Metal Forging Market
Metal forging is a metalworking process, wherein a metal is deformed in a controlled manner by using compressive forces to form a specific shape product. It is widely used to manufacture complex structured components for the automotive, aerospace & defense, power, and oil & gas industries.
Metal Forging Market is projected to be worth USD 130.51 billion by 2030, registering a CAGR of 6.34% during the forecast period (2021 - 2028), The market was valued at USD 87.42 billion in 2020.
The prominent factors driving the growth of the global market are increasing demand for both passenger and commercial vehicles, growing commercial aircraft production, and increasing demand for metal forged parts in the nuclear power industry.
SEGMENTATION
By Raw Material
- Steel: The steel segment was the dominant raw material segment in 2018 with a market share of over 70%. This is mainly attributed to its strength, availability, a higher degree of reliability and tolerance capabilities, and use of specialized alloy types such as stainless steel and carbon steel. It is widely used for the production of forged components for the automotive, oil & gas, aerospace, agriculture machinery, and other general industries. This is mainly attributed to high strength and durability, dense, non-porous aspect of forged steel parts, close tolerances, increased product efficiency, and low cost offered by steel forgings. Additionally, steel forge parts are free from gas voids, pockets, or cooling defects, thus avoiding load failure.
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This segment is further segmented into carbon steel, alloy steel, and stainless steel.
- Aluminum: This segment is expected to register healthy growth during the forecast period owing to the increasing demand for light-weight materials in the automotive and aerospace industries, wherein performance and safety are critical as well light-weight metal is desired to increase the energy efficiency. Moreover, aluminum offers a resistance to corrosion, maximum impact strength, superior internal integrity, and elimination of internal voids. Pistons, gears and wheel spindles in high performance automobiles and aircraft are the major applications of forged aluminum. The major developments in the aluminum forging segment have been witnessed in recent years. For instance, in August 2018, Bharat Forge Ltd announced to invest USD 55 million to start an aluminum forging operation in Tennessee, US, which is expected to commence in the second half of 2020.
- Magnesium: Magnesium offers excellent mechanical strength and stiffness, high strength-to-weight ratio, damping qualities, and high dent and impact resistance. Owing to these characteristics, magnesium and its alloys are ideal for forging lightweight, durable parts for a wide variety of structural and nonstructural applications varying from aerospace, power tools, and industrial machinery to commercial and military aircraft.
- Nickel-Based Alloys: Nickel-based alloys are ideal materials for parts and components used for pumps, piping systems, valves, process equipment, as well as turbines and assemblies in the marine, oil and gas, chemical processing, aerospace and defense industries. This is mainly attributed to the high resistance to heat, corrosion, and acid coupled with excellent wearability offered by these alloys.
- Titanium: Titanium metal has the highest strength to density ratio of any metallic elements. It provides excellent durability and resistance to corrosion which is why it is used in applications requiring high operating temperature, high strength, lightweight, and high corrosion resistance.
- Others: The other segment includes copper, iron, and brass.
By Type
- Closed-die Forging: Closed-die forging, also known as impression-die forging, is the most popular metal forging process, with the segment accounting for a share of over 65% of the market in 2018. This is mainly attributed to the compatibility of all metals with the process; closed-die forged metal components require less machining; allows to produce near net shapes; and supports high production runs.
- Open-die Forging: Open-die forging, the other widely used forging process, offers several benefits such as better fatigue resistance, less material waste, reduced chance of voids, valuable cost savings, owing to which is commonly used for steel and steel alloys forging.
- Ring Rolling: Ring rolling is widely used for producing forged metal parts for the nuclear, general industrial, and pharmaceutical industries. This process can be used to manufacture metal parts of various heights, diameters, weights, and varied shapes, making it a versatile process. Additionally, it is one of the most cost-effective forging processes.
- Others: This segment covers the upset forging and precision forging.
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By Region
- North America: Market growth is driven by the well-established automotive industry
- Europe: Germany is the largest contributor to the regional market growth owing to the growing nuclear power industry.
- Asia-Pacific: The largest and fastest-growing regional market for metal forging.
- Latin America: A small but growing automotive industry is likely to fuel the demand for metal forging in the coming years.
- Middle East & Africa: High growth potential of the automotive manufacturing hub in Egypt, UAE, and Saudi Arabia, may propel the regional market growth during the forecast period.
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Metal Forging Market report added by Value Market Research, offering growth, trends, and forecast for each segment along with regional and country analysis.
The study has done with respect to market share, size, outlook, estimation and forecast period 2021-2027.
Further, this report also highlights the regional and country-level market analysis.The metal forging market is vast, with many local and global players.
the key leaders follow different strategies to improve their market position, such as contracts, mergers, contracts, extending product portfolio, acquisitions, expansions, and product innovations to improve their market share globally.
for instance, in September 2020, Fushun Special Steel Co., Ltd., a steel-production and forging company, placed an order to Siempelkamp technology.
The order is for a new 60/70 MN open-die forging press with a four-column push-down design.
In a recent business intelligence study, Fact.MR presents the nitty-gritty of the global metal forging market considering 2014-2018 as the historic year and 2019–2029 as the stipulated timeframe.
The business report highlights the drivers, restraints, opportunities and trends affecting metal forging market growth.
Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume.The metal forging market study outlines the key regions – Latin America, North America, MEA, Europe and APEJ – along with the countries contributing the most in the respective regions.
The report presents detailed insights about each market player, including SWOT analysis, main market information, market share, revenue, pricing and gross margin.
Prominent players covered in this research are Kovárna VIVA, ELLWOOD Group Inc., Precision Castparts Corp., Larsen & Toubro Limited and many others.Amidst the growing demand from automotive industry, metal forging market is set to witness a robust growth rate of more than 7%.
Within the automotive sector demand is soaring for high-performance forged components for cars, trucks, and commercial automobiles thus augmenting the demand for metal forging.
