(MENAFN- GlobeNewsWire - Nasdaq) Westford USA, Nov. 26, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Metal Forging market size will attain a value of USD 159.55 Billion by 2031, with a CAGR of 7.7% over the forecast period (2024-2031). The metal forging market would grow rapidly during the forecast period due to the technological advancements in sustainable forged metal production. Major global megatrends driving industry include urbanization, increasing mobility, population and economic growth, and rising climate change. Moreover, some of the companies producing pseudo-metal had been inspired to create an innovation and develop an environmentally friendly alternative which could serve for a long period and then be recycled at the end of their lives. For instance, as indicated by the United Nations Economic Commission for Europe global anthropogenic carbon emissions accounted for 7-9 % by the steel industry. Steel and power usage is very large in forging manufacturing industries. Growing demand among manufacturers for recyclable forged metal, technological advancement in metal forging increases dependability, and new government policies are promoting recycling activities, due to which the market is expected to rise. Download a detailed overview:
Browse in-depth TOC on the“Metal Forging Market”
Pages- 202
Tables- 73
Figures- 75
Metal Forging Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 81.84 Billion |
| Estimated Value by 2031 | USD 159.55 Billion |
| Growth Rate | Poised to Grow at a CAGR of 7.7% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Raw Material, Technique and Application |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Technological Expansion to Make Sustainable Forged Metal |
| Key Market Opportunities | Customization and Precision |
| Key Market Drivers | Infrastructure Development |
Carbon Steel in Focus: Revenue Contribution and Market Trends
Carbon steel accounted for about 43.5% share in the revenue generated in the global market in 2022. The levels of carbon content in it further classify carbon steel as: low, medium, and high-grade carbon steels. Carbon steel is cheaper than stainless steel. Carbon steel forging is, therefore, widely used in automotive and oil field industries. Carbon steel is one of the common alloys in many end-user industries such as general manufacturing, automotive, industrial, and so on. The end-user industry is the main industry that applies carbon steel due to its strong, flexible, and non-corrosive nature.
Transportation Sector Growing at Faster Pace Due to High Investments
The different products it supplies to the transportation sector include axles, wheels, bushes, gearbox lower spring positions, hanger blocks, center pivot pins, side bearers, directs, torsion bars, rollers, huge rings, and connecting rods. Transportation investment is foreseen to remain a key driver for the market. The Chinese government, for instance, promised investments of USD 154 billion to develop the railway network in the Yangtze River Delta region as part of the 14th five-year strategy between 2021-25. The 4,200 km rail network in the region, then, will be expanded to 17,000 km. In addition, the high-speed train network will be increased from 3,500 to 9,500 km.
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Asia-Pacific Dominates Metal Forging Market: Growth and Investment Insights
Since key metal forging countries such as China, India, and Japan are located here, Asia Pacific is expected to have the maximum share in the global metal forging market in 2023 and is expected to be the fastest-growing region. Regional growth is significantly being driven by the increasing manufacturing capacities of end-use industries such as general and automotive manufacture. For instance, South Korea announced in 2021 that it plans to invest KRW 114.7 trillion-about USD 102.7 billion-by 2031 in expanding its national railway network.
Metal Forging Market Insights
Drivers
Infrastructure Development Energy Sector Requirements Automotive Industry Growth
Restraints
High Costs Labor Costs and Skills Shortage Fluctuation in Raw Material Prices
Key Players Operating Within the Metal Forging Market
Scot Forge Kalyani Group FRISA Farinia Group HHI ATI Ladish LLC Ellwood Group, Inc. Mahindra Forgings Europe AG Bharat Forge Limited Nippon Steel Corporation
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Key Questions Covered in the Global Metal Forging Market Report
What are the factors restricting the growth of the global metal forging market? What strategic approaches do the key players are adopting to remain in the competitive era? Which region is the largest shareholder of the market?
This report provides the following insights:
Analysis of key drivers (automotive industry growth and infrastructure development), restraints (lack of skilled workers and fluctuations in raw material prices) opportunities (recycling and sustainability), and challenges (supply chain disruptions and economic instability) influencing the growth of the metal forging market Market Penetration: Comprehensive information on the product portfolios offered by the top players in the metal forging market Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the metal forging market Market Development: Comprehensive information on lucrative emerging regions Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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