Amidst the growing demand from automotive industry, metal forging market is set to witness a robust growth rate of more than 7%. Within the automotive sector demand is soaring for high-performance forged components for cars, trucks, and commercial automobiles thus augmenting the demand for metal forging. Metal forging is witnessing a surge in automotive applications on back of its durability, strength and reliability. Key players in the metal forging market are focusing on expanding production capacities in order to expand their footprint and ensure consistent quality. Large scale research and development initiatives are being undertaken in metal forging processes and raw materials.
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The report also comprises the study of current issues with end users and opportunities for metal forging. It also contains value chain analysis, including key market participants. To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews. The dashboard included in the report provides a detailed comparison of metal forging manufacturers on parameters such as total revenue, product offerings, and key strategies. A list of key companies operating in the metal forging market provided in the report adds to the credibility of this exhaustive research study.
“Trends such as digital thermomechanical analysis and integration of IoT with forging technology will bring about disruptive changes in market. Powder metallurgy and part manufacturing segment is expected to drive demand for forged metal products during the forecast period.” Says the Fact MR Analyst
Some of the major competitors operating in the metal forging market are
- Bruck GmbH
- Thyssenkrupp AG
- Larsen & Toubro Limited
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- Carbon Steel Metal Forging
- Alloy Steel Metal Forging
- Aluminum Metal Forging
- Magnesium Metal Forging
- Stainless Steel Metal Forging
- Titanium Metal Forging
- Other Raw Material Metal Forging
- Metal Forging for Automotive
- Metal Forging for Aerospace
- Metal Forging for Oil & Gas
- Metal Forging for Construction
- Metal Forging for Agriculture
- Metal Forging for Other Applications
Key Takeaways of Metal Forging Market
- Carbon Steel is the most in-demand raw material. Its popularity can be attributed to the high performance qualities of carbon steel such as ductility, yield strength, and impact resistance capacity.
- Magnesium offers the most lucrative revenue opportunities with a positive CAGR of more than 9%. Governments around the world are introducing stringent regulations to promote the use of high-performance materials such as magnesium for aerospace & defense manufacturing which is further augmenting its demand
- Application of metal forging in construction will gain 2X traction from companies on the back of infrastructure development in emerging countries to support the economic needs.
- Automotive remains the leading application segment of metal forging. The production of electric cars is demanding specialized metals to be forged with precision and quality.
- East Asia is the leading global region for metal forging manufacturers with more than 40% of the market share.
- South Asia presents beneficial growth opportunities since countries in South Asia such as Singapore and Indonesia need metal forging services to cater to their automotive and manufacturing industries respectively.
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The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries. The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global market. Some of the major competitors operating in the metal forging market are Bruck GmbH, Thyssenkrupp AG, Larsen & Toubro Limited, Arconic and others.
Automation and Integration of 3D Technology to Heighten Adoption of Metal Forging
Automotive industry is expected to drive continuous market demand for metal forging on back of development of alternative energy automobiles. With an increase in buying potential of millennial, automotive industry will witness a surging demand for electric cars and other automobiles that support transportation of consumer products globally. Opportunities lie in powder metallurgy and parts manufacturing for oil, gas & nuclear energy power plants worldwide. Market players are following market-trend-based strategies by adopting the latest developments in forging processes such as integration of 3D technology to enhance quality assurance, and adoption of automation to improve manufacturing processes. Major companies are focusing on collaborating across verticals and industries to leverage future growth potential in developing economies.
For More Insights: http://www.globenewswire.com/en/news-release/2020/03/06/1996478/0/en/Metal-Forging-Market-to-Rise-at-7-CAGR-through-2029-Demand-from-Aerospace-and-Automotive-Industries-Aids-Growth-Says-Fact-MR.html
Key Questions Answered in Report
- Which are the most lucrative metal forging markets?
- Which factors will impact the growth of metal forging?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the metal forging industry?
- What are the winning strategies of stakeholders in the market?
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