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The Metal Forging Market size was estimated at USD 77.21 billion in 2023, USD 84.55 billion in 2024, and is expected to grow at a CAGR of 9.84% to reach USD 148.99 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
Metal forging is a method in which the material is formed by applying localized compressive forces manually or with power hammers, presses, or specialized forging equipment. Materials in hot or cold conditions can be used in the procedure, and it is an efficient method of producing parts and components such as rivets, bolts, crane hooks, connecting rods, gears, turbine shafts, hand tools, and railroads in different shapes. Government efforts to automate end-user sectors through Industry 4.0 initiatives, accelerating infrastructure spending across all economies, and continuous global electrification and expansion of the transportation industry fuel the use of metal forging. On the other hand, metal forging is highly expensive and could lead to defective component production. In addition, the limited usability of metal forging techniques for microstructures and smaller components and issues in forging compounded metals hinder their adoption. However, the continuous improvements made in metal forging techniques and technologies and increasing demand in end-user industries for hybrid and customized components are expected to proliferate its adoption in the coming years.
Regional Insights
In the Americas, with a robust focus on aerospace, automotive, and construction industries, metal forging is integral to manufacturing high-strength components, and the region is home to a blend of long-established companies and innovative start-ups. Production is technologically advanced, emphasizing energy efficiency and material optimization, driven by stringent environmental regulations and the adoption of Industry 4.0 technologies. The APAC region, due to its significant manufacturing base, particularly in China and India, portrays large-scale global metal forging production volume, catering to an expansive domestic as well as global market. Usage is diverse, encompassing sectors such as infrastructure development, transportation, and agricultural machinery, reflecting the region's rapidly expanding economic footprint. APAC's company scenario is characterized by both large-scale state-owned enterprises and an extensive array of small to medium-sized forging companies, with a competitive edge in mass production and cost-effectiveness. Within the EMEA region, the scenario is quite nuanced, with highly specialized manufacturing practices prevalent in Europe, often focusing on premium, customized forgings for the automotive, industrial, and defense sectors, underpinned by deep-rooted engineering expertise and innovation. The Middle East has an evolving forging industry, leveraging its strategic location and investments to diversify away from an oil-dependent economy, while Africa is still at a nascent stage with significant growth potential. EMEA companies often emphasize adherence to strict quality and sustainability standards, with a rich heritage in metalwork being adapted to modern demands through R&D and strategic partnerships.FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Metal Forging Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Metal Forging Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.Key Company Profiles
The report delves into recent significant developments in the Metal Forging Market, highlighting leading vendors and their innovative profiles. These include Aichi Steel Corporation, American Axle & Manufacturing, Inc., Arconic Corporation, ATI Inc., Bharat Forge Limited, Bula Forge and Machine, Inc., Carbo Forge, Inc., Coulter Forge Technologies, Inc., ELLWOOD Group Inc., Farinia Group, Forge Technology, Inc., Forjas Bolívar S.A.S, FRISA INDUSTRIAS, S.A. de C.V., Georgsmarienhütte Holding GmbH, Hilton Metal Forging Ltd., IBC Advanced Alloys, Kalyani Forge Limited, Larsen & Toubro Limited (L&T), M M Forgings Limited, Maiden Forgings Ltd., Metal Forging Pvt. Ltd., Nikolic Industries, Inc., NIPPON STEEL CORPORATION, Precision Castparts Corp., Ramkrishna Forgings Ltd., Saarstahl AG, Sheffield Forgemasters International Ltd., Sumitomo Metal Corporation, ThyssenKrupp AG, Xianyang Tong Hui Forging Co., Ltd., and Zhangqiu Baohua Forging Co.,Ltd.Market Segmentation & Coverage
This research report categorizes the Metal Forging Market to forecast the revenues and analyze trends in each of the following sub-markets:- Forging Type
- Cold Forging
- Impression Die Forging
- Open Die Forging
- Seamless Rolled Ring Forging
- Material
- Aluminum
- Beryllium
- Brass
- Bronze
- Copper
- Magnesium
- Stainless Steel
- Titanium
- Zirconium
- Application
- Aerospace & Defense
- Agriculture
- Automotive & Transportation
- Construction
- Manufacturing
- Mining & Mineral Exploration
- Oil & Gas
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Metal Forging Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Metal Forging Market?
- What are the technology trends and regulatory frameworks in the Metal Forging Market?
- What is the market share of the leading vendors in the Metal Forging Market?
- Which modes and strategic moves are suitable for entering the Metal Forging Market?
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Table of Contents
1. Preface
2. Research Methodology
4. Market Overview
5. Market Insights
6. Metal Forging Market, by Forging Type
7. Metal Forging Market, by Material
8. Metal Forging Market, by Application
9. Americas Metal Forging Market
10. Asia-Pacific Metal Forging Market
11. Europe, Middle East & Africa Metal Forging Market
12. Competitive Landscape
13. Competitive Portfolio
14. Appendix
List of Figures
List of Tables
Companies Mentioned
- Aichi Steel Corporation
- American Axle & Manufacturing, Inc.
- Arconic Corporation
- ATI Inc.
- Bharat Forge Limited
- Bula Forge and Machine, Inc.
- Carbo Forge, Inc.
- Coulter Forge Technologies, Inc.
- ELLWOOD Group Inc.
- Farinia Group
- Forge Technology, Inc.
- Forjas Bolívar S.A.S
- FRISA INDUSTRIAS, S.A. de C.V.
- Georgsmarienhütte Holding GmbH
- Hilton Metal Forging Ltd.
- IBC Advanced Alloys
- Kalyani Forge Limited
- Larsen & Toubro Limited (L&T)
- M M Forgings Limited
- Maiden Forgings Ltd.
- Metal Forging Pvt. Ltd.
- Nikolic Industries, Inc.
- NIPPON STEEL CORPORATION
- Precision Castparts Corp.
- Ramkrishna Forgings Ltd.
- Saarstahl AG
- Sheffield Forgemasters International Ltd.
- Sumitomo Metal Corporation
- ThyssenKrupp AG
- Xianyang Tong Hui Forging Co., Ltd.
- Zhangqiu Baohua Forging Co.,Ltd
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 182 |
| Published | March 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 84.55 Billion |
| Forecasted Market Value ( USD | $ 148.99 Billion |
| Compound Annual Growth Rate | 9.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 31 |
