Metal Forging Market Forecast to 2030 with Competitive Landscape Analysis and Key Companies Profile

 

Metal Forging Industry Overview

The global metal forging market size was valued at USD 74.36 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030.

The demand for metal forged parts from the aerospace industry is driven by the rise in the number of flyers across the globe, which is propelling aircraft production and benefitting market growth. For instance, in 2021, Boeing delivered 302 aircraft, which was nearly double as compared to the previous year. Furthermore, in March 2022, Boeing announced that they are planning to double the production of 737 Max. This kind of trend in the aerospace industry is expected to boost the demand for metal forgings during the forecast period. The U.S. GDP grew by 6.9% in Q4 2021, compared to Q4 2020.

Gather more insights about the market drivers, restrains and growth of the Metal Forging Market

This surge was attributed to consumer activity and capital expenditure spending that augmented the U.S. economy to its strongest growth since 1984. The country touched a 37-year high of 5.7% in 2021. The recovery indicates a resumption of industrial activities, which, in turn, is anticipated to augment the demand for metal forgings in the country over the coming years. The growth of the market is being driven by the rising investments in energy, infrastructure, aerospace, and transportation, among others. In 2021, U.S. Senate passed a massive infrastructure bill worth USD 1 trillion. As per this bill, the government is heavily investing in roads, bridges, Electric Vehicle (EV) networks, public transit, high-speed internet, and clean drinking water.

Rising investment in the modernization of power generation and renewable energy is expected to boost the demand for metal forged components during the forecast period. For instance, in September 2021, a USD 550.00 billion clean energy investment bill was passed by U.S Senate. The bill has a provision of USD 73.00 billion for clean energy generation. The automotive industry has been one of the prominent end-users of the market and is anticipated to maintain its dominance in terms of both volume and revenue. However, a consistent decline in vehicle production in the past few years is an ongoing challenge for the market. For instance, U.S. auto sales witnessed a 20% decline in sales in Q4 2021.

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global metal forging market report based on raw material, application, and region:

Raw Material Outlook (Volume, Kilotons, Revenue, USD Million, 2017 - 2030)

·         Carbon Steel

·         Alloy Steel

·         Aluminum

·         Magnesium

·         Stainless Steel

·         Titanium

·         Others

Application Outlook (Volume, Kilotons, Revenue, USD Million, 2017 - 2030)

·         Automotive

·         Transportation

·         Aerospace

·         Oil & Gas

·         Construction

·         Agriculture

·         Power Generation

·         Marine

·         Others

Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2017 - 2030)

·         North America

o    US

o    Canada

·         Europe

o    Germany

o    UK

o    France

o    Spain

o    Italy

·         Asia Pacific

o    China

o    India

o    Japan

o    South Korea

·         Central & South America

·         Middle East & Africa

Key Companies & Market Share Insights

The market is extremely competitive with the presence of a large number of players worldwide. Owing to the expanding demand for metal forgings, companies are increasing their manufacturing capacities. For instance, in February 2022, Goodluck India Ltd. announced that they have completed the installation of a new press for the forging unit. The unit is expected to help the company to manufacture larger components for aerospace, defense, and critical industrial machines. Some of the prominent players in the global metal forging market include:

·         Aronic

·         ATI

·         Bharat Forge Ltd.

·         Bruck GmbH

·         China First Heavy Machinery Co., Ltd.

·         ELLWOOD Group, Inc.

·         Jiangyin Hengrun Heavy Industries Co., Ltd.

·         Nippon Steel Corp.

·         Precision Castparts Corp.

·         Larsen & Toubro Ltd.

Order a free sample PDF of the Metal Forging Market Intelligence Study, published by Grand View Research.

 

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