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.
