LONDON, Jan. 02, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s forged and stamped goods global market report 2024, the forged and stamped goods market has witnessed substantial growth, and this trend is set to continue. The market size is projected to rise from $297.32 billion in 2023 to $314.56 billion in 2024, reflecting a commendable Compound Annual Growth Rate (CAGR) of 5.8%. Looking ahead, the forged and stamped goods market is expected to experience strong growth, reaching $384.83 billion in 2028 with a CAGR of 5.2%.
Drivers Fueling Growth:
The forecasted growth in the forged and stamped goods market is underpinned by key drivers, including infrastructure development, the thriving automotive industry, aerospace and defense projects, and the expanding renewable energy sector. These factors collectively contribute to the increasing demand for forged and stamped goods across diverse industries.
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Technological Advancements and Innovation:
Companies in the forged and stamped goods market are focusing on technological advancements to deliver superior products. Notably, industry leaders such as Desktop Metal Inc. and Ansys are pioneering innovative technologies like Digital Sheet Forming (DSF) and Ansys Forming all-in-one simulation software, revolutionizing the traditional manufacturing processes.
Market Segments:
The forged and stamped goods market is segmented by type, including Iron and Steel Forged Goods, Nonferrous Forged Goods, Custom Roll Formed Goods, Powder Metallurgy Parts, Metal Crown, Closure, and Other Metal Stamped Goods. Additionally, end-user industries such as Automotive, Construction, Food and Beverage Packaging, Machinery, Metal Products, and others play a significant role in shaping the market landscape.
Top Opportunities:
Within the forged and stamped goods market segments, the metal crown, closure, and other metal stamped goods emerge as top opportunities, with an expected gain of $35.2 billion in global annual sales by 2028. This underscores the importance of innovation and customization in meeting industry-specific demands.
Leading Regions:
In 2023, Asia Pacific claimed the largest share in the forged and stamped goods market, accounting for 43.3% or $128.7 billion. Following were Western Europe, North America, and other regions. Looking forward, the Middle East and South America are anticipated to be the fastest-growing regions, presenting lucrative opportunities for market players.
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How Players Can Benefit:
For stakeholders seeking to navigate this dynamic market, the comprehensive forged and stamped goods market report serves as an invaluable resource. By leveraging insights into growth projections, emerging trends, and regional dynamics, businesses can strategically position themselves to capitalize on the evolving landscape. The report equips players with the knowledge needed to make informed decisions, foster innovation, and scale their businesses successfully.
In conclusion, the forged and stamped goods market is poised for significant expansion, driven by a confluence of factors and technological advancements. Industry players are encouraged to leverage this comprehensive report to navigate the market intricacies, identify growth opportunities, and stay ahead in this evolving landscape.
Forged And Stamped Goods Global Market Report 2024 by The Business Research Company provides insights on the forged and stamped goods market size, forged and stamped goods market segments, forged and stamped goods market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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