Theglobal metalforging market size is expected to witness significant growth owing tothe increasing demand of the product for the automotive sector. Furthermore,increasing government support for the production of e-vehicles will favor theadoption of metal forging. Fortune Business Insights, in its latest report,titled “Metal Forging Market Size, Share &Industry Analysis, By Raw Material (Carbon Steel, Alloy Steel, Stainless Steel,Aluminum, Magnesium, Titanium, and Others), By Technology (Closed Die, OpenDie, and Others), By Application (Automotive, Mechanical Equipment, Aerospace& Railways, and Others), and Regional Forecast, 2020-2027.”, observes thatthe market is projected to reach USD 135.01 billion by 2027, while exhibiting aCAGR of 6.7% between 2020 and 2027. The report further mentions that the marketwas worth USD 80.79 billion in 2019.
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Metalforging is a type of metal forming method that mainly involves the use ofcompression force on a piece of metal to deform it, and further create thedesired shape, size, and volume. The most common forged metal products aretitanium, aluminum, copper, magnesium, and others. The process of forging isbeneficial as it aids in strengthening of the metals by eliminating internalgas pockets that tend to weaken the metals. This process also increases thestrength and durability of the metals.
What does the Report Include?
Themarket report includes quantitative and qualitative analysis of several factorssuch as the key drivers and restraints that will affect market growth. Inaddition to this, the report provides insights into the regional analysis anddiscusses the performance of the market in major regions across the world. Itincludes the competitive landscape that involves leading companies and thestrategies adopted by these companies which have resulted in several novelproducts as well as major company collaborations. The research analyst hasadopted several research methodologies such as PESTEL and SWOT analysis toextract information about the current trends and industry developments thatwill drive the market growth in the forthcoming years.
Driving Factors:
Increasing Demand for Forged Steel in Automotive to Stoke Demand
Forgedsteel provides numerous benefits such as high durability, strong tensilestrength, and reliability. These properties are a primary reason why forgedsteel 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
Amongall regions, the market in the Asia Pacific is expected to witness significantgrowth and register the highest global metal forging market revenue during theforecast period. Furthermore, the market was worth USD 43,926.0 million in 2019and is likely to gain momentum owing to the high demand for metal components inthe industrial and automotive sectors. Favorable government policies for thepromotion of e-vehicles in countries such as China and India are anticipated todrive the market growth in Asia-Pacific. Europe, on the other hand, is expectedto be the second-most leading region during the forecast period. This isascribable to factors such as the increasing adoption of forged components forthe aerospace industry.
CompetitiveLandscape:
Product Expansion Strategies by the Companies to Augur Growth
InFebruary 2019, Arconic announced the expansion strategy of its facility locatedat Knoxville, Tennessee with an investment of about USD 100 million. Accordingto the company, the expansion aims at facilitating mass production of aluminumproducts to cater to the increasing demand from the automotive and industrialsectors. Furthermore, the company plans to consolidate its position for themarket in the forthcoming years. Adoption of strategies such as introduction ofnovel products, merger and acquisition, and collaboration by the companies togain a major chunk of the global metal forging market share will bode well forgrowth during the forecast period.
Gain More Insights into the Metal Forging Market Research Report:
https://www.fortunebusinessinsights.com/metal-forging-market-103175
