Metal Forging 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.
Metal forging is a process in which the metal is involved in s deformation process to give it a specific shape with the help of compressive forces. In this process, a series of compressive hammers are used to force the shape of the metal. With the help of the metal forging process, a wide range of metals can be forged. The metal forging process usually involves steel, copper, titanium, iron, brass, and nickel. The forged process is used for many sectors like automotive, machines & equipment, railroad equipment, pumps and compressor, and other industries. In the automotive sector, it is used for passenger cars, trucks, cars, and trailers.
The metals forging process has evolved over the years, and it has seen advanced techniques. There are many innovative ways in which the metal is forged to give it a desired shape and size. This process is usually done in hot, cold, and warm temperatures. The metal forging process is to get high-quality metal by blocking the empty spaces and cracks. There are so many products are manufactured with the help of this method. Technical advancement has provided so many benefits to get high strength, high integrity, and high metallurgical properties. It has helped in fulfilling the requirements of many customized products. With rising demand for ready-to-fit materials in many sectors has increased the metal forging market growth.
The rising demand for the automotive sectors and aerospace will propel the metal forging market size. This method is highly used in the defense sector because it replaces the impurities with metalwork. The high demand for titanium for the manufacturing of aircraft and high demand for Oil and gas, agriculture, and others will further boost the metal forging market. Additionally, the increasing research by collaborating with the end-users and suppliers and the government institute will play and huge role in driving the metal forging market. Automobiles production has a huge impact on the market, and it will boost the market in the forecast period.
The coronavirus outbreaks in the Wuhan city and caused the covid-19 pandemic. The virus has now spread all over the world, and then it has affected the global economy. To reduce the spread of this virus, governments around the world have taken many safety measures. The governments have imposed lockdown, due to which all the sectors were temporarily closed. The lockdown has highly affected the production process of many industries. The automotive sector is a highly affected sector because of this pandemic. The lack of production of automobiles has reduced the demand of the automotive sector. Apart from the people are going through a financial crisis; as a result, they are not ready to inverts their money in vehicles. Also, the shortage of laborers has readied the demand of the automotive market. The automotive sector is a big consumer of metal forging; as a result, the mental forging market is affected, and the demand has declined in the covid-19 situation. Apart from the automotive sectors, there are other sectors and industries where the metal forging method is used, but due to the covid-19 pandemic they the process is on a halt now. Overall the covid-19 had a negative impact on the metal forging market.
There are many drivers in the metal forging market that are propelling the demand of the metal forging market. One of the major drivers of the metal forging market is the increasing use of titanium in so many manufacturing processes, especially in aircraft. Titanium alloys are very strong metals compared to other materials. When forged, titanium becomes even stronger. Due to this, titanium is highly used in the aerospace sector. Titanium offers a high melting point and a poor conductor of heat. It has impressive strength, so in aircraft, this material is forged, especially in the engine disks and shafts. This material offers low thermal expansion by maintaining a shape. All these factors are increasing the metal forging market trends. Metal forging is also used in the automotive sector for making many parts. Ninety-five units of automobiles were produced in the year 2018, and it is expected to increase more in the coming years; apart from that, it is used in defense, construction, railroad, and others. Also, the research on developing the technology will boost the metal forging market. For example Institute of Metal Forming and Metal-Forming Machines was involved in the research to increase the technology of metal forging. All these factors will drive the metal forging market.
Increasing demand for forged steel in the automotive sector will create opportunities for the metal forging market. The strength, durability, and reliability of forged steel make it best suited for the automotive sector. Stainless steel, carbon steel, and alloy steel are sued in the manufacturing process of the control arm, connecting rods, camshaft, rod end, steering knuckle in the automotive sector. For many automotive parts, the forged steel process is used, and rapid adoption of lightweight forged still will generate opportunities for the metal forging market.
The rising substitute for forged metal will be a restraint for the metal forging market. In the alternative process, molten metal is poured into the mold that can give the desired shape to the metal. This process is cheaper than that the metal forging process. So many manufactures are using this process instead of metal forging, and it will hamper the metal forging market growth.
The metal forging process is costly; as a result, many manufactures don’t use this method. Apart from this, some of the underdeveloped countries don’t use the metal forging method. These factors have become a challenge for the metal forging market. The market key player is trying their best to boost the demand of the metal forging market by overcoming these challenges.
Metal forging is extensively used in various applications for different end-use industries. As a result, the demand for the metal forging market will grow in the coming years, and it will register a healthy CAGR of 6%.
The metal forging market is divided on the basis of raw materials, type, end-use industry.
On the basis of raw materials, the metal forging market is divided into steel, aluminum, magnesium, nickel-based alloys, titanium, and others. The steel segments were accounted for the highest metal forging market share in 2018. This is mainly due to the strength, availability, high tolerance capacity, and the rising adoption of stainless steel and carbon steel. Steel is highly used in the automotive sector, aircraft, Oil & gas, and other industries.
On the basis of type, the metal forging market is divided into closed-die forging, open-die forging, ring rolling, and others. The closed-forging segment was responsible for the highest share in the metal forging market with above 65% share. It is also known as die forging, and the major benefits of this process are, it is suitable for all metals and give them a neat shape, and offers better mechanical properties.
On the basis of the end-use industry, the metal forging market is divided into automotive, aerospace & defense, power, Oil & gas, and others. The segment was responsible for the highest metal forging market share in 2018 with more than 50% share. And it is likely to dominate the forecast period as well. The need for metal forging in passenger cars and the increasing economics will dive the need of metal forging automotive industry. Also, the rapid use of aluminum in automobiles to produces lightweight and high-strength materials will boost the growth in the coming years.
The major regions in the metal forging market are North America, Europe, Asia-pacific, Latin America, and Middle East & Africa. Asia-pacific accounted for the highest metal forging market share in 2018 due to the high demand for products in the automotive and aerospace industries. The major contributor in this region are countries like China and India. North America will also witness a rising in demand for the metal forging market due to the presence of well-established automotive industries in this region. Europe is the fastest-growing region in the metal forging market due to big power plants in this region.
The major key players in the metal forging market are:
This global metal forging market outlook report is based on the qualitative and quantitative analysis of the metal forging market. This report shows the metal forging market analysis on the market overviews, covid-19 analysis, market dynamics, and metal forging market analysis. This plating on the plastics (POP) market also highlights the regional analysis, competitive landscape, and recent development of the market.
By raw material
|Market Size||2028: USD 130.51 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Raw materials, Type, End-use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Arconic Corp., ATI, Bharat Forge Ltd., Ellwood Group, Inc., China First Heavy Industries, Scot Forge, Thyssenkrupp Business Area Components Technology, Bruck GmbH, Nippon Steel Corp., Precision Castparts Corp., Kovárna Viva, Larsen & Toubro Ltd., Japan Casting & Forging Corp., Jiangyin Hengrun Heavy Industries Co., Ltd.|
|Key Market Opportunities||Increasing demand for forged steel in the automotive sector will create opportunities for the metal forging market|
|Key Market Drivers||
Metal Forging Market is projected to be worth USD 130.51 billion by 2028
The expected CAGR rate of the metal forging market in the forecast period is 6.34%.
Growing automotive production is the major driver for the Metal Forging Market.
Asia-pacific was accounted for the highest metal forging market share in 2018.
Leading players in the Metal Forging Market include Arconic, ATI, and Bharat Forge, among others.