Metal Forging Market Size, Demand, Upcoming Trends and Revenue Analysis, Research Report Forecast by 2021-2027

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Reports and data

An increase in passenger traffic is propelling global production of aircraft, which is a major driver of demand for the metal forging market.

NEW YORK, NY, USA, Aug 24, 2021 /EINPresswire.com/ – The global metal forging market is expected to reach $ 141.62 billion by 2027, according to a new report from Reports and Data. The market is witnessing an increase in demand from the automotive industry due to the durability, strength and reliability of forged components. However, alternative manufacturing processes for components, explicitly casting, will hamper market demand.

Rapid urbanization has changed the way of life of people and in turn increased the prevalence of aerospace and automotive sectors in a wide aspect, thus increasing the demand for the product in the market. The limitations of metal forging, which include brittle metals that cannot be forged and are not suitable for complex component shaping, thus gives rise to the need in the market to look for alternative options that will hinder growth. of the metal forging market.

The advent of the use of metal forging supported by the Ministry of Heavy Industries and State-Owned Enterprises of the Government of India, as the forging market in India, is the main contributor to the global manufacturing sector, thus creating demand for the product in the market. In addition, other countries such as China, Europe and the United States are also supported by their respective governments, which helps them maintain their market position and increases the potential for increased spending in the market. metal forging industry. The United States has initiated new anti-dumping and countervailing duty investigations to determine whether forged steel fittings from countries such as India and Korea are being dumped there and to find out whether Indian producers receive unfair subsidies. There are around 45 alleged subsidy programs for India, which includes claims that the Indian government provides export subsidies, as well as subsidized finance, land, steel and other raw materials. . According to studies, the Asia-Pacific region is expected to grow with the highest growth rate due to the increase in the use of metal forging.

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The main participants are Larsen & Turbo Limited, ATI, Nippon Steel Corporation, Bharat Forge Ltd, China First Heavy Industries, Japan Casting & Forging Corp, Scot Forge, Arconic, North American Forgemasters and Ellwood Group Inc., among others.

Other key findings from the report suggest

On the basis of raw materials, carbon steel is expected to grow at a CAGR of 6.7% during the forecast period, due to its fundamental characteristics including efficiency, availability and cost, which makes it suitable for a variety of applications.
The growth of the automotive industry has created the need to produce narrow net shapes with minimal maintenance on large production runs, which is driving the demand for the metal forging market. Open die forging held a market share of over 22.0% in 2019 and is expected to grow at a rate of 7.3% during the forecast period.
The automotive sector is the main contributor of the metal forging market, which was USD 28.75 billion in 2017 and is expected to grow at a rate of 7.1% during the period 2020-2027. The construction sector in the Asia-Pacific region is expected to grow at the fastest rate of 8.3% during the forecast period.
Asia-Pacific dominated the metal forging market. The region’s constant focus on cost-effective and innovative procedures adopted in the region is driving the market. According to studies, the Asia-Pacific region holds around 58.81% of the metal forging market, followed by Europe, which contains around 20.6% of the market by area in 2019.

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For the purpose of this report, reports and data have been segmented on the global Metal Forging market on the basis of raw materials, type, application, and region:

Raw Materials Outlook (Revenue, USD Billion; 2017-2027)

Carbon steel
Alloy steel
Aluminum
Magnesium
Stainless steel
Titanium
Others

Type Outlook (Revenue, Billions USD; 2017-2027)

Closed die forging
Open die forging
Rolling ring forging
Upset forging
Precision forging

Application Outlook (Revenue, USD Billion; 2017-2027)

Automotive
Aerospace
Petroleum gas
Construction
Agriculture
Others

The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces Analysis. The report explores in more detail the major business players along with their in-depth profiling, product portfolio and strategic business decisions. The report has been formulated through extensive primary and secondary research and validated by analysts, industry experts and market professionals. The report also highlights recent mergers and acquisitions, joint ventures, collaborations, partnerships and product launches, among others.

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The regional bifurcation of the metal forging market includes:

North America (United States, Canada, Mexico)
Europe (UK, Italy, Germany, France, rest of Europe)
Asia-Pacific (India, Japan, China, South Korea, Australia, rest of APAC)
Latin America (Chile, Brazil, Argentina, rest of Latin America)
Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of MEA)

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