According to IMARC Group latest report titled” Metal Forging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market is currently witnessing strong growth. The global metal forging market to grow at a CAGR of around 5% during the forecast period (2021-2026). Metal forging refers to the process of applying compressive forces for deforming and making geometrical changes to metal. This process creates some of the strongest parts compared to other metal-producing processes.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The global metal forging market is primarily driven by its increasing application in various industries. In the aerospace industry, ferrous and nonferrous forgings are utilized in helicopters, commercial jets, piston-engine planes and supersonic military aircraft. On the other hand, forged components are found at stress and shock points in trucks and other automobiles across the automotive industry. Besides this, the forging process forms an essential part of industrial metal manufacturing, especially iron and steel. As a result, several leading players are focusing on expanding their production capacities to ensure optimal quality and reach a broader consumer base. This is expected to provide positive growth to the market in the coming years.
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The report has also analysed the competitive landscape of the market with some of the key players being.
- Arconic Corp.
- Bharat Forge Ltd.
- Bruck GmbH
- China First Heavy Industries
- Ellwood Group Inc.
- Jiangyin Hengrun Heavy Industries Co. Ltd.
- Nippon Steel Corp.
- Precision Castparts Corp.
- Kovárna Viva
- Larsen & Toubro Limited
- Scot Forge
- Thyssenkrupp AG
Metal Forging Market Segmentation:
Our report has categorized the market based on region, raw material and application.
Market Breakup by Raw Material:
- Carbon Steel
- Alloy Steel
- Stainless Steel
Market Breakup by Application:
- Oil and Gas
Market Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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