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The metal forging market size is forecast to increase by USD 33.29 billion at a CAGR of 6.85% between 2023 and 2028. The market is experiencing significant growth due to the high demand for advanced materials and alloys in various industries, including automotive, construction, and aerospace. This trend is driven by the increasing focus on lightweight and durable components, which are essential for improving fuel efficiency and reducing emissions. Additionally, the rising infrastructure development in emerging economies is fueling the demand for metal forging products. However, the market faces challenges such as the increasing raw material costs for metals like steel and aluminum, which can impact the profitability of forging companies. Furthermore, the need for technological advancements to enhance production efficiency and reduce costs is crucial to remain competitive in the market.
The market encompasses the production of forged products through various metal forming processes, including hammering, rolling, and pressing, which apply compressive forces to metals to induce geometric change and alter their structure. These processes are carried out under controlled conditions to ensure the desired mechanical properties, such as material strength, ductility, and impact resistance, are achieved. The metal-forming process can be applied to a range of raw materials, including steel, stainless steel, titanium, aluminum, and magnesium, among others. The choice of material composition and forming temperature â cold, warm, or hot â significantly influences the final product's properties.
Furthermore, during the forging process, metals undergo significant deformation, which can lead to cracks and empty spaces if not executed properly. Therefore, precise control over the process parameters is essential to produce high-quality forged products with the desired shapes, finishes, and mechanical properties. Forged products are used in various industries, including automotive, aerospace, and construction, due to their superior mechanical properties and ability to withstand fatigue and high loads. The choice of material and forming process depends on the specific application requirements and the operating conditions, such as temperature ranges.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The carbon steel segment is estimated to witness significant growth during the forecast period. The metal forming process, which includes hammering, rolling, and pressing, plays a significant role in shaping and altering the geometric change of various metals, such as carbon steel, stainless steel, titanium, aluminum, and magnesium, under controlled conditions. Carbon steel, with its lower material cost, holds the largest market share in the global forging industry, primarily due to its extensive usage in sectors like oil and gas, automotive, construction, and manufacturing. The metal structure and composition transform compressive forces, resulting in forged products with desired shapes, finishes, and enhanced material properties, such as increased strength, ductility, impact resistance, and fatigue life.
Furthermore, these properties make carbon steel suitable for various applications, including aerospace, automotive, and mechanical equipment. However, the choice of raw materials and temperatures during the forging process can significantly impact the final product's quality. Cold temperatures result in greater mechanical working, while warm and hot temperatures promote faster metal flow and higher grain size. Cracks and empty spaces can form during the forging process, which may weaken the final product and require further attention. The forging industries face challenges from lockdown restrictions and supply chain crises, which can disrupt production and delivery schedules. Urbanization, rising mobility, climate change, and CO2 emissions are driving the need for recycling initiatives and sustainable manufacturing practices in the forging sector.
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The carbon steel segment was valued at USD 30.90 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 55% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in the APAC region is witnessing significant growth due to the increased adoption of forged steel components in various industries. Forged steel, including carbon and alloy varieties, is preferred for its resilience and strength, making it an ideal choice for automotive applications such as engine components, airframe structures, and landing gear. The lightweight nature and corrosion resistance of forged metal components also contribute to the low fuel consumption and extended durability of electric vehicles. The forging process, which includes closed die forging and open-die forging, is essential for producing high-quality forged steel components. Closed die forging provides greater dimensional accuracy and surface finish, while open-die forging offers cost advantages for large-scale production.
Furthermore, the casting and extrusion processes are alternative methods for producing metal components, but they cannot match the strength and consistency of forged metal. The automotive industry's growing demand for forged metal components in countries like China and India is a significant factor driving market growth. In addition, the expansion of the energy sector and infrastructure development in the APAC region are creating new opportunities for forged metal components in power generation, construction, and transportation projects. Overall, the market for metal forging in APAC is expected to grow steadily due to the increasing demand for strong, lightweight, and durable metal components across various industries.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The high demand for advanced materials and alloys is the key driver of the market. The market is witnessing significant growth due to the increasing demand for high-performance materials with superior properties. Advanced alloys, including stainless steel, titanium, aluminum, and magnesium, are increasingly being used in various industries to produce components with enhanced strength, durability, and corrosion resistance. These materials are essential for industries such as aerospace, automotive, and energy, which require components that can withstand extreme conditions. Advanced metal forming processes, such as hammering, rolling, and pressing, are used to apply compressive forces and bring about geometric changes in the metal structure. These processes are carried out under controlled conditions to ensure the desired material composition and mechanical properties.
Furthermore, lightweight materials, including aluminum and magnesium, are in high demand due to their ability to reduce weight and improve fuel efficiency in industries such as automotive and consumer goods. Advanced materials offer superior properties compared to traditional materials, including improved fatigue resistance, ductility, and impact resistance. However, the forging industries are facing challenges due to the supply chain crisis caused by lockdown restrictions and urbanization. The rising mobility and climate change are also contributing to increased CO2 emissions, leading to recycling initiatives and the need for more sustainable manufacturing processes. In conclusion, the market is expected to grow significantly due to the increasing demand for high-performance materials and components with superior properties. Advanced alloys and metal forming processes are essential for meeting the specific needs of industries such as aerospace, automotive, and energy, which require components that can withstand extreme conditions and offer improved strength, durability, and corrosion resistance. However, the industry faces challenges related to supply chain disruptions and sustainability concerns, which need to be addressed to ensure continued growth.
The rising infrastructure development is the upcoming trend in the market. The market is driven by the infrastructure sector's significant demand for metal components undergoing the metal forming process. Infrastructure development is a crucial factor in economic growth and urbanization, necessitating various forged metal components for transportation networks, such as roads, bridges, tunnels, and railways. Renewable energy infrastructure, including wind turbines and solar farms, also relies on forged components for structural support and essential parts. As countries prioritize clean energy investments, the demand for forged metal parts in infrastructure projects increases. The metal forming process involves compressive forces applied through hammering, rolling, or pressing to induce geometric change in the metal structure.
Furthermore, the metal composition and its response to various temperatures, such as cold, warm, or hot, influence the material's strength, ductility, impact resistance, and susceptibility to cracks and empty spaces. Stainless steel, titanium, aluminum, and magnesium are commonly used raw materials due to their unique properties. Forged products come in various shapes and finishes, catering to diverse applications in industries like construction, oil and gas, automotive, and aerospace. However, the forging industries face challenges such as lockdown restrictions and supply chain crises, which may impact production and delivery schedules. The market's growth is also influenced by factors like rising mobility, climate change, and CO2 emissions, as well as recycling initiatives aimed at reducing the environmental impact of metal production. Mechanical equipment used in the forging process must be efficient and cost-effective to maintain competitiveness in the market.
The rising raw material costs for metal forging is a key challenge affecting the market growth. The market experiences significant challenges due to rising raw material costs, particularly for metals and alloys, which represent a substantial portion of the production expenses for forged components. These increasing costs can lead to reduced profit margins for metal forging companies, making it more difficult for them to compete and thrive in the industry. The metal industry is subject to price instability due to various factors, including supply and demand dynamics, geopolitical tensions, and currency exchange rates. This volatility can hinder companies' ability to plan and budget effectively, potentially impeding the expansion of The market during the forecast period.
Furthermore, the metal forming process, which includes compressive forces applied through hammering, rolling, and pressing, results in a geometric change in the metal structure. The metal composition, whether stainless steel, titanium, aluminum, or magnesium, significantly influences the material's strength, ductility, impact resistance, and other properties. Forging processes can be carried out under controlled conditions, such as cold, warm, or hot temperatures, to optimize the desired material characteristics. Forged products come in various shapes and finishes, catering to diverse applications in industries like construction, oil and gas, automotive, and aerospace. The forging industries face challenges due to lockdown restrictions and supply chain crises, which can disrupt production and delivery schedules.
Moreover, urbanization, rising mobility, climate change, and CO2 emissions reduction initiatives create opportunities for the market, particularly in the recycling of metal scrap. However, the market's growth may be influenced by factors like fatigue, cracks, and empty spaces in forged components, which can impact the safety and performance of final products. Mechanical equipment used in forging processes must be strong and efficient to maintain productivity and minimize downtime.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aichi Steel Corp: The company offers metal forged products such as eAXLE components, engine components, chassis components, transmission components, and driveline parts.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is driven by the increasing demand for forged products in various industries such as construction, oil and gas, automotive, and aerospace applications. The metal forming process involves applying compressive forces to metal under controlled conditions to induce a geometric change in its shape. Techniques used in metal forging include hammering, rolling, and pressing. The metal composition and structure significantly impact the material's strength, ductility, and impact resistance. Forging industries use different temperatures, including cold, warm, and hot, to manipulate the metal's properties. Stainless steel, titanium, aluminum, and magnesium are popular raw materials due to their desirable properties.
However, challenges such as cracks and empty spaces can arise during the forging process, which may affect the final product's quality. Forging industries face various market trends, including urbanization, rising mobility, and climate change concerns. The market is also impacted by factors such as fatigue, ductility, and CO2 emissions. Mechanical equipment used in forging processes must be efficient and reliable to meet the increasing demand for forged products. The supply chain crisis and lockdown restrictions have affected the market's growth, but recycling initiatives offer a potential solution to mitigate the impact on raw material availability.
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Market Scope |
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Report Coverage |
Details |
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Page number |
16 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.85% |
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Market Growth 2024-2028 |
USD 33.29 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.53 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 55% |
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Key countries |
US, China, India, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aichi Steel Corp., Ajax Tocco Magnethermic Corp., Alicon Castalloy Ltd., All Metals and Forge Group, Allegheny Technologies Inc., Aluminum Precision Products, American Axle and Manufacturing Holdings Inc., Arconic Corp., Asahi Forge Corp., Bharat Forge Ltd., Bluewater Thermal Solutions, Bruck GmbH, Consolidated Industries Inc., Farinia SA, Fountaintown Forge Inc., Goodluck India Ltd., Larsen and Toubro Ltd., Mitsubishi Steel Mfg. Co. Ltd., Pacific Forge Inc., Patriot Forge Co., Scot Forge Co., Sumitomo Heavy Industries Ltd., and thyssenkrupp AG |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Drivers, Challenges, and Trends
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