The global metal forging market size is expected towitness significant growth owing to the increasing demand of the product forthe automotive sector. Furthermore, increasing government support for theproduction of e-vehicles will favor the adoption of metal forging. FortuneBusiness Insights, in its latest report, titled "Metal ForgingMarket Size, Share & Industry Analysis, By Raw Material (Carbon Steel,Alloy Steel, Stainless Steel, Aluminum, Magnesium, Titanium, and Others), ByTechnology (Closed Die, Open Die, and Others), By Application (Automotive,Mechanical Equipment, Aerospace & Railways, and Others), and RegionalForecast, 2020-2027.", observes that the market is projectedto reach USD 135.01 billion by 2027, while exhibiting a CAGR of 6.7% between2020 and 2027. The report further mentions that the market was worth USD 80.79billion in 2019.
Metal forging is a type of metal forming method that mainlyinvolves the use of compression force on a piece of metal to deform it, andfurther create the desired shape, size, and volume. The most common forgedmetal products are titanium, aluminum, copper, magnesium, and others. Theprocess of forging is beneficial as it aids in strengthening of the metals byeliminating internal gas pockets that tend to weaken the metals. This processalso increases the strength and durability of the metals.
Driving Factors:
Increasing Demand for Forged Steel in Automotive to Stoke Demand
Forged steel provides numerous benefits such as high durability,strong tensile strength, and reliability. These properties are a primary reasonwhy forged steel is preferred over its counterparts in the automotive industry.Furthermore, the increasing adoption of closed die forging technology in theautomotive industry is driving the demand for forged products. Products such ascarbon steel, alloy steel, and stainless steel are used in manufacture ofcomponents such as control arm, crankshaft, connecting rods, and steeringknuckles among others. Increasing adoption of the products in the automotivesector is expected to drive this global market during the forecast period.Moreover, favorable government policies to promote the adoption of e-vehiclesare anticipated to aid market growth.
Regional Insights:
Increasing Adoption of Metal Components in Automotive in AsiaPacific to Aid Growth
Among all regions, the market in the Asia Pacific is expected towitness significant growth and register the highest global metal forging marketrevenue during the forecast period. Furthermore, the market was worth USD43,926.0 million in 2019 and is likely to gain momentum owing to the highdemand for metal components in the industrial and automotive sectors. Favorablegovernment policies for the promotion of e-vehicles in countries such as Chinaand India are anticipated to drive the market growth in Asia-Pacific. Europe,on the other hand, is expected to be the second-most leading region during theforecast period. This is ascribable to factors such as the increasing adoptionof forged components for the aerospace industry.
Gain More Insights into the Metal Forging Market Research Report:
https://www.fortunebusinessinsights.com/metal-forging-market-103175
