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Industry Insights, Market Size, CAGR, High-Level Analysis: Global Metal Forging MarketThe global metal forging market size was valued at USD 83.9 billion in 2019 and is expected to witness a CAGR of 7.6% from 2020 to 2027. The rising passenger traffic is propelling the worldwide production of aircrafts, which is anticipated to be one of the key factors driving the demand for metal forging. The growing passenger traffic from highly populated countries such as China and India are compelling airlines to increase their number of flights. For instance, India is projected to be the third-largest aviation market with around 478 million passengers by 2036 and the country would need around 2,400 aircrafts by 2036 considering its growing travel demands. Therefore, the development of the aerospace sector would lead to a subsequent rise in demand for metal forging. Strict regulations pertaining to the use of high-performance lightweight components in the aerospace and automotive industries drive the demand for metal forging, particularly for aluminum and titanium materials. For instance, the density of aluminum is merely 34.0% of steel and 30.0% of copper forging, which compels manufacturers to switch to aluminum forged products for their vehicle components. The automotive industry is a major end user for metal forging. The durability, strength, and reliability of forged components have made them a preferred choice in the automotive sector for applications where stress, load, tension, and human safety are key considerations. Therefore, the growth in automotive production such as electric vehicles is anticipated to drive the demand for metal forging over the forecast period. On the other hand, alternative component manufacturing processes, particular casting, is expected to hinder the demand for metal forging. Factors such as advancements in technology and low cost characteristics drive manufacturers to opt for casting as a preferable method over forging for producing components such as transmission parts and crankshafts.
Application Insights of Global Metal Forging MarketAutomotive accounted for the largest share of 51.3% in 2019 in terms of volume. When compared to processes such as casting and machining, forged products are stronger, which leads to durability and cost savings in the long run. The metal forging process is preferred for materials such as carbon steel, stainless steel, alloy steel, and aluminum in the automotive industry. Construction is anticipated to be the fastest-growing application for metal forging over the forecast period, in terms of volume. The metal forging process is used for components for machinery and equipment including piston, mold design, and fabrication parts. Moreover, on-going infrastructural developments and investments across the globe drive the demand for metal forging. Venture capital firms invested a little over USD 1.0 billion in global construction tech startups in the first half of 2018, which was already higher by 30.0% than the total investments in 2017. The aerospace industry is a lucrative sector for metal forging considering the growing demand for lightweight components for the rapidly increasing production of new aircrafts. Forged parts in engines include assembly components along with other parts such as fan cases, shafts, seals, turbine disks, spinners, bearing housing, and gear blanks.
Material Insights of Global Metal Forging MarketCarbon steel held the largest volume share of 73.3% of the global market in 2019. The material is extremely popular in the manufacturing sector owing to its cost, availability, and efficiency. Carbon steel contains carbon in the range of 0.06% to 1.5% and is less expensive than stainless steel, which has led to its higher penetration in various end-use industries, particularly oilfield and automotive. Alloy steel was the second-most preferred material for metal forging in 2019. Its demand is anticipated to increase over the forecast period considering its strong mechanical properties, wide availability, economic cost, and ease of processing. After forging, the material takes on different aspects such as increased strength and improved hardenability, weldability, and ductility. In terms of revenue, aluminum is expected to witness a significant CAGR of 8.8% over the forecast period. The plasticity of aluminum alloys enables the forging of more complex shapes. These alloys are increasingly preferred in the automotive industry as they are lightweight and have higher efficiency. Moreover, government regulations encourage vehicle manufacturers to use lightweight materials. According to the Department of Industry, Australia, around 41.0% of aluminum is used by the transport and manufacturing sectors across the globe, followed by packaging, construction, electrical, consumer durables, and machinery.
Regional Insights of Global Metal Forging MarketIn terms of volume, North America is projected to register a CAGR of 4.8% during the forecast period due to increasing demand for metal forging from the automotive and aerospace sectors. According to the International Organization of Motor Vehicle Manufacturers, North America held a share of 18.0% of the total world automotive production in 2018.In the automotive sector, forged components have a high demand in engines, structures, and other parts where human safety is crucial. European Union countries play a significant role in the global metal forging market owing to the large production of forged parts. The region is characterized by the presence of prominent car manufacturers and various auto component manufacturers in Germany, along with a huge aerospace manufacturing sector in France. This is expected to drive the demand for metal forging over the forecast period. For instance, in October 2019, American Axle & Manufacturing, Inc. opened a new manufacturing plant near Barcelona to serve the European automotive manufacturers. The company designs and manufactures automotive driveline components. Asia Pacific accounted for a shareof over 60.0% in 2019 in terms of volume and is expected to register the highest CAGR over the forecast period. The growth in demand for metal forging is mainly driven by the development of the manufacturing sector in China, India, and other developing economies. China is the largest producer and consumer of forged products in the world. The demand for metal forging in the country is projected to register a CAGR of over 9.0% from 2020 to 2027.
Metal Forging Market Share InsightsArconic, ATI, Bharat Forge Ltd, China First Heavy Industries, Japan Casting & Forging Corp, Scot Forge, Nippon Steel Corporation, and Larsen & Turbo Limited are amongst the prominent manufacturers in the global market. These players are engaged in capacity expansions and new product development in order to sustain and strengthen their market position. In June 2019, Bharat Forge Ltd. announced its plan to set up an aluminum forging plant in U.S., which is expected to become operational by 2021. The new plant would increase the companys aluminum forging production capacity by three times. The company aims to serve the North American automotive market by aligning its strategies with the growing electric vehicles market in the region.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Metal Forging Market Research ReportThis report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global metal forging market report based on raw material, application, and region:
Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Carbon Steel
- Alloy steel
- Stainless Steel
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Oil & Gas
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. GVR’s Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization | read more...