Metal Forging Market is Estimated To Reach A Valuation of USD 131.32 Billion by 2025

The global metal forging market size is expected to reach USD 131.32 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 7.6% during the forecast period. Growth of the automotive industry is expected to be one of the key market drivers.

Lightweight forging is expected to remain a key focus area in the automotive sector. Strict emission policies have forced automakers to double the share of lightweight components in automobiles. Under the European Union Legislation regarding carbon dioxide emissions, manufacturers must follow the criteria of 95 g/km of threshold value by 2021. Similar legislation is being adopted by many countries including U.S., China, India, Japan, and Brazil. The ability of the forging process to manufacture lightweight auto parts for applications such as combustion engine and transmission is anticipated to fuel growth.

The government of India has developed an Automotive Mission Plan 2016-2026 (AMP 2026) to boost the automotive sector in the country. This plan is projected to help multiple stakeholders inside and outside India including auto component, automotive vehicle, and tractor manufacturers. As per the objective of this plan, the Indian auto sector is anticipated to grow at 3.5 to 4 times the current value of USD 74 billion by 2026. The government is also planning to scale up the exports in this sector by 30% to 40% over the coming decade.

Increasing expenditure in the defense sector is expected to drive the product demand over the coming years.As per the U.S. administration, the U.S. government signed a USD 1.3 trillion spending bill in March 2018. A value of USD 160 billion was allocated to boost the defense sector in the country over the next two years. These initiatives by the government are likely to facilitate the demand for forged components in military aircraft.

Various processes used for manufacturing of agriculture forged parts include closed die forgings, steel forgings, drop forgings, and custom forgings. Forged parts include connecting rods, gear bodies, flanges, chain links, pistons, shafts, and spindle rods. Rising demand for forgings in this application is largely attributed to the developing economies such as India and Brazil. These countries are modernizing their agricultural equipment to attain a greater level of growth in terms of productivity and efficiency.

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Further key findings from the report suggest:

·       In terms of revenue, automotive segment is anticipated to reach USD 60.11 billion by 2025. The growth is attributed to the increasing demand for forged parts used in combustion engine and powertrain, especially in China and India

·       Carbon steel segment dominated the global industry with a revenue share of 44.3% in 2018 on account of easy availability and low prices compared to other materials

·       In terms of revenue, titanium segment is likely to observe the highest CAGR of 9.0% from 2019 to 2025. Increasing R&D activities for development of new titanium alloys is the key driver

·       Asia Pacific accounted for the highest market share in terms of both volume and revenue. High automotive production and consumption in the region are likely to boost the demand

·       In terms of revenue, Europe is projected to witness a significant CAGR of 6.3% over the forecast period. Steady growth in the automotive sector in Germany is likely to positively influence the product demand

·       Some of the global companies present in the metal forging market are Arconic, Larsen & Toubro Limited, Bharat Forge Ltd. and Nippon Steel Corp. Numerous vendors are adopting capacity expansion and new product development as their key strategy

Grand View Research has segmented the global metal forging market on the basis of raw material, application, and region:

Metal Forging Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

·         Carbon Steel

·         Alloy Steel

·         Aluminum

·         Magnesium

·         Stainless Steel

·         Titanium

·         Others

Metal Forging Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

·         Automotive

·         Aerospace

·         Oil & Gas

·         Construction

·         Agriculture

·         Others

Metal Forging Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)

·         North America

·         Europe

·         Asia Pacific

·         Central and South America

·         MEA

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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