The global Metal Forging Market size is expected to reach USD 145.44 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.7% during the forecast period. Rising awareness about climate change and increasing investment in renewables, especially in wind and hydro, by governments is expected to boost the consumption of forged components. Thus, this investment is expected to propel the product demand during the forecast period. For instance, in October 2021, the U.S government unveiled plans to build up to 7 major offshore wind farms. The government is targeting to produce 30 gigawatts of wind power by 2030.
Similarly,
in April 2022, the government of the country announced that it is planning to
develop a 40 GW offshore wind project by 2050 that is expected to spread over
50 wind farms.Metal forging is the process, in which metals are shaped and
formed using compressive force. These forces are applied using pressing,
hammering, and rolling. Increasing demand for the product in various
industries, such as power, construction, agriculture, marine, and aerospace, is
anticipated to augment the market growth.Based on raw material, carbon steel
accounted for the largest revenue share in 2021 and it is expected to maintain
its dominance throughout the forecast period.
The
growth is attributed to the properties of the material as the product often has
a tight grain structure, which makes it mechanically strong to withstand
friction. Also, carbon steel is cheaper than its counterparts.Construction is
anticipated to expand at a steady CAGR, in terms of revenue, during the
forecast period. The growth is attributed to increasing government investment
in the construction sector to untangle the negative impact created by the
COVID-19 pandemic.In November 2021, the Italian government came up with a new
recovery and resilience plan to foster economic growth by 1.5 to 2.5% by 2026.
The government is expected to invest in the construction of public
buildings, renewable energy, and waste & water management.
In
2021, Asia Pacific was the largest regional market, in terms of revenue as well
as volume. China and India were the largest consumers of metal forgings in 2021
in the APAC region. The rising demand for forged products from various
application industries, such as construction, automotive, and energy, has
pushed product consumption in the region.The global metal market is highly
competitive. The rising demand for forged products has forced key manufacturers
to opt for merger & acquisition strategies. For instance, in June 2021,
Bharat Forge, a leading forging company in India announced that they have
acquired Sanghvi Forging & Engineering Ltd.
List of Key Players of the Metal Forging
Market
- Arconic
- ATI
- Bharat Forge
- Bruck GmbH
- China First
Heavy Machinery Co., Ltd.
- ELLWOOD
Group, Inc.
- Jiangyin
Hengrun Heavy Industries Co., Ltd.
- Nippon Steel
Corp.
- Precision
Castparts Corp.
- Kovárna VIVA
- Larsen &
Toubro Ltd.
- Scot Forge
Company
- thyseenKrup
AG
Related Press
Release@ Metal Forging Market Report
Metal Forging Market Report Highlights
- The aluminum
raw materials segment is anticipated to register the fastest CAGR during
the forecast period due to the high demand for lightweight materials from
industries, such as aerospace, power generation, and automotive
- The
aerospace application segment is expected to grow at a steady CAGR during
the forecast period due to the high demand for air travel owing to changes
in social behavior, which, in turn, is boosting aircraft production
- North
America is expected to register a CAGR of 4.7%, in terms of volume,
from2022 to 2030. Increasing investment in the construction &
infrastructure industry and demand for renewables is driving the regional
market
- The
agriculture application segment is expected to register a significant CAGR,
in terms of revenue, during the forecast period
- Steady
demand for farm equipment in countries, such as India and Brazil, is
likely to support market growth in the coming years
Metal Forging Market Report
Scope
|
Report Attribute |
Details |
|
Market size value in 2022 |
USD 81.84 billion |
|
Revenue forecast in 2030 |
USD 145.44 billion |
|
Growth rate |
CAGR of 7.7% from 2022 to 2030 |
|
Base year for estimation |
2021 |
|
Historical data |
2017 - 2020 |
|
Forecast period |
2022 - 2030 |
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Metal Forging Market Segmentation
Grand
View Research has segmented the global metal forging market based on raw
material, application, and region:
Metal Forging Raw Material Outlook (Volume,
Kilotons, Revenue, USD Billion, 2017 - 2030)
- Carbon Steel
- Alloy Steel
- Aluminum
- Magnesium
- Stainless
Steel
- Titanium
- Others
Metal Forging Application Outlook (Volume,
Kilotons, Revenue, USD Billion, 2017 - 2030)
- Automotive
- Transportation
- Aerospace
- Oil &
Gas
- Construction
- Agriculture
- Power
Generation
- Marine
- Others
Metal Forging Regional Outlook (Volume,
Kilotons, Revenue, USD Billion, 2017 - 2030)
- North
America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Spain
- Italy
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Central
& South America
- Middle East
& Africa
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
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