USD 81.84 Billion
Report ID:
SQMIG20A2153 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
73
|Figures:
75
Global Metal Forging Market size was valued at USD 81.84 Billion in 2022 and is poised to grow from USD 88.14 Billion in 2023 to USD 159.55 Billion by 2031, at a CAGR of 7.7% during the forecast period (2024-2031).
The increase in the number of fliers around the world is boosting aircraft manufacturing and benefiting market expansion, which is driving demand for metal forged components from the aerospace industry. For example, in 2021, Boeing delivered 302 aircraft, nearly double the number shipped the previous year. Furthermore, Boeing said in March 2022 that they intend to double the manufacturing of the 737 Max. During the projection period, this type of movement in the aerospace industry is likely to raise demand for metal forgings.
The rise is due to increased consumer spending and capital expenditure spending, which boosted the US economy to its fastest growth since 1984. In 2021, the country's unemployment rate reached a 37-year high of 5.7%. The rebound suggests a return to industrial activity, which is projected to increase demand for metal forged products in the country in the coming years. Growing investments in power, infrastructure, aircraft, and travel, among other things, are driving market expansion. The United States Senate enacted a large infrastructure measure totaling USD 1 trillion in 2021. According to this statute, the government is investing extensively in highways, bridges, Electric Vehicle (EV) networks, public transport, high-speed internet, and safe drinking water.
Increasing investment in power generation & renewable energy is likely to drive demand for metal forging components throughout the forecast period. For example, the United States Senate enacted a USD 550.00 billion clean energy investment package in September 2021. The measure includes a USD 73.00 billion provision for renewable energy generation. The automobile industry has been a key market end-user and is projected to continue its dominance as far as both volume & revenue. However, a constant drop in car production in recent years has been a persistent concern for the market. For example, auto sales in the United States fell 20% in the fourth quarter of 2021.
Global Market Size
USD 81.84 Billion
Largest Segment
Carbon Steel
Fastest Growth
Carbon Steel
Growth Rate
7.7% CAGR
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The global metal forging market is segmented on the basis of raw material, application, and region. Based on raw material, the market is segmented into carbon steel, alloy steel, aluminum, magnesium, stainless steel, titanium, and others. In terms of application the market is segmented into automotive, transportation, aerospace, oil & gas, construction, agriculture, power generation, marine, others. Regionwise, the global metal forging market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Metal Forging Market Analysis by Raw Material
Carbon steel had a share of revenue of more than 43.5% of the global market in 2022. Carbon steel is classified into three grades based on its carbon content: low, medium, & high. Carbon steel has a lower material cost than stainless steel. As a result, carbon steel forgings are commonly employed in oilfield & automotive sectors. During the projection period, aluminum is expected to expand at the fastest rate in terms of volume. Aluminum forged parts are appropriate for applications where safety is paramount and lighter metal needs to be used for energy economy or speed. Aluminum forged parts are found in automobiles, tractors, airplanes, energy missiles, drill equipment, and ships.
Rising demand from car manufacturers is expected to boost demand for aluminum forgings during 2022 to 2030. For example, in March 2021, Sansera Engineers, a manufacturer of extremely accurate components, obtained orders from the BMW Group for the supply of aluminum forged components for INR 30.0 million (USD 0.3 million). Titanium is another important raw material sector in the industry. The rise of the aircraft industry is closely related to the need for titanium in forgings. Titanium is often used in aviation parts for its high particular strength. It has been stated that approximately 50% of titanium forged products are used for strength and weight reduction.
Metal Forging Market Analysis by Application
The automotive industry had a volume share of more than 58.5% of the worldwide market in 2022. Automotive components/parts produced via forging are stronger than those produced by casting or machining. However, increased EV adoption is predicted to have a negative influence on product demand because it reduces the quantity of forged components utilized in comparison to the internal combustion engine. During the projection period, the power generating application sector is predicted to grow at the quickest rate in terms of volume.
In the transportation business, components such as axes, wheels, bushes, gearbox lower spring positions, hanger blocks, center pivot pins, side bearers, directs, torsion bars, rollers, big rings and connecting rods are employed. Transportation investments are expected to remain a key development driver for the market. For example, under the 14th five-year strategy (2021-25), the Chinese government committed USD 154 billion in investments to extend the railway network in the area known as the Yangtze River Delta in September 2021. This is expected to enhance the region's railway network from 4,200 km to 17,000 km. In addition, the network of high-speed trains is scheduled to expand from 3,500 km to 9,500 km.
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The Asia Pacific region dominated the global market in 2022, accounting for more than 51.8% of total sales. The rising demand for metal forgings in the railway, automobile, energy, & aerospace industries is expected to drive demand over the forecast period. For instance, South Korea declared in 2021 that it plans to spend KRW 114.7 trillion (USD 102.7 billion) to extend its railway system throughout the country by 2030.
Europe is characterized by the existence of various automobile and airplanes industries. Automotive is one of the more major sectors in this region, accounting for a significant portion of European exports. However, the arrival of EVs in the region is expected to have a negative influence on demand for forgings. As a result, the automotive industry sector in Europe is expected to increase slowly between 2023 and 2030.
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Metal Forging Market Drivers
Growing Demand from Automotive Industry
Metal Forging Market Restraints
Capital-intensive Nature of Metal Forging
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The market is extremely competitive, with a huge number of firms present worldwide. Companies are expanding their manufacturing facilities in response to rising demand for metal forgings. For example, Goodluck India Ltd. reported in February 2022 that they had finished the setup of a new pressing for the forging plant. The plant will assist the corporation in producing bigger parts for aerospace, defense, and essential industrial machines.
Metal Forging Market Top Player’s Company Profiles
Metal Forging Market Recent Developments
In March 2024, ATI Inc. celebrated the commissioning of its state-of-the-art 12,500-ton billet forging press critical to production of titanium for aerospace and defense.
In February 2024, Ramkrishna Forgings announced a significant milestone as it penetrated further into North American market by successfully securing a contract worth US$220 million. This contract will span over a decade and marks the company's foray into a new vertical within the forging sector, focusing on supplying Tier 1 customers in the Light Vehicle segment across North America.
In December 2023, U.S. Steel announced that Nippon Steel Corp. (NSC), headquartered in Tokyo, will acquire the company in an all-cash transaction of $55 per share, representing an equity value of approximately $14.1 billion, plus the assumption of debt, for a total enterprise value of $14.9 billion. The transaction was approved unanimously by the boards of directors of NSC and U.S. Steel.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global metal forging market analysis, the increase in the number of fliers around the world is boosting aircraft manufacturing and benefiting market expansion, which is driving demand for metal forged components from the aerospace industry. For example, in 2021, Boeing delivered 302 aircraft, nearly double the number shipped the previous year. Furthermore, Boeing said in March 2022 that they intend to double the manufacturing of the 737 Max. During the projection period, this type of movement in the aerospace industry is likely to raise demand for metal forgings. The metal forging industry is adopting automation and digital technologies as part of the industry 4.0 transformation. Automated forging equipment, robotics, and real-time monitoring systems are being utilized to improve production efficiency, reduce labor costs, and enhance overall process control. Integration of digital technologies enables real-time data collection and analysis, leading to improved productivity, quality, and decision-making.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 81.84 Billion |
Market size value in 2031 | USD 159.55 Billion |
Growth Rate | 7.7% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Metal Forging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Metal Forging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMIG20A2153