The global metal forging market will grow at over 7% during 2019 – 2029, as projected by a new Fact.MR report. Key players in the metal forging market are seeking to integrate new technologies in forging processes including automation and 3D visualization, to leverage growth in developing economies.
“Trends such as the integration of IoT and digital thermo mechanical analysis with forging technologies will disrupt the market. Part manufacturing and powder metallurgy segments are expected to drive demand,” says the Fact.MR report.
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Metal Forging Market: Key Findings
- In terms of raw materials, carbon steel accounts for a major market share; magnesium set for faster pace.
- Construction applications are the major end users for metal forging setups, on the back of infrastructure development in emerging economies.
- Automotive applications are projected to account for major demand growth in the following years.
- East Asia will remain the leading market, accounting for nearely 40% of the overall demand.
- South Asia is projected to create lucrative growth opportunities, particularly in manufacturing and automotive industries.
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Metal Forging Market: Key Driving Factors
- The rising demand for lightweight aircraft components supports the growth of market.
- The expanding electric vehicles space remains a key driver of market growth.
- Regulations associated with high-performance components in aerospace and defense bolsters global adoption rate.
- Large scale research and development initiatives towards raw materials and forging processes would sustain demand.
Metal Forging Market: Key Restraints
- The demand for alternative component manufacturing processes such as low-cost casting will hamper the demand for forging.
Manufacturers are leveraging high growth potential of metal forging market by expanding production capacities and developing new product segments. In a highly competitive market, industry heavyweights are pushing investments towards integration of advanced IoT technologies, to support automation of processes. Prominent companies operating in metal forging market include, but are not limited to Japan Casting and Forging Corporation, Bruck GmbH, ELLWOOD Group Inc., Larsen & Toubro Ltd., China First Heavy Industries, and Bharat Forge Ltd.
About the Report
This 170-page study offers a detailed market forecast on the metal forging market. The key categories covered in the report include raw material (carbon steel, alloy steel, aluminium, magnesium, stainless steel, titanium, and others), application (automotive, aerospace, oil & gas, construction, agriculture, and others). This analysis has been tracked on a country-wise level, with a total of 30+ countries across 6 key regions.