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Global Metal Forging Market Size, Share, Demand, Forecast: By Metal: Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium; By Application: Automotive, Aerospace, Oil and Gas, Construction, Agriculture; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Metal Forging Market Share
Metals like carbon steel, aluminium, and titanium are high in demand due to their excellent strength-to-weight ratios
Carbon steel dominates the product segment as it is widely used due to its strength, durability, and cost-effectiveness. Alloy steel is another significant material in metal forging. Its composition includes various alloying elements, enhancing properties such as hardness, corrosion resistance, and heat resistance. As per industry reports, The EU steel sector produces approximately 152 million tonnes of finished steel per year, showcasing extensive demand for steel.
According to metal forging market report, aluminum forgings find applications in aerospace, automotive, and construction industries as it produces lightweight yet robust components. Magnesium forgings are also lightweight and possess excellent strength-to-weight ratios. They are used in aerospace and automotive applications. Titanium forgings are valued for their high strength, corrosion resistance, and biocompatibility. They are commonly used in aerospace, medical, and chemical industries.
Automotive application segment holds a significant market share due to the rising demand for light-weight vehicles
The automotive industry is the largest consumer of metal forging, driven by the need for high-strength, lightweight, and durable components. Forged metal components are used in various automotive parts, including piston forgings, and connecting rods, which offer superior mechanical properties compared to other manufacturing methods. Moreover, new emission regulations from governments, such as the EPA's stricter environmental rules for light and medium-duty vehicles is driving the demand for forged metals like aluminium and stainless steel in automotive sector.
As per metal forging market analysis, the aerospace industry is another significant user of metal forging. Titanium alloy forging is commonly used in the aerospace industry due to its high strength-to-weight ratio and corrosion resistance. The demand for metal forging in the aerospace sector is driven by the need for durable and lightweight components, such as frames for airplane fuselages and rings for rocket walls. The oil and gas industry also uses metal forging for various components, including pipes, valves, and fittings. The demand for metal forging in the oil and gas sector is driven by the need for strong and corrosion-resistant components that can withstand harsh environments.
Metal Forging Market Report Snapshots
Metal Forging Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Metal Forging Market Analysis
8.1 Key Industry Highlights
8.2 Global Metal Forging Historical Market (2018-2023)
8.3 Global Metal Forging Market Forecast (2024-2032)
8.4 Global Metal Forging Market by Metal
8.4.1 Carbon Steel
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Alloy Steel
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Aluminum
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Magnesium
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Stainless Steel
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Titanium
8.4.6.1 Historical Trend (2018-2023)
8.4.6.2 Forecast Trend (2024-2032)
8.4.7 Others
8.5 Global Metal Forging Market by Application
8.5.1 Automotive
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Aerospace
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Oil and Gas
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Construction
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Agriculture
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.5.6 Others
8.6 Global Metal Forging Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Metal Forging Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Metal Forging Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Metal Forging Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Metal Forging Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Metal Forging Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Bharat Forge Limited
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 China First Heavy Machinery Co., Ltd
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Nippon Steel Corporation
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Allegheny Technologies (ATI)
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Bruck GmbH
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Jiangyin Hengrun Heavy Industries Co., Ltd.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Arconic Corporation
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Metal Forging Market: Key Industry Highlights, 2018 and 2032
2. Global Metal Forging Historical Market: Breakup by Metal (USD Billion), 2018-2023
3. Global Metal Forging Market Forecast: Breakup by Metal (USD Billion), 2024-2032
4. Global Metal Forging Historical Market: Breakup by Application (USD Billion), 2018-2023
5. Global Metal Forging Market Forecast: Breakup by Application (USD Billion), 2024-2032
6. Global Metal Forging Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Metal Forging Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Metal Forging Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Metal Forging Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Metal Forging Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Metal Forging Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Metal Forging Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Metal Forging Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Metal Forging Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Metal Forging Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Metal Forging Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Metal Forging Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Metal Forging Market Structure
Key Questions Answered in the Report
In 2023, the metal forging market reached an approximate value of USD 97.55 billion.
The market is expected to grow at a CAGR of 6.5% between 2024 and 2032.
The major drivers of the market include the increasing air traffic, growing vehicle sales, and surging construction activities.
The market is driven by various trends, including the rapidly increasing production of metal components with improved uniformity, the increasing need for high-strength forged components in aviation sector, advancements in forging technology, and the growing usage of pre-assembled products and ready-to-fit components.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The different type of metals considered in the market report are carbon steel, alloy steel, aluminium, magnesium, stainless steel, and titanium, among others.
Based on application, the market is divided into automotive, aerospace, oil and gas, construction, and agriculture, among others.
Key players in the market are Bharat Forge Limited, China First Heavy Machinery Co., Ltd, Nippon Steel Corporation, Allegheny Technologies (ATI), Bruck GmbH, Jiangyin Hengrun Heavy Industries Co. Ltd., and Arconic Corporation, among others.
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