Global Metal Forging Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Metal Forging Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Forging is a manufacturing process, which involves forming metal with local pressure. Forging can produce stronger parts than equivalent castings or machined parts. When metal is formed during forging, its internal texture is deformed to conform to the general shape of parts. Therefore, the texture change of the whole part is continuous, resulting in a workpiece with improved strength characteristics. In addition, forgings can achieve a lower total cost than casting or manufacturing. Considering all the costs in the product life cycle, from procurement to delivery time to rework, and considering the waste cost, downtime and other quality factors, the long-term benefits of forgings may exceed the short-term cost savings that castings or manufacturing may provide. This report studies the global metal forging market including Steel, Iron, Aluminium Drop Forging, Magnesium, Titanium, etc. Metal Forging products are mainly used in automotive, defense and aerospace, shipbuilding, power, oil and gas industries.

Market Overview:

The latest research study on the global Metal Forging market finds that the global Metal Forging market reached a value of USD 75889.12 million in 2022. It’s expected that the market will achieve USD 131160.87 million by 2028, exhibiting a CAGR of 9.55% during the forecast period.

Influence of COVID-19 Outbreak on Metal Forging Industry Development

The outbreak and persistence of the COVID-19 epidemic will undoubtedly have a severe impact on the global oil industry in 2020. The sharp drop and rebound of oil demand have caused drastic fluctuations in global oil product inventories and oil prices.
The International Energy Agency warned that the impact of the epidemic on the energy system will continue for many years. This year, global oil demand will drop by 8%, and Brent oil prices will not reach the level of US$50 per barrel until 2023. If the policies and goals of various countries are implemented smoothly, global energy demand will also return to pre-epidemic levels in early 2023. If the epidemic prolongs and the decline deepens, this point will be postponed to 2025.
The oil and gas industry is one of the main downstream applications of Metal Forging. With the outbreak of the epidemic, the oil industry fluctuates sharply, the demand side and the supply side will be more cautious, and related investments have decreased, which will increase the risk of future market fluctuations. Affected by this, the Metal Forging market will also fluctuate, and market investment needs to be more cautious.
In order to curb the COVID-19 epidemic, most countries have introduced many policies, including border blockade and social distancing. The epidemic prevention and control measures will affect the flow of people and activities, and in turn affect logistics, making the production of manufacturing, especially labor-intensive industries, affected by the supply of raw materials and labor shortages.
For the Metal Forging industry, the blockade policy will affect the supply of raw materials and export trade of products. The social distancing policy may have a great impact on the production of products, especially for some small factories, they will spend more money to maintain production during the epidemic, and factories may face the risk of closure in some areas.
But in the long term, the COVID-19 outbreak may cause more factories to start using more automated production lines to avoid the pandemic's impact on the industry. In addition, the application of IoT technology may also bring more opportunities for industry participants.

Region Overview:

From 2023-2028, Asia-Pacific is estimated to witness robust growth prospects.

Company Overview:

Precision Castparts Corp. (Berkshire Hathaway) is one of the major players operating in the Metal Forging market, holding a share of 4.91% in 2021.

PCC is the market leader in manufacturing large, complex structural investment castings, airfoil castings, forged components, aerostructures and highly engineered, critical fasteners for aerospace applications.

In addition, the Company is the leading producer of airfoil castings for the industrial gas turbine market.
PCC also manufactures extruded seamless pipe, fittings, forgings, and clad products for power generation and oil & gas applications; commercial and military airframe aerostructures; and metal alloys and other materials to the casting and forging industries.

Howmet Aerospace Inc., (formerly Arconic Inc.) is an American aerospace company based in Pittsburgh, Pennsylvania. The company manufactures components for jet engines, fasteners and titanium structures for aerospace applications, and forged aluminum wheels for heavy trucks.

Segmentation Overview:

Among different product types, Steel segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Automotive segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Metal Forging market covered in Chapter 3:

Jinma Industrial Group
VSMPO-AVISMA
American Axle and Manufacturing (AAM)
Mahindra CIE Automotive Limited
Vallourec SA
Nippon Steel
FRISA
Aichi Steel
FAW
KOBELCO
Howmet Aerospace Inc.
Thyssenkrupp
Otto Fuchs KG
Precision Castparts Corp. (Berkshire Hathaway)
AVIC Heavy Machinery
Bharat Forge
Wanxiang Qianchao
Pacific Precision Forging
Aubert & Duval (Eramet)
Allegheny Technologies Incorporated (ATI)
Longcheng Precision Forging
Farinia Group

In Chapter 4 and Chapter 14.2, on the basis of types, the Metal Forging market from 2018 to 2029 is primarily split into:

Steel
Iron
Aluminium Drop Forging
Magnesium
Titanium
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Metal Forging market from 2018 to 2029 covers:

Automotive
Defense and Aerospace
Shipbuilding
Power Industry
Oil and Gas
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)