Global Metal Forging Market was valued at USD 79.80 Bn in 2019 and is expected to reach USD 130.10 Bn by 2027 at a CAGR of 6.3% over the forecast period 2020-2027.
Global Metal Forging Market
The report covers an in-depth analysis of COVID 19 pandemic impact on Global Metal Forging Market by region and on the key players’ revenue affected till April 2020 and expected short term and long-term impact on the market.
Global Metal Forging Market Dynamics;
Forging is a basic process in which the workpiece is shaped by compressive forces applied through various dies and tooling. Metal-Forging Forging first was used to make jewellery, coins, and various implements by hammering metal with tools made of stone. Forged parts now include large rotors for turbines; gears; bolts and rivets; cutlery hand tools; numerous structural components for machinery, aircraft, and railroads; and a variety of other transportation equipment. Various factors such as increasing demand for both passenger and commercial vehicles, growing commercial aircraft production, and increasing demand for metal forged parts in the nuclear power industry are mainly driving the global market growth over the forecast period. The machine part forging industry is seeing the biggest increase in demand. This is largely due to the increasing demand from various industries, including sugar, metal rolling, and cement manufacturing. All three of these industries are going through periods of increasing demand, which in turn, places a high demand on the industries that create parts for them.
However, the demand for steel and other metal products is high right now, there is much less recent demand for forged metal products. Another problem with the forging industry as a whole is that countries who can manufactured forged metal pieces for less have flooded the forging market with reduced-price goods. This makes it harder for other countries to sell their goods internationally and locally, which can cause trouble for any forging company.
Global Metal Forging Market is segmented by Process, by Raw material, by Application, and by Region. By process, the Conventional forging process dominated the global market in 2019 and is expected to keep its dominance over the forecast period. Conventional forging processing requires less machining than other forging processes. This process has a high production rate and good utilization of material. The Conventional forging process is followed by open-die forging is the simplest forging operation. Most open-die forgings generally weigh 15 to 500 kg, forgings as heavy as 275 metric tons have been made. Part sizes may range from exceedingly small (the size of nails, pins, and bolts) to exceptionally large (up to 23 m, long shafts for ship propellers). By application, the automotive industry held 37.87% of market share in 2019 and is expected to keep its dominance over the forecast period. Properties such as durability, strength, and reliability of forged components have made them a preferred choice in the automotive sector. The Automotive industry is followed by construction and aerospace. The Construction application segment is expected to hold xx% of market share over the forecast period. The metal forging process is used for components for machinery and equipment including piston, mold design, and fabrication parts.
By geography, APAC is expected to hold xx% of market share over the forecast period. The growth in demand for metal forging is mainly driven by the development of the manufacturing sector in China, India, and other developing economies. China is the largest producer and consumer of forged products in the world. Increasing support from the government of China on the production of aluminium forged components is mainly driving the market growth in this country. China First Heavy Industries is leading market player in China. China First Heavy Industries (known as CFHI) founded since 1954, is one of the important state-owned enterprises relating to the national security and national economy under the administration of central government. CFHI has devoted itself to revitalization and development of China’s national industry by supplying major complete technical equipment, high-tech products, and services to steel, non-ferrous, electric power, energy, automobile, mining, petroleum, chemical, transportation, and military industries and carrying out relevant international trade. With more than 60 years of development, CFHI has supplied 3.6 million tons of forged metal for the construction of the national economy and developed more than 400 new products and more than 400 industrial product technologies that were unprecedented in China.
APAC is followed by North America and Europe. North America is expected to hold xx% of market share over the forecast period owing to the increasing demand for metal forging from the automotive and aerospace sectors. The United States has recently placed tariffs and anti-dumping laws on these countries, but the effect from the change in laws will still take some time to emerge. Until then, all forging companies can do is try to reduce expenses and look for new ways they can benefit other manufacturing companies with forged metal parts and pieces.
Report covers in-depth analysis of key development, marketing strategies, supply-side, and demand-side indicators. Key players are adopting various organic and inorganic growth strategies such as merger& acquisitions, joint ventures, collaborations, expansion, new product launches, and patent to increase their regional presence and business operations.
The objective of the report is to present a comprehensive analysis of the Global Metal Forging Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Metal Forging Market dynamics, structure by analyzing the market segments and project Global Metal Forging Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Metal Forging Market make the report investor’s guide.
Scope of Global Metal Forging Market
Global Metal Forging Market Segmentation by Process
• Open-die Forging
• Closed die
Global Metal Forging Market Segmentation by Raw Material
• Carbon Steel
• Alloy steel
• Stainless Steel
Global Metal Forging Market Segmentation by Application
• Oil & Gas
Global Metal Forging Market Segmentation by Region
• North America
• MEA& Africa
• South Africa
Global Metal Forging Market Major Players
• Bruck GmbH
• Larsen & Toubro (L&T) Limited
• Bharat Forge Ltd.
• China First Heavy Industries
• ELLWOOD Group Inc.
• Bharat Forge Ltd
• Japan Casting & Forging Corp
• Scot Forge
• Nippon Steel Corporation
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