Metal Forging Market Forecast Report 2033 | Analysis, Insights, Size And Opportunities

"The Business Research Company recently released a comprehensive report on the Global Metal Forging Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The metal forging market size has grown strongly in recent years. It will grow from $94.74 billion in 2023 to $101.93 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to automotive industry expansion, aerospace sector growth, oil and gas exploration, defense and military applications, railway and transportation systems, globalization of supply chains.

The metal forging market size is expected to see strong growth in the next few years. It will grow to $132.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to increased adoption of lightweight materials, rise in electric vehicle production, infrastructure investments in emerging markets, expansion of wind and solar energy sectors, global efforts for carbon neutrality. Major trends in the forecast period include closed-die forging technology, integration of industry 4.0 technologies, sustainable forging practices, collaborations for research and development, customization for defense and defense aerospace.

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Market Drivers and Trends:

The rise in the construction industry is expected to propel the growth of the metal forging market going forward. Construction refers to building, modifying, repairing, remodeling, enhancing, or destroying a public infrastructure facility, including any public structure, public building, or other public improvements of any type to real estate. The construction industry relies heavily on forged metal products such as steel beams, columns, and other structural components essential for building strong and durable structures that can withstand the elements and meet safety standards. For instance, in March 2022, according to Metal Construction News, a US-based news magazine of the metal construction industry, metal building construction increased by 12.9% in 2021, with metal roofing seeing a 9.3% increase, metal wall panels seeing a 2.5% increase, and light-gauge steel framing up 9.5% for exteriors and 3% for interiors. Therefore, the rise in the construction industry is driving the growth of metal forging.

Automation in forging systems is a key trend gaining popularity in the metal forging market. Major market players are concentrating their efforts on creating innovative products through automated processing equipment such as induction forging, computer-controlled forging equipment, automatic control, and remote control of free forging hammers to sustain their position in the market. For instance, in January 2023, Strojmetal, a Czech Republic-based manufacturer of aluminum chassis parts and applications in the powertrain and battery housing sectors, installed a fully automated aluminum forging line. The new line is equipped with a range of state-of-the-art technologies, including a fully automated loading and unloading system, robots for part handling and transfer, and an advanced control system that allows for real-time monitoring and optimization of the forging process. The line is also designed to be highly flexible, with the ability to produce a wide range of different parts and handle different aluminum alloys.

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Major Key Players of the Market:

Arconic Corporation; Allegheny Technologies Incorporated; Bharat Forge Ltd.; Ellwood Group Inc.; Thyssenkrupp AG; Bruck GmbH; Nippon Steel Corp.; Precision Castparts Corp.; Larsen & Toubro Ltd.; Japan Casting and Forging Corp.; China First Heavy Industries Co. Ltd.; Howmet Aerospace Inc.; Schuler AG; Jiangyin Hengrun Heavy Industries Co. Ltd.; ATI Ladish LLC; Kobelco Construction Machinery Co. Ltd.; Scot Forge Company; Ferralloy Inc.; Patriot Forge Co.; Doncasters Inc.; All Metals & Forge Group; Trenton Forging Company; Fountaintown Forge Inc.; Commercial Forged Products; Component Sourcing International; Custom Alloy Corporation; Precision Metal Products Pvt. Ltd.; SIFCO Industries Inc.; Canton Drop Forge Inc.; Shultz Steel Co.; Consolidated Industries Inc.; Pacific Forge Incorporated; Otto Fuchs KG

Metal Forging Market 2024 Key Insights:

• The metal forging market will grow to $132.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Elevated Construction Activity Fuels Growth In The Metal Forging Market
• Automation Reshapes The Landscape Of The Metal Forging Market
• Asia-Pacific was the largest region in the metal forging market in 2023

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This release was published on openPR.