The global metal forging market size is expected to witness significant growth owing to increasing demand of the product for the automotive sector. Furthermore, increasing government support for the production of e-vehicles will favor the adoption of metal forging. Fortune Business Insights, in its latest report, titled “Metal Forging Market Size, Share Industry Analysis, By Raw Material (Carbon Steel, Alloy Steel, Stainless Steel, Aluminum, Magnesium, Titanium, and Others), By Technology (Closed Die, Open Die, and Others), By Application (Automotive, Mechanical Equipment, Aerospace Railways, and Others), and Regional Forecast, 2020-2027.”, observes that the market is projected to reach USD 135,017.7 million by 2027, while exhibiting a CAGR of 6.7% between 2020 and 2027. The report further mentions that the market was worth USD 80,796.0 million in 2019.
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Metal forging is a type of metal forming method that mainly involves the use of compression force on a piece of metal to deform it, and further create the desired shape, size, and volume. The most common forged metal products are titanium, aluminum, copper, magnesium, and others. The process of forging is beneficial as it aids in strengthening of the metals by eliminating internal gas pockets that have the tendency to weaken the metals. This process also increases the strength and durability of the metals.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. In addition to this, the report provides insights into the regional analysis and discusses the performance of the market in major regions across the world. It includes the competitive landscape that involves leading companies and the strategies adopted by these companies which have resulted in several novel products as well as major company collaborations. The research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Demand for Forged Steel in Automotive to Stoke Demand
Forged steel provides numerous benefits such as high durability, strong tensile strength, and reliability. These properties are a primary reason why forged steel is preferred over its counterparts in the automotive industry. Furthermore, the increasing adoption of closed die forging technology in the automotive industry is driving the demand for forged products. Products such as carbon steel, alloy steel, and stainless steel are used in manufacture of components such as control arm, crankshaft, connecting rods, and steering knuckles among others. Increasing adoption of the products in the automotive sector is expected to drive the global metal forging market during the forecast period. Moreover, favorable government policies to promote the adoption of e-vehicles are anticipated to aid market growth.
Increasing Adoption of Metal Components in Automotive in Asia Pacific to Aid Growth
Among all regions, the market in the Asia Pacific is expected to witness significant growth and register the highest global metal forging market revenue during the forecast period. Furthermore, the market was worth USD 43,926.0 million in 2019 and is likely to gain momentum owing to the high demand for metal components in the industrial and automotive sectors. Favorable government policies for the promotion of e-vehicles in countries such as China and India are anticipated to drive the market growth in Asia-Pacific. Europe, on the other hand, is expected to be the second-most leading region during the forecast period. This is ascribable to factors such as the increasing adoption of forged components for the aerospace industry.
Product Expansion Strategies by the Companies to Augur Growth
In February 2019, Arconic announced the expansion strategy of its facility located at Knoxville, Tennessee with an investment of about USD 100 million. According to the company, the expansion aims at facilitating mass production of aluminum products to cater to the increasing demand from the automotive and industrial sectors. Furthermore, the company plans to consolidate its position for the market in the forthcoming years. Adoption of strategies such as introduction of novel products, merger and acquisition, and collaboration by the companies to gain a major chunk of the global metal forging market share will bode well for growth during the forecast period.
List of the Companies Proliferating in the Market:
- Arconic (US)
- Aichi Steel Corporation (Japan)
- Nippon Steel Corp (Japan)
- Allegheny Technologies Inc. (US)
- American Axle Manufacturing Inc. (US)
- Bharat Forge Ltd (India)
- Bruck GmbH (Germany)
- ThyssenKrupp AG (Germany)
- LT Special Steel and Heavy Forgings (India)
- China First Heavy Industries (China)
- All Metals Forge Group (US)
- Schuler AG (US)
- The Japan Steel Works, Ltd. (Japan)
- Hilton Metal Forging Ltd. (India)