The latest report by IMARC Group, titled “Metal Forging Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the metal forging industry share. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
The global metal forging market size reached US$ 85.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 140.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.73% during 2024-2032.
Metal Forging Market Trends:
The global metal forging market is experiencing significant growth due to a variety of influential factors. Along with this, the increasing demand for high-strength components in the automotive, aerospace, and defense sectors is a primary driver, as forged metals offer superior mechanical properties, including high tensile strength, fatigue resistance, and durability. Technological advancements in forging processes, such as precision forging and automation, have enhanced production efficiency and product quality, further propelling market growth.
Additionally, the rising adoption of lightweight materials to improve fuel efficiency and reduce emissions in the transportation industry has increased the demand for forged aluminum and titanium components. The expansion of the construction and infrastructure sectors, particularly in emerging economies, is also contributing to market growth, as forged metal components are essential for building robust structures. Furthermore, the implementation of stringent government regulations regarding the safety and performance of industrial components is driving the adoption of forged metal products, ensuring reliability and long service life.
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Metal Forging Market Scope and Growth Analysis:
The market encompasses a broad range of applications, including automotive parts, aerospace components, industrial machinery, construction equipment, and consumer goods. This extensive scope highlights the versatility and critical importance of forged metal products across various industries. Market growth analysis indicates a robust upward trajectory, driven by the continuous demand for high-performance materials capable of withstanding extreme conditions.
Innovations in forging technology, such as the development of hybrid forging techniques and the integration of computer-aided design (CAD) and simulation tools, are enhancing precision and reducing production costs, thereby expanding market opportunities. The market is also benefiting from the growing emphasis on sustainability, as forging processes typically generate less waste compared to other metalworking techniques. Furthermore, the increasing globalization of manufacturing activities and the expansion of supply chains are facilitating the accessibility and adoption of forged metal products worldwide
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Arconic Corp.
- ATI
- Bharat Forge Ltd.
- Bruck GmbH
- China First Heavy Industries
- Ellwood Group Inc.
- Jiangyin Hengrun Heavy Industries Co. Ltd.
- Nippon Steel Corp.
- Precision Castparts Corp.
- Kovárna Viva
- Larsen & Toubro Limited
- Scot Forge
- Thyssenkrupp AG
Metal Forging Market Segmentation:
Our report has categorized the market based on region, raw material and application.
Breakup by Raw Material:
- Carbon Steel
- Alloy Steel
- Aluminum
- Magnesium
- Stainless Steel
- Titanium
- Others
Breakup by Application:
- Automotive
- Aerospace
- Oil and Gas
- Construction
- Agriculture
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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