Metal Forging Market Is Likely To Up Demand At A USD 145.44 Billion By 2030


 San Francisco, 17 April 2024: The Report Metal Forging Market Size, Share & Trends Analysis Report By Raw Material (Carbon Steel, Aluminum, Alloy Steel), By Application (Automotive, Aerospace, Oil & Gas), By Region, And Segment Forecasts, 2022 - 2030

The global metal forging market size is expected to reach USD 145.44 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.7% during the forecast period. Rising awareness about climate change and increasing investment in renewables, especially in wind and hydro, by governments is expected to boost the consumption of forged components. Thus, this investment is expected to propel the product demand during the forecast period. For instance, in October 2021, the U.S government unveiled plans to build up to 7 major offshore wind farms. The government is targeting to produce 30 gigawatts of wind power by 2030.

Similarly, in April 2022, the government of the country announced that it is planning to develop a 40 GW offshore wind project by 2050 that is expected to spread over 50 wind farms. Metal forging is the process, in which metals are shaped and formed using compressive force. These forces are applied using pressing, hammering, and rolling. Increasing demand for the product in various industries, such as power, construction, agriculture, marine, and aerospace, is anticipated to augment the market growth. Based on raw material, carbon steel accounted for the largest revenue share in 2021 and it is expected to maintain its dominance throughout the forecast period.

The growth is attributed to the properties of the material as the product often has a tight grain structure, which makes it mechanically strong to withstand friction. Also, carbon steel is cheaper than its counterparts. Construction is anticipated to expand at a steady CAGR, in terms of revenue, during the forecast period. The growth is attributed to increasing government investment in the construction sector to untangle the negative impact created by the COVID-19 pandemic. In November 2021, the Italian government came up with a new recovery and resilience plan to foster economic growth by 1.5 to 2.5% by 2026. The government is expected to invest in the construction of public buildings, renewable energy, and waste & water management.

In 2021, Asia Pacific was the largest regional market, in terms of revenue as well as volume. China and India were the largest consumers of metal forgings in 2021 in the APAC region. The rising demand for forged products from various application industries, such as construction, automotive, and energy, has pushed product consumption in the region.The global metal market is highly competitive. The rising demand for forged products has forced key manufacturers to opt for merger & acquisition strategies. For instance, in June 2021, Bharat Forge, a leading forging company in India announced that they have acquired Sanghvi Forging & Engineering Ltd.

Access Research Report of Metal Forging Market @ https://www.grandviewresearch.com/industry-analysis/metal-forging-market

Metal Forging Market Report Highlights

  • The aluminum raw materials segment is anticipated to register the fastest CAGR during the forecast period due to the high demand for lightweight materials from industries, such as aerospace, power generation, and automotive
  • The aerospace application segment is expected to grow at a steady CAGR during the forecast period due to the high demand for air travel owing to changes in social behavior, which, in turn, is boosting aircraft production
  • North America is expected to register a CAGR of 4.7%, in terms of volume, from2022 to 2030. Increasing investment in the construction & infrastructure industry and demand for renewables is driving the regional market
  • The agriculture application segment is expected to register a significant CAGR, in terms of revenue, during the forecast period
  • Steady demand for farm equipment in countries, such as India and Brazil, is likely to support market growth in the coming years

Metal Forging Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 81.84 billion

Revenue forecast in 2030

USD 145.44 billion

Growth rate

CAGR of 7.7% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

List of Key Players of the Metal Forging Market

  • Arconic
  • ATI
  • Bharat Forge
  • Bruck GmbH
  • China First Heavy Machinery Co., Ltd.
  • ELLWOOD Group, Inc.
  • Jiangyin Hengrun Heavy Industries Co., Ltd.
  • Nippon Steel Corp.
  • Precision Castparts Corp.
  • Kovárna VIVA
  • Larsen & Toubro Ltd.
  • Scot Forge Company
  • thyseenKrup AG

Access Press Release of Metal Forging Market @ https://www.grandviewresearch.com/press-release/global-metal-forging-market

 

Comments

Post a Comment

Popular posts from this blog

Asia Pacific PoC Diagnostics Market Growth Opportunities, Industry Analysis And Forecast: Grand View Research Inc.

Image
San Francisco, 18 March 2020 :  The Report   Asia Pacific PoC Diagnostics Market  Analysis And Segment Forecasts To 2020 The Asia Pacific point of care (PoC) diagnostics market is expected to reach USD 5,427.1 million by 2020, according to a new study by Grand View Research, Inc. Growing base of geriatric population and the ability to render immediate results and improve patient care coupled with rising market penetration of PACS (picture archiving and communication systems) and EMR (electronic medical records) are expected to drive demand over the next six years. Skilled staff shortages, especially pertaining to the field of diagnostics are also expected to accelerate the market penetration rates of PoC products, by expediting lab automation processes. Rising demand for home healthcare and other healthcare establishments catering to the elderly population and initiatives undertaken by governments to shorten hospital stays by establishing out-patient care models are also expect
Read more

U.K. Point Of Sale Software Market To Expand Industry Growth At USD 1.05 Billion By 2028

Image
  San Francisco, 21 Jan 2022:   The Report  U.K. Point Of Sale Software Market  Size, Share & Trends Analysis Report By Application (Fixed POS, Mobile POS), By Deployment, By Organization Size, By End-user, And Segment Forecasts, 2021 - 2028 The global U.K. point of sale software market size is expected to reach USD 1.05 billion by 2028, expanding at a CAGR of 8.1% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The integration of a Point-Of-Sale (POS) solution with capabilities such as sales reports monitoring, cash flow recording, product demand analysis, tracking delivery status, and inventory management ensure systematic functioning and upscaling of a business. The adoption of POS software is directly impacted by the demand for POS terminals, which is witnessing growth in demand due to changing lifestyles and government policies. However, the COVID-19 pandemic disrupted the industry's business, wherein retail stores, restaurants, and hot
Read more