Seoul, South Korea, July 12, 2022 (GLOBE NEWSWIRE) -- As per the latest report published by Fact.MR, a market research and competitive intelligence provider, the global isothermal forging market is anticipated to account for a valuation of US$ 8.6 billion in 2022 and expand at an impressive CAGR of 5.5% over the forecast period of 2022 to 2032. The market registered an annual growth rate of 1.3% between 2017 and 2021. Fact.MR anticipates significant potential in the market, due to the enhanced spending across end use industries.
Isothermal forging is mainly used to manufacture steel and aluminium parts. As a result, it can be used in several end-use verticals such as automotive, construction, aerospace, oil & gas, and others. This is because the applications that require high-quality components can benefit from this procedure.
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The materials for isothermal forging are not limited to few; they include steel, aluminium, nickel, titanium, tungsten, and iron. Isothermal forging has widespread scope in metal forming and shaping applications. There has been significant growth in end-use industries such as automotive, aerospace, construction, oil & gas, and others, which is expected to drive market value to US$ 14.6 billion by the end of 2032.
Which Isothermal Forging Market Leads the East Asia Region?
The China isothermal forging market accounts for the largest market share of close to 73% in East Asia and is set to register 6.8% CAGR over the forecast period.
China's forging industry is working to manufacture forgings that are more precise, efficient, have more widespread digitalization, are lighter, and use less energy.
China's forging industry has developed a complete production chain and mastered a wide range of forging technologies. China is gradually improving its isothermal forging and production capacity to meet the high-end demand for metal forgings with complex forming and processing requirements.
China has almost ten times the steel manufacturing capability of the United States, which has provided consistency in demand for isothermal forging during the historic period.
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Key Segments Covered in Isothermal Forging Industry Survey
- Raw Material
- Carbon Steel Metal Forging
- Alloy Steel Metal Forging
- Aluminium Metal Forging
- Magnesium Metal Forging
- Stainless Steel Metal Forging
- Titanium Metal Forging
- Other Raw Material Metal Forging
- Carbon Steel Metal Forging
- Application
- Metal Forging for Automotive
- Metal Forging for Aerospace
- Metal Forging for Oil & Gas
- Metal Forging for Construction
- Metal Forging for Agriculture
- Metal Forging for Other Applications
- Metal Forging for Automotive
Competitive Landscape
Companies are pursuing strategic initiatives, such as capacity expansions and mergers and acquisitions, to improve their presence and position in the sector, which is extremely competitive.
- For example, American Axle & Manufacturing, Inc. stated in June 2018 that it will open a new manufacturing unit in Barcelona to service European markets
- Likewise, MM Forgings announced a US$ 93.6 Mn investment in March 2018 to expand manufacturing of various grades of steel forgings to fulfil demand from the automobile industry
- In October 2020, Liberty Steel Group made an offer to buy Thyssenkrupp Europe's steel business
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Key players in Isothermal Forging Market
- Anchor Harvey
- Arconic Corp
- ATI
- Aubert and Duval
- Bharat Forge Ltd
- CFS Forge
- H C Starck Solutions
- Larsen & Toubro Ltd.
Key Takeaways from Isothermal Forging Market Study
- Under metal type, steel is likely to reach a market volume share of 55% by the end of 2032.
- The automotive end-use vertical is likely to expand at a CAGR of 6.8% over the forecast period of 2022-2032.
- Under metal type, aluminium is likely to grow 1.8X over the decade.
- Aerospace & defence application of isothermal forging is expected to provide an absolute $ opportunity of US$ 683.5 billion by 2032.
- Based on region, demand for isothermal forging is expected to surge at a CAGR of 6.3% in East Asia.
About the Industrial Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial Goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the Industrial Goods across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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