladding & fabrication, and casting. Within its forging business segment, the company oversees six subsidiaries and one joint venture. Notably, ELLWOOD Group Inc. entered into a 50/50 joint venture with Scot Forge, giving rise to North American Forgemasters in 1997, situated in Pennsylvania, U.S. Catering to an extensive array of industries such as aerospace, automotive, defense, industrial, marine, mining & construction, oil & gas, power generation, transportation & infrastructure, and tooling, the company plays a pivotal role in supplying heavy metal components across diverse sectors. With a robust presence comprising 21 subsidiaries scattered throughout the U.S., ELLWOOD Group Inc. also houses its research and development center, ELLWOOD Materials Technologies, located in Pennsylvania, showcasing its commitment to innovation and excellence in the heavy metal manufacturing domain.

• JAPAN CASTING & FORGING CORP. - Established in 1970, Japan Casting & Forging Corp. operates as a subsidiary of Mitsubishi Steel Mfg. Co., Ltd., focusing on the manufacturing of steel castings, steel forging, and steel ingots. With a specialization in the steel forging segment, the company utilizes carbon steel, low alloy steel, and stainless steel to craft a diverse range of forged products. Its clientele spans across various industries, encompassing power generation, marine, engineering, and general industrial machinery. Among the components forged by the company are turbine rotors, generator rotors, compressor shafts, compressor discs, turbine discs, propeller shafts, rudder stocks, cone shafts, and more. To meet its production needs, the company procures an array of raw materials, including steel scrap, ferroalloy, heat-insulating agents, refractory brick, and others. As of 2018, the company boasted an employee base of approximately 600 personnel, underlining its significant role in the steel manufacturing sector in Japan.

• Jiangyin Hengrun Heavy Industries Co., Ltd - Formerly known as Jiangyin Hengrun Flange Co., Ltd., JIANGYIN HENGRUN HEAVY INDUSTRIES CO., LTD operates as a prominent China-based company with a focus on the manufacturing of flanges and forgings crafted from alloy steel, stainless steel, and carbon steel. The company's operations are organized into two distinct business segments: HengRun Ring Forging and HengRun Heavy Industries. Catering to a diverse array of industries such as nuclear power, wind power, solar energy, energy equipment, and engineering machinery, the company plays a crucial role in providing essential components for these sectors. A notable subsidiary under its umbrella is Jiangyin Hengrun Ring Forging Co., Ltd., specializing in the production of medium and large ring forgings, as well as shaft products. These specialized components find applications in vital industries, particularly contributing to the wind power and nuclear power sectors. With its comprehensive portfolio and commitment to quality manufacturing, JIANGYIN HENGRUN HEAVY INDUSTRIES CO., LTD stands as a key player in China's industrial landscape.

• NIPPON STEEL CORPORATION - NIPPON STEEL CORPORATION, formerly known as Nippon Steel & Sumitomo Metal Corporation, stands as a prominent Japan-based company at the forefront of steel manufacturing and fabrication. Undergoing a name change in April 2019, the company now operates as Nippon Steel Corp. With a global presence spanning North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa, NIPPON STEEL CORPORATION boasts a comprehensive product portfolio across eight key segments. These segments include steel plate, steel sheets, bar and rod materials, structural steel, pipes and tubes, railway, automotive, machinery parts, titanium, and steel slag. The company plays a vital role in servicing various industries, including automotive, energy, infrastructure, and consumer electronics. Notably, NIPPON STEEL CORPORATION extends its influence through SteeLinC, a fully-owned subsidiary specializing in the manufacturing of rod and bar materials. With a commitment to innovation and global reach, NIPPON STEEL CORPORATION continues to be a major player in the dynamic landscape of steel and fabrication products.

• Precision Castparts Corp. - Precision Castparts Corp., based in the U.S., stands as a key player in the manufacturing of metal components and products, operating through three distinct business segments: investment cast products, forged products, and airframe products. Within its forged products segment, the company oversees four subsidiaries, namely Wyman-Gordon, PCC Energy Group, Titanium Metals Corp., and Special Metals Corp. As of 2018, Precision Castparts Corp. has a global footprint encompassing North America, Europe, Asia Pacific, and Central & South America, boasting an extensive network of 162 manufacturing units under seven subsidiaries. The company serves diverse industries, including power, aerospace, and industrial machinery. A notable aspect of its corporate structure is its status as a wholly-owned subsidiary of Berkshire Hathaway, a renowned conglomerate engaged in multifaceted business operations spanning insurance and reinsurance, utilities and energy, freight rail transportation, finance, manufacturing, and retailing and services. With Berkshire Hathaway's backing, Precision Castparts Corp. continues to play a significant role in shaping the landscape of metal component manufacturing on a global scale.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Metal Forging Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2021, historic information from 2017 to 2020, and forecast from 2022 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Metal Forging Market Report Assumptions:

• The report provides market value for the base year 2021 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.