New York, Sept. 09, 2021 (GLOBE NEWSWIRE) -- Metal Forging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Metal Forging Market: Information by Raw Material, Type, End-Use Industry and Region - Forecast till 2028” the market is projected to be worth USD 130.51 billion by 2028, registering a CAGR of 6.34% during the forecast period (2021 - 2028), The market was valued at USD 87.42 billion in 2020.
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Market Competitive Landscape:
List of the key players of the metal forging market are profiled are as follows:
- Arconic Corp.
- Bharat Forge Ltd.
- China First Heavy Industries
- Thyssenkrupp Business Area Components Technology
- Nippon Steel Corp.
- Kovárna Viva
- Japan Casting & Forging Corp.
- ATI
- Ellwood Group, Inc.
- Scot Forge
- Bruck GmbH
- Precision Castparts Corp.
- Larsen & Toubro Ltd.
- Jiangyin Hengrun Heavy Industries Co., Ltd.
Market USP Covered:
Market Drivers:
The metal forging market size will be propelled by the increased demand in the automotive and aerospace industries. Since it replaces contaminants with metals, this process is widely employed in the military industry. The rising demand for titanium in aircraft manufacturing, as well as high demand in other industries such as oil and gas, agriculture, and others, would increase the metal forging market. Furthermore, expanding research through cooperating with end-users, suppliers, and government institutes will play a significant part in propelling the metal forging market forward. Automobile production has had a significant impact on the market, and it will continue to do so in the coming years.
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Market Restraints:
Metal forging will be constrained by the growing availability of substitutes for forged metal. In a different method, molten metal is poured into a mould that can give the metal the desired shape. This procedure is less expensive than metal forging. This process is being used by a large number of manufacturers instead of metal forging, which will stifle the expansion of the metal forging business.
COVID-19 Analysis:
Authorities all across the world have adopted a variety of precautions to prevent the spread of coronavirus. The lockdown has had a significant impact on several sectors' production processes. Due to the pandemic, the automotive industry has been particularly hard hit. The automotive industry's demand has been diminished due to a lack of automobile production. Apart from the automobile industry, the metal forging procedure is employed in a variety of other sectors and industries, however, due to the covid-19 outbreak, the process has come to a standstill.
Market Segmentation:
The segmentation of the global metal forging market is done by type, raw material, and end-use industry.
On the basis of type, the market is sub-divided into open-die forging and closed-die forging. With a market share of over 65%, the closed-forging category accounted for most of the metal forging industry. It's also termed die forging, and its main advantages are that it's suited for all metals, gives them a crisp shape, and improves mechanical attributes.
By raw material, the industry is segmented into aluminum, steel, nickel-based alloys, magnesium, titanium and others. In 2018, the steel segments accounted for the largest proportion of the metal forging market. This is mostly owing to stainless steel and carbon steel's strength, availability, and high tolerance capacity, as well as their increasing usage.
By end-use industry, the automobile industry held the largest share of the metal forging market, accounting for more than 50% of all sales.
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Regional Insights:
In 2019, Asia Pacific had the highest revenue share of nearly 51%, and this trend is expected to continue throughout the projected period. The increase is due to an increase in foreign investment in the region's growing economies.
North America accounted for more than 22% of global market revenue in 2019. Due to heavy demand from the automobile, oil and gas, aerospace, and construction industries, the region is one of the main users of forged components.
The first wave of COVID-19 had a significant impact on European countries, resulting in huge GDP contractions.
Market Scope:
Metal forging is a deformation process that uses compressive forces to give the metal a certain configuration. A series of compression hammers are employed to force the shape of the metal in this procedure. A wide range of metals can be formed using the metal forging technique. Steel, copper, titanium, iron, brass, and nickel are commonly used in the metal forging process. Forging is utilized in a variety of industries, including automotive, machinery and equipment, railroad equipment, pumps and compressors, and others. It is utilized in the automobile industry for passenger cars, trucks, autos, and trailers.
Segmentation of Market covered in the research:
Metal Forging Market: Information by Raw Material (Steel, Aluminum, Magnesium, Nickel-Based Alloys, Titanium), Type (Closed-die Forging, Open-die Forging, Ring Rolling), End-Use Industry (Automotive, Aerospace & Defense, Power, Building & Construction, Oil & Gas, Metalworking) and Region (Asia-Pacific, Europe, North America, Latin America and the Middle East & Africa) - Forecast till 2028
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
