According to IMARC Group latest report titled “Metal Forging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on metal forging market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global metal forging market is expected to exhibit a CAGR of 7% during 2022-2027.
Metal forging refers to a metal forming process that has evolved in the past years and has witnessed the integration of innovative and diverse techniques. In this method, metal is deformed with compressive forces, such as hammering, rolling, and pressing, in controlled conditions to give a desired geometric change to the material. This procedure offers uniformity in metal structure and composition. Metal forging aims to produce high-quality metal parts, such as stainless steel with increased material strength, by blocking the cracks and closing the empty spaces.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The global market is majorly driven by continual technological developments and innovations in forging processes that provide numerous advantages, such as high performance, maximum strength, high metallurgical properties, and superior internal integrity. Furthermore, cooperative research by collaborating with suppliers, end users, government, institutes, and other forging companies to enhance or develop significant existing and new technologies is an essential strategy adopted by different players in the metal forging industry. Moreover, the rising use of titanium in the production of aircraft components is positively influencing the market. Besides this, the widespread usage of forged steel in the automotive industry is propelling the market. Additionally, the escalating demand for commercial and passenger vehicles, coupled with the adoption of lightweight forged steel in electric vehicles, is providing a boost to the market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Arconic Corp.
- Bharat Forge Ltd.
- Bruck GmbH
- China First Heavy Industries
- Ellwood Group Inc.
- Jiangyin Hengrun Heavy Industries Co. Ltd.
- Nippon Steel Corp.
- Precision Castparts Corp.
- Kovárna Viva
- Larsen & Toubro Limited
- Scot Forge
- Thyssenkrupp AG
Metal Forging Market Segmentation:
Our report has categorized the market based on region, raw material and application.
Market Breakup by Raw Material:
- Carbon Steel
- Alloy Steel
- Stainless Steel
Market Breakup by Application:
- Oil and Gas
Market Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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