Dublin, Jan. 04, 2021 (GLOBE NEWSWIRE) -- The "Metal Forging Market Size, Share & Trends Analysis Report by Raw Material (Carbon Steel, Aluminum), by Application (Automotive, Aerospace), by Region, and Segment Forecasts, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global metal forging market size is expected to reach USD 124.10 billion by 2027 registering a CAGR of 5.0%
Increasing demand for passenger aircraft coupled with the rising middle-class population is projected to remain the key factor driving the market growth.
Metal forging is a process under which metal, as raw material, is customized into a shape either by a die press that encloses the metal piece and squeeze-forms it or by a falling ram on an anvil. Demand for forged parts has accelerated on account of their properties, such as ductility and higher strength, resistance, & reliability than parts made by other processes.
The forged components are majorly made from carbon steel. Other raw materials used for forging include alloy steel, aluminum, stainless steel, magnesium, and titanium. Aluminum, alloy steel, and titanium are among the fastest-growing segments owing to the demand from the aerospace sector. Aluminum and titanium are becoming more common in medical devices and aircraft components applications as their inclusion help in decreasing weight and achieve performance optimization.
Metal forgings are extensively used in various applications of different end-use industries, such as automotive, aerospace, oil & gas, construction, agriculture, and others. Automotive is anticipated to dominate the global market during the forecast period owing to the rising preference for aluminum parts and the rapid production of Electric Vehicles (EVs).
Principal forged products for the automotive sector include connecting rods and crankshafts for internal combustion engines, levers, gears, shifter forks, steering arms, and knuckles & parts for manual and an automatic transmission. Other low-value forging parts include valve bodies, steel valves, hooks, flanges, steel fittings, and shackles.
Oil & gas is also among the prominent application segments. A large number of forged parts including hubs, cylinders, check valves, swivels stems, mandrels, flanged connectors, stabilizers, discs, pump bodies, housings, pressure vessel components, and spool body are used in the production of oil & gas.
The growth in the oil & gas equipment industry coupled with increasing production and exploration activities is projected to drive the product demand in this segment over the next eight years.
Metal Forging Market Report Highlights
Asia Pacific is expected to witness the fastest CAGR of 5.8%, in terms of revenue, over the forecast period on account of increasing investments in the manufacturing sector of the developing economies of the region.
Carbon steel held the largest volume share in 2019 on account of the phenomenal properties it offers to the forged products.
The aluminum raw material segment is expected to register the fastest CAGR, in terms of revenue, during the forecast period owing to rising demand from the automotive industry.
The aerospace application segment is projected to record the fastest growth rate during the forecast period due to the high demand for titanium- and aluminum-based forged components in aircraft.
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Outlook
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Manufacturing trends
3.3.2. Raw material trends
3.3.3. Sale channel analysis
3.4. Regulatory Framework
3.4.1. Product classification codes
3.4.2. Standard and compliances
3.5. Metal Forging Market: Market Dynamics
3.5.1. Market Driver Analysis
3.5.2. Market Restraint Analysis
3.5.3. Industry Challenges - COVID-19 Impact
3.6. Business Environmental Tools Analysis: Metal Forging Market
3.6.1. Porter's Five Forces Analysis
3.6.2. PESTLE Analysis
Chapter 4. Metal Forging Market: Raw Material Estimates & Trend Analysis
4.1. Metal Forging Market: Raw Material Movement Analysis, 2019 & 2027
4.2. Carbon Steel
4.2.1. Market estimates and forecasts, 2016 - 2027 (USD Million) (Kilotons)
4.3. Alloy Steel
4.6. Stainless Steel
4.8. Other raw materials
Chapter 5. Metal Forging Market: Application Estimates & Trend Analysis
5.1. Metal Forging Market: Application Movement Analysis, 2019 & 2027
5.2.1. Market estimates and forecasts, 2016 - 2027 (USD Million) (Kilotons)
5.4. Oil & Gas
5.7. Other applications
Chapter 6. Metal Forging Market: Regional Estimates & Trend Analysis
6.1. Metal Forging Market: Regional Movement Analysis, 2019 & 2027
Chapter 7. Competitive Landscape
7.1. Key Global Players & Recent Developments & Their Impact On The Industry
7.2. Strategy Framework
7.3. Vendor Landscape
7.3.1. List of raw material suppliers, distributors, and potential customers
7.3.2. SWOT Analysis (top 3 companies)
Chapter 8. Company Profiles
Bharat Forge Ltd.
China First Heavy Industries
Ellwood Group Inc.
Japan Casting & Forging Corp.
Jiangyin Hengrun Heavy Industries Co., Ltd
Nippon Steel Corp.
Precision Castparts Corp.
Larsen & Toubro Limited
Thyssenkrupp Business Area Components Technology
For more information about this report visit https://www.researchandmarkets.com/r/gdt165
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