Metal Forging Market is Projected to Reach USD 137.52 Billion By 2030 with a CAGR of 6.34% from 2022 to 2030 – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Metal Forging Market Research Report Information By Raw Material (Steel, Aluminum, Magnesium, Nickel-Based Alloys and Titanium), By Type (Closed-die Forging, Open-die Forging and Ring Rolling), By End-Use Industry (Automotive, Aerospace & Defense, Power, Building & Construction, Oil & Gas and Metalworking), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
New York (US), May 01, 2023 (GLOBE NEWSWIRE) -- Metal Forging Industry Overview
The MRFR study reports imply that the “Metal Forging MarketResearch Report Information by End-Use Industry, Raw Material, Region, and Type - Forecast Till 2030”, the global Metal Forging market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 6.34%. The reports further predict the market will acquire nearly USD 137.52 billion by the end of 2030. As per the reports, the market was worth around USD 84.1 billion in the year 2021.
Market Scope
The global Metal Forging industry has lately demonstrated immense development. The primary parameter causing a surge in the market's performance is the growing aerospace industry. Furthermore, the growing production of aircraft is also considered to e one of the crucial parameters supporting the development of the market.
The global Metal Forging industry has lately demonstrated immense development. The primary parameter causing a surge in the market's performance is the growing aerospace industry. Furthermore, the growing production of aircraft is also considered to e one of the crucial parameters supporting the development of the market. Moreover, the increased investment in the modernization of power generation and renewable energy is also likely to enhance the performance of the market over the review timeframe.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high cost of procedures.
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Metal Forging market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. The Metal Forging market is no different from others. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Segment Analysis
Among all the raw materials, the steel segment secured the top spot across the global Metal forging market in 2021. The escalating demand from the aviation sector is believed to be the main parameter supporting the development of the segment. Furthermore, the high repeatability of stainless steel is a vital material for aviation since it enables businesses to lower their overall costs and increase revenues significantly.
Among all the types, the closed-die forging segment ensured the leading position across the global market for Metal Forging in 2021. The main parameter supporting the development of the segment is the escalating product and manufacturing process advancements. Furthermore, improving worldwide economic conditions is also believed to be one of the vital parameters enhancing the performance of the segment. An innovative manufacturing process called closed-die Forging, also called impression die forging, uses pressure to compress a piece of Metal to fit an enclosed die impression.
Among all the end-use industries, the automotive segment ensured the leading position across the global Metal forging market in 2021. The main parameter supporting the development of the segment is the capacity to generate parts with high dimensional precision, and better surface finishes given to the cold working or heat treatment processes deployed in forging make Metal forging superior to other methods of producing metal/plastic parts. Using aluminum alloys instead of steel, producers can adjust product quality, shorten the time, increase productivity to commercialize new goods, and raise die-casting yields.
The global market for Metal Forging is analyzed across five major geographies: North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.
The research reports by MRFR suggest that the Asia-Pacific region held the top position across the global Metal Forging industry in the year 2021, with the largest contribution of around USD 38.85 billion. The regional market is anticipated to thrive considerably during the assessment era. The main parameter supporting the regional market's growth is the growing demand in the transportation, automotive, aerospace, and energy sectors.
The European regional market for metal forging is anticipated to secure the second position across the globe over the review era. The main parameter supporting the regional market's growth is the growing use of more forgings in the automotive and aerospace sectors' products. The market across the region is growing rapidly by the expanding usage of forged metal components in producing high-pressure valves, fittings, valve bodies, and flanges for the automotive sector. The region has Germany as the leading revenue contributor. However, the UK metal forging market is anticipated to showcase the maximum growth rate over the coming years.
The North American regional market for metal forging is anticipated to showcase a substantial growth rate over the coming years. The main parameter supporting the regional market's growth is the increased demand for specialized forgings from various industry sectors such as automobiles, aircraft, and oil & gas. Furthermore, the escalating demand for rolled rings forging from the North American aerospace industry would enhance this market's growth internationally. Moreover, the US is the leading revenue contributor. On the other hand, Canada is anticipated to showcase the highest growth rate across the region.
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