The global metal forging market size is expected to reach USD 124.10 billion by 2027 registering a CAGR of 5.0%, according to a new report by Grand View Research, Inc. Increasing demand for passenger aircraft coupled with the rising middle-class population is projected to remain the key factor driving the market growth.
Metal forging is a process under which metal, as raw material, is customized into a shape either by a die press that encloses the metal piece and squeeze-forms it or by a falling ram on an anvil. Demand for forged parts has accelerated on account of their properties, such as ductility and higher strength, resistance, & reliability than parts made by other processes.
The forged components are majorly made from carbon steel. Other raw materials used for forging include alloy steel, aluminum, stainless steel, magnesium, and titanium. Aluminum, alloy steel, and titanium are among the fastest-growing segments owing to the demand from the aerospace sector. Aluminum and titanium are becoming more common in medical devices and aircraft components applications as their inclusion help in decreasing weight and achieve performance optimization.
Metal forgings are extensively used in various applications of different end-use industries, such as automotive, aerospace, oil & gas, construction, agriculture, and others. Automotive is anticipated to dominate the global market during the forecast period owing to the rising preference for aluminum parts and the rapid production of Electric Vehicles (EVs). Principal forged products for the automotive sector include connecting rods and crankshafts for internal combustion engines, levers, gears, shifter forks, steering arms, and knuckles & parts for manual and automatic transmissions. Other low-value forging parts include valve bodies, steel valves, hooks, flanges, steel fittings, and shackles.
Oil & gas is also among the prominent application segments. A large number of forged parts including hubs, cylinders, check valves, swivels stems, mandrels, flanged connectors, stabilizers, discs, pump bodies, housings, pressure vessel components, and spool body are used in the production of oil & gas. The growth in the oil & gas equipment industry coupled with increasing production and exploration activities is projected to drive the product demand in this segment over the next eight years.
Asia Pacific emerged as the leading regional market in 2019 and accounted for the largest volume as well as revenue share. The regional market will expand further at the fastest CAGR from 2020 to 2027 owing to the rising demand for forged products from the automotive and aerospace sectors. China and India are the major product consumers in the region due to the easy availability of low-cost labor, increasing population, and a strong presence of several Original Equipment Manufacturers (OEMs) in these countries.
The global market was majorly impacted in 2020 on account of the COVID-19 pandemic, which compelled the suspension of manufacturing and supply operations. However, governments of various nations are developing strategies to rebound from this crisis by offering ease in restrictions and allowing resumption of operations by adhering to strict safety protocols.
This has helped boost product demand. For instance, in September 2020, a Tier 1 producer of forged suspension components placed an order with Can-Eng Furnaces International Ltd. for a system that will manufacture forged aluminum parts for passenger vehicles. In September 2020, Allegro, a manufacturer of train wheels, placed an order for a complete production line for train wheels with Andritz. The production process includes various stages, one of which involves forging.
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Asia Pacific is expected to witness the fastest CAGR of 5.8%, in terms of revenue, over the forecast period on account of increasing investments in the manufacturing sector of the developing economies of the region
Carbon steel held the largest volume share in 2019 on account of the phenomenal properties it offers to the forged products
The aluminum raw material segment is expected to register the fastest CAGR, in terms of revenue, during the forecast period owing to rising demand from the automotive industry
The aerospace application segment is projected to record the fastest growth rate during the forecast period due to the high demand for titanium- and aluminum-based forged components in aircraft
Grand View Research has segmented the global metal forging market on the basis of raw material, application, and region:
Metal Forging Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Metal Forging Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Oil & Gas
Metal Forging Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
List of Key Players of Metal Forging Market
Bharat Forge Ltd.
China First Heavy Industries
Ellwood Group, Inc.
Japan Casting & Forging Corp.
Jiangyin Hengrun Heavy Industries Co., Ltd.
Nippon Steel Corp.
Precision Castparts Corp.
Larsen & Toubro Ltd.
Thyssenkrupp Business Area Components Technology
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