The Global Metal Forging Market was valued at $86.4 Billion in 2020. Growing at a high CAGR of more than 4.64% between 2021 and 2031, it is estimated to reach $ 140.3 Billion by 2031. However, the current pandemic of COVID-19 might make a slight difference in the growth rate in the present year. In the metal forging division, several developments and modifications were to be noted. In the aerospace industries and medical devices, metals like Titanium and Aluminium are becoming more accepted as their integration reduces efficiency and weight. The manufacturing of aircraft parts by using forging processes increases Titanium to be assumed to be significantly in supply. This industry's evolution is expected to increase due to factors such as the implementation of fresh products with unique metals, high-performance, and R&D for fresh production techniques. Growing demand from the global automotive and aerospace industries drives the market growth. Rising passenger traffic has driven the aerospace sector's growth, thus raising the production of aerospace forged parts. Now, moving forward, the robust demand for the Global Metal Forging Market in the metal department is further estimated to create new necessities and augment the market of growth over the forecast period of 2021-2031.
Global Metal Forging Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The Metal Forging market is segmented as raw material and application. Based on raw material, the global Metal Forging market has been bifurcated as Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, and Others. Based on Application, the global Metal Forging market has been divided into Automotive, Aerospace, Oil & Gas, Construction, Agriculture, and Others.
By Region, Asia Pacific is Holding the Major Market Share
The Metal Forging Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, Asia Pacific has a significant share among those regions. The regional market comprises developing nations such as China, India, and Japan, whose development rate is faster than most of the developing countries in the world. The availability of advanced technology, experienced and skilled employees and increasing demand for metal forging are the prime factors for the market growth over the region. Apart from that, favorable rules and regulations, massive investment in the metal sector and other potential factors are drive market growth. Apart from that, North America and the Rest of the regions are expected to increase the growth rate in the upcoming forecast period of 2021 to 2031.
Major Players in the Global Metal Forging Market
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include Aichi steel Corp, Arconic Corp., ATI, Bharat Forge Ltd., Bruck GmbH, China First Heavy Industries, Ellwood Group, Inc., Japan Casting & Forging Corp., Jiangyin Hengrun Heavy Industries Co., Ltd., Nippon Steel Corp., Precision Castparts Corp., Kovárna Viva, Larsen & Toubro Ltd., Scot Forge, and Thyssenkrupp Business Area Components Technology among others.
The Global Metal Forging Market Has Been Segmented into:
Global Metal Forging Market: By Raw Material
Global Metal Forging Market: By Application
Global Metal Forging Market: By Region