Forged and Stamped Goods Global Market Opportunities and Strategies to 2033

This report describes and explains the forged and stamped goods market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global forged and stamped goods market reached a value of nearly $297.32 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.44% since 2018. The market is expected to grow from $297.32 billion in 2023 to $384.83 billion in 2028 at a rate of 5.30%. The market is then expected to grow at a CAGR of 5.04% from 2028 and reach $492.19 billion in 2033.

Growth in the historic period resulted from the emerging market growth, rapid growth in the automotive industry, increase in industrialization, rise in government support and expansion of the steel sector. Factors that negatively affected growth in the historic period were global supply chain disruptions and high costs of gas manufacturing.

Going forward, the rapid urbanization, increasing metal consumption by the aerospace sector and investment in infrastructure will drive the growth. Factor that could hinder the growth of the forged and stamped goods market in the future include skills shortages in the mining sector, presence of substitutes and stringent government regulations.

The forged and stamped goods market is segmented by type into iron and steel forging (or forged iron and steel goods), nonferrous forging (or forged nonferrous metal goods), custom roll forming (or rolled metal goods), powder metallurgy part manufacturing (or molded metal parts) and metal crown, closure and other metal stamping (or stamped metal goods). The metal crown, closure and other metal stamping market was the largest segment of the forged and stamped goods market segmented by type, accounting for 38.3% or $113.94 billion of the total in 2023. Going forward, the nonferrous forged goods segment is expected to be the fastest growing segment in the forged and stamped goods market segmented by type, at a CAGR of 6.92% during 2023-2028.

The forged and stamped goods market is segmented by end user industry into automotive, construction, food and beverage packaging, machinery, metal products and others end user industries. The automotive market was the largest segment of the forged and stamped goods market segmented by type of expenditure, accounting for 34.1% or $101.38 billion of the total in 2023. Going forward, the other end user industries segment is expected to be the fastest growing segment in the forged and stamped goods market segmented by type of expenditure, at a CAGR of 5.57% during 2023-2028.

Asia Pacific was the largest region in the forged and stamped goods market, accounting for 43.3% or $128.7 billion of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the forged and stamped goods market will be Middle East and South America where growth will be at CAGRs of 16.8% and 11.5% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 6.3% and 4.5% respectively.

The global forged and stamped goods market is fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 6.75% of the total market in 2022. The market fragmentation can be attributed to the presence of large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. ArcelorMittal S.A. was the largest competitor with a 2.28% share of the market, followed by Berkshire Hathaway Inc. with 1.32%, Kobe Steel, Ltd. with 0.60%, American Axle & Manufacturing, Inc. with 0.60%, Bharat Forge Limited with 0.53%, ThyssenKrupp AG with 0.52%, Aichi Steel Corporation with 0.31%, Illinois Tool Works Inc. with 0.26%, ATI Inc with 0.16% and CITIC Heavy Industries Co.,Ltd. with 0.16%.

The top opportunities in the forged and stamped goods market segmented by type will arise in the metal crown, closure, and other metal stamped goods segment, which will gain $35.2 billion of global annual sales by 2028. The top opportunities in the forged and stamped goods market segmented by end user industry will arise in the automotive segment, which will gain $29.1 billion of global annual sales by 2028. The forged and stamped goods market size will gain the most in Turkey at $13.2 billion.

Market-trend-based strategies for the forged and stamped goods market include new technology development to provide comparable or even superior products, strategically investing, to expand and build new metal stamping facilities and expand their product portfolio, mergers and acquisitions to improve their financial strength, using robotics and automation to improve plant efficiency and productivity, focus on partnerships and collaborations.

Player-adopted strategies in the forged and stamped goods market include focuses on strengthening business operations through strategic investments, focuses on enhancing its business operations through strategic acquisitions.

To take advantage of the opportunities, the analyst recommends the forged and stamped goods companies to focus on technological advancements for enhanced product capabilities, focus on production facility expansion initiatives, focus on leveraging robotics and automation for enhanced efficiency, focus on innovating through R&D for metal stamping solutions, focus on nonferrous forged goods for accelerated growth, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations for market expansion, focus on diversifying distribution channels, provide competitively priced offerings, focus on strategic pricing for market competitiveness, participate in trade shows and events, continue to use B2B promotions, prioritize digital engagement for enhanced brand visibility, focus on growing opportunities in other end user industries and diversify offerings to cater to growing automotive demands.