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Global Metal Forging Market Size, Share, Demand, Forecast: By Metal: Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium; By Application: Automotive, Aerospace, Oil and Gas, Construction, Agriculture; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Global Metal Forging Market Outlook
The global metal forging market reached a value of nearly USD 97.55 billion in 2023. The metal forging market is further projected to grow at a CAGR of 6.5% between 2024 and 2032.
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One of the key growth drivers for boosting the product demand is the aerospace industry. The increasing aircraft production, along with the increasing passenger traffic, is expected to support the industry growth in the forecast period.
Market Segmentation
Forging is a process of manufacturing using localised compression forces to shape metal. Forging is often classified by the temperature at which it takes place: cold forging, warm forging, or hot forging.
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The global metal forging market can be divided based on segments like metal and application.
The industry can be divided based on its metal like carbon steel, alloy steel, aluminium, magnesium, stainless steel, and titanium, among others.
The industry can be broadly categorised based on its applications into:
- Automotive
- Aerospace
- Oil and Gas
- Construction
- Agriculture
- Others
The EMR report looks into the regional metal forging markets like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.
Market Analysis
The global metal forging market is driven by its growing global demand in the aerospace industry. Over the forecast period, the Asia Pacific is expected to account for more than 52% of the new passenger surge. This is projected to drive the demand for the production of aircraft and in turn, boost the demand for metal forging. Factors like the adoption of new materials, including high-performance and special alloys and R&D for new production methods, are expected to boost the industry’s growth. The growing construction industry is a significant factor driving the demand for construction equipment, thus fuelling the use of forged metal.
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Competitive Landscape
The report presents a detailed analysis of the following key players in the global metal forging market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Bharat Forge Limited
- China First Heavy Machinery Co., Ltd
- Nippon Steel Corporation
- Allegheny Technologies (ATI)
- Bruck GmbH
- Jiangyin Hengrun Heavy Industries Co., Ltd
- Arconic Corporation
- Others
The EMR report gives an in-depth insight into the metal forging market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:'
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| Breakup by Metal |
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| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Metal Forging Market Analysis
8.1 Key Industry Highlights
8.2 Global Metal Forging Historical Market (2018-2023)
8.3 Global Metal Forging Market Forecast (2024-2032)
8.4 Global Metal Forging Market by Metal
8.4.1 Carbon Steel
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Alloy Steel
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Aluminum
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Magnesium
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Stainless Steel
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Titanium
8.4.6.1 Historical Trend (2018-2023)
8.4.6.2 Forecast Trend (2024-2032)
8.4.7 Others
8.5 Global Metal Forging Market by Application
8.5.1 Automotive
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Aerospace
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Oil and Gas
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Construction
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Agriculture
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.5.6 Others
8.6 Global Metal Forging Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Metal Forging Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Metal Forging Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Metal Forging Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Metal Forging Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Metal Forging Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Bharat Forge Limited
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 China First Heavy Machinery Co., Ltd
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Nippon Steel Corporation
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Allegheny Technologies (ATI)
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Bruck GmbH
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Jiangyin Hengrun Heavy Industries Co., Ltd.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Arconic Corporation
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Metal Forging Market: Key Industry Highlights, 2018 and 2032
2. Global Metal Forging Historical Market: Breakup by Metal (USD Billion), 2018-2023
3. Global Metal Forging Market Forecast: Breakup by Metal (USD Billion), 2024-2032
4. Global Metal Forging Historical Market: Breakup by Application (USD Billion), 2018-2023
5. Global Metal Forging Market Forecast: Breakup by Application (USD Billion), 2024-2032
6. Global Metal Forging Historical Market: Breakup by Region (USD Billion), 2018-2023
7. Global Metal Forging Market Forecast: Breakup by Region (USD Billion), 2024-2032
8. North America Metal Forging Historical Market: Breakup by Country (USD Billion), 2018-2023
9. North America Metal Forging Market Forecast: Breakup by Country (USD Billion), 2024-2032
10. Europe Metal Forging Historical Market: Breakup by Country (USD Billion), 2018-2023
11. Europe Metal Forging Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Asia Pacific Metal Forging Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Asia Pacific Metal Forging Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Latin America Metal Forging Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Latin America Metal Forging Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Middle East and Africa Metal Forging Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Middle East and Africa Metal Forging Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Global Metal Forging Market Structure
Key Questions Answered in the Report
In 2023, the global metal forging market attained a value of nearly USD 97.55 billion.
The market is projected to grow at a CAGR of 6.5% between 2024 and 2032.
The major drivers of the market include the increasing air traffic, growing vehicle sales, rising disposable incomes, and surging construction activities.
The key trends guiding the growth of the market include growing technological advancements, the rising adoption of high-performance materials and special alloys, and increasing R&D activities.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant metal segments considered in the market report are carbon steel, alloy steel, aluminium, magnesium, stainless steel, and titanium, among others.
The major application segments include automotive, aerospace, oil and gas, construction, and agriculture, among others.
The major players in the market are Bharat Forge Limited, China First Heavy Machinery Co., Ltd, Nippon Steel Corporation, Allegheny Technologies (ATI), Bruck GmbH, Jiangyin Hengrun Heavy Industries Co. Ltd., and Arconic Corporation, among others.
Analyst Review
The global metal forging market attained a value of USD 97.55 billion in 2023, driven by the growing demand for metal forging in the automotive and aerospace industries. Aided by the technological advancements and growing preference for high-performance materials, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 6.5%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on metal, the metal forging industry can be segmented into carbon steel, alloy steel, aluminium, magnesium, stainless steel, and titanium, among others. On the basis of application, the industry is divided into automotive, aerospace, oil and gas, construction, and agriculture, among others. The major regional markets for metal forging are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Bharat Forge Limited, China First Heavy Machinery Co., Ltd, Nippon Steel Corporation, Allegheny Technologies (ATI), Bruck GmbH, Jiangyin Hengrun Heavy Industries Co. Ltd., Arconic Corporation, Others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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