The Metal Forging Global Market Report 2023, provides comprehensive information on the metal forging market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Metal Forging Global Market Report 2023, the global metal forging market size is expected to grow from $87.88 billion in 2022 to $94.74 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global metal forging market size is expected to reach $123.11 billion in 2027 at a CAGR of 6.7%.
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Automation in forging systems is a key trend gaining popularity in the metal forging market. Major market players are concentrating their efforts on creating innovative products through automated processing equipment such as induction forging, computer-controlled forging equipment, automatic control, and remote control of free forging hammers to sustain their position in the market. For instance, in January 2023, Strojmetal, a Czech Republic-based manufacturer of aluminum chassis parts and applications in the powertrain and battery housing sectors, installed a fully automated aluminum forging line. The new line is equipped with a range of state-of-the-art technologies, including a fully automated loading and unloading system, robots for part handling and transfer, and an advanced control system that allows for real-time monitoring and optimization of the forging process. The line is also designed to be highly flexible, with the ability to produce a wide range of different parts and handle different aluminum alloys.
The metal forging market is segmented:
1) By Type: Closed-Die Forging, Open-Die Forging, Ring Rolling
2) By Raw Material: Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Other Raw Materials
3) By End-User: Automotive, Defense And Aerospace, Shipbuilding, Power Industry, Oil And Gas, Other End User
Asia-Pacific was the largest region in the metal forging market in 2022.
The table of contents in TBRC’s metal forging market report includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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