Metal Forging Market Segments, Industry Size, Share, Analysis and Forecast 2024-2032

The latest report by IMARC Group, titled “Metal Forging Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” offers a comprehensive analysis of the metal forging market analysis. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.

The global metal forging market size reached US$ 85.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 140.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.73% during 2024-2032.

Metal Forging Market Trends:

The global metal forging market is experiencing significant growth due to a variety of influential factors. Along with this, the increasing demand for high-strength components in the automotive, aerospace, and defense sectors is a primary driver, as forged metals offer superior mechanical properties, including high tensile strength, fatigue resistance, and durability. Technological advancements in forging processes, such as precision forging and automation, have enhanced production efficiency and product quality, further propelling market growth.

Additionally, the rising adoption of lightweight materials to improve fuel efficiency and reduce emissions in the transportation industry has increased the demand for forged aluminum and titanium components. The expansion of the construction and infrastructure sectors, particularly in emerging economies, is also contributing to market growth, as forged metal components are essential for building robust structures. Furthermore, the implementation of stringent government regulations regarding the safety and performance of industrial components is driving the adoption of forged metal products, ensuring reliability and long service life.

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Metal Forging Market Scope and Growth Analysis:

The scope of the market encompasses a wide range of materials such as steel, aluminum, titanium, and copper alloys, each used for different applications depending on the required strength, weight, and resistance properties. The market is segmented by process type, including open die, closed die, and rolled ring forging, as well as by end-use industries such as automotive, aerospace, defense, and construction. Geographically, North America and Europe are key markets due to their established automotive and aerospace industries, with a strong focus on technological advancements in forging processes.

However, the Asia Pacific region is expected to witness the highest growth, driven by rapid industrialization, growing automotive production, and infrastructure development in countries like China and India. The competitive landscape includes global and regional players investing in advanced forging technologies to improve production efficiency and meet the demands of various industries. As the need for high-strength, durable components continues to grow, the global metal forging market is poised for significant expansion in the coming years.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Arconic Corp.
• ATI
• Bharat Forge Ltd.
• Bruck GmbH
• China First Heavy Industries
• Ellwood Group Inc.
• Jiangyin Hengrun Heavy Industries Co. Ltd.
• Nippon Steel Corp.
• Precision Castparts Corp.
• Kovárna Viva
• Larsen & Toubro Limited
• Scot Forge
• Thyssenkrupp AG

Metal Forging Market Segmentation:

Our report has categorized the market based on region, raw material and application.

Breakup by Raw Material:

• Carbon Steel
• Alloy Steel
• Aluminum
• Magnesium
• Stainless Steel
• Titanium
• Others

Breakup by Application:

• Automotive
• Aerospace
• Oil and Gas
• Construction
• Agriculture
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.

IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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