Report ID: SQMIG20A2153
Report ID:
SQMIG20A2153 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
73 |
Figures:
75
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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Report ID: SQMIG20A2153