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Forged And Stamped Goods Global Market Report 2021: COVID 19 Impact and Recovery to 2030

ReportLinker
·4-min read

Major companies in the forged and stamped goods market include Magna International; ThyssenKrupp; Martinrea International; Harvey Vogel Manufacturing and Alcoa. The global forged and stamped goods market is expected to grow from $242.

New York, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Forged And Stamped Goods Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009802/?utm_source=GNW
35 billion in 2020 to $257.62 billion in 2021 at a compound annual growth rate (CAGR) of 6.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $316.67 billion in 2025 at a CAGR of 5%.

The forged and stamped goods market consists of sales of forged and stamped metal goods by entities (organizations, sole traders and partnerships) that are engaged in manufacturing forgings from purchased metals; manufacturing metal custom roll forming products; manufacturing metal custom roll forming products; manufacturing metal stamped and spun products (except automotive, cans, coins); and manufacturing powder metallurgy products. Establishments making metal forgings, metal stampings, and metal spun products and further manufacturing (e.g., machining, assembling) a specific manufactured product are classified in the industry of the finished product. Metal forging, metal stamping, and metal spun products establishments may perform surface finishing operations, such as cleaning and deburring, on the products they manufacture. The forging and stamping market is segmented into iron and steel forged goods; nonferrous forged goods; custom roll formed goods; powder metallurgy parts; metal crown, closure, and other metal stamped goods.

Asia Pacific was the largest region in the global forged and stamped goods market, accounting for 47% of the market in 2020. Western Europe was the second largest region accounting for 28% of the global forged and stamped goods market. Africa was the smallest region in the global forged and stamped goods market.

Metal forgers are increasingly incorporating additive manufacturing technologies to offer customized designs to the customers. 3D technology is being used in forging for balancing customization and personalization with efficiency and waste reduction. The 3D forging technology offers advantages, such as preparation of complicated shapes and designs and negligible material loss. Companies using the additive/3D manufacturing technology include Aloca and Bharat Forge.

The increasing share of electrical vehicles in the automobiles market due to the increasing demand for electric passenger vehicles is expected to restrain the forged and stamped goods market, particularly as the automobile manufacturing market is the largest end use market for the forged and stamped goods manufacturers. Electric vehicles comprises of simple architectural parts such as engines used in electric vehicle are much simpler than those used in motor vehicles. 60% of forging units are involved in the manufacturing of engine and transmission related auto components. Internal combustion engines of automobiles contain 2000 moving parts which are reduced to 20 parts in the electrical vehicles , decreasing the demand for forged and stamped goods. So, for instance, the emergence of electrical vehicles is expected to reduce the demand for auto forged and stamped goods by 40%-50% in India by 2030.

An expected growth in the demand for aircraft manufacturing supported by the growing demand for international and domestic air travel and rising government defense budgets are expected to drive the demand for forged and stamped goods. According to TBRC estimates, the sales of aerospace machinery will grow at 10.15% a year during 2018-2022 supported by the growing demand from the tourism industry. Simultaneously, many countries are increasing their defense budgets to improve their abilities to respond to international crisis and are including technologically advanced equipment across categories such as ammunition, aircraft and helicopters to be prepared for an emergency. For example, the US Senate has voted to allocate $715 billion as defense budget for 2019, an $82 billion increase from the defense budget in 2017. With an increase in defense budgets and production numbers of commercial aircraft, will drive the demand for forged metal components in the forecast period, driving the overall forged and stamped goods market.

Read the full report: https://www.reportlinker.com/p06009802/?utm_source=GNW

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