What is Global Metal Forging Market?
The Global Metal Forging Market is a vast and dynamic sector that plays a crucial role in various industries worldwide. Metal forging is a manufacturing process where metal is pressed, pounded or squeezed under great pressure into high strength parts known as forgings. The global market for this process was valued at a whopping US$ 71750 million in 2023. The market is expected to grow significantly and reach an estimated value of US$ 105540 million by 2030. This growth, representing a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period from 2024 to 2030, is driven by various factors such as technological advancements, increasing demand from various industries, and the superior properties of forged metals. The market is dominated by the top five manufacturers who collectively hold a share of over 13%. In terms of products, Carbon Steel holds the largest segment with a share of about 50%.
Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Others in the Global Metal Forging Market:
The Global Metal Forging Market is segmented based on different types of metals such as Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, among others. Each of these metals has unique properties and applications, making them vital in various industries. Carbon Steel, the largest segment in the market, is widely used due to its excellent tensile strength and durability. Alloy Steel is known for its ability to withstand high temperatures and pressures, making it ideal for heavy-duty applications. Aluminum, on the other hand, is lightweight and corrosion-resistant, making it suitable for applications in the aerospace and automotive industries. Magnesium is valued for its lightness and high strength-to-weight ratio. Stainless Steel is renowned for its corrosion resistance and durability, while Titanium is known for its high strength and low density. Other metals used in forging include copper, brass, and bronze, each with their unique properties and applications.
Automotive, Defense and Aerospace, Shipbuilding, Power Industry, Oil and Gas, Construction Machinery, Agriculture, Others in the Global Metal Forging Market:
The Global Metal Forging Market finds extensive usage in various sectors such as Automotive, Defense and Aerospace, Shipbuilding, Power Industry, Oil and Gas, Construction Machinery, Agriculture, among others. In the automotive industry, forged components are used in various parts of a vehicle, including the engine, transmission, and suspension systems. In the defense and aerospace sector, forged parts are used in the manufacturing of aircraft and spacecraft due to their high strength and durability. In shipbuilding, forged components are used in the construction of various parts of a ship, including the hull, propellers, and engine components. In the power industry, forged parts are used in the manufacturing of turbines, generators, and other equipment. In the oil and gas industry, forged components are used in drilling and extraction equipment. In the construction machinery sector, forged parts are used in various types of machinery and equipment. In agriculture, forged components are used in the manufacturing of various types of farming equipment.
Global Metal Forging Market Outlook:
Looking at the market outlook for the Global Metal Forging Market, it's clear that the sector is set for significant growth. In 2023, the market was valued at US$ 71750 million. Fast forward to 2030, and it's projected to reach a staggering US$ 105540 million. This represents a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period from 2024 to 2030. This growth is driven by various factors, including technological advancements and increasing demand from various industries. The market is dominated by the top five manufacturers, who collectively hold a share of over 13%. In terms of products, Carbon Steel is the largest segment, accounting for about 50% of the market.
| Report Metric | Details |
| Report Name | Metal Forging Market |
| Accounted market size in 2023 | US$ 71750 million |
| Forecasted market size in 2030 | US$ 105540 million |
| CAGR | 5.6% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Precision Castparts Corp. (Berkshire Hathaway), Howmet Aerospace Inc., Allegheny Technologies Incorporated (ATI), Thyssenkrupp, Nippon Steel, VSMPO-AVISMA, KOBELCO, Aichi Steel, Aubert & Duval (Eramet), Bharat Forge, American Axle and Manufacturing (AAM), AVIC Heavy Machinery, Wanxiang Qianchao, FAW, FRISA, Farinia Group, Longcheng Precision Forging, Pacific Precision Forging, Jinma Industrial Group, Mahindra Forgings Europe, Jinan Sinotruck Co., CITIC Heavy Industries, Dongfeng Forging, Acerinox S.A., Jiangyin Hengrun Heavy Industries, Tongyu Heavy Industry, Wuxi Paike New Material Technology, Scot Forge Company, Xi’an Triangle Defence Incorporated Company, Brück GmbH |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
