Global Metal Forging Industry to Expand Nearly 2x by 2031, Spurred by Automotive Industry: Fact.MR
Published : 05 Aug 2021 Industry: Industrial Goods
The global metal forging market is poised to reach US$ 180 Bn by 2031, expanding at an impressive 7% CAGR across the forthcoming decade, concludes Fact.MR’s recently published research report. Extensive applications in the automotive industry is spurring growth.
From 2016 to 2020, the market surged at around 5% CAGR, being valued at around US$ 84 Bn by the end of the historical period. However, as the COVID-19 pandemic unfurled, prospects stalled as the aerospace and automotive sectors- prominent end users of metal forging- contracted in the first half.
Titanium alloy metal forging is expected to gain prominence in the aerospace sector. High melting point and reduced thermal conductivity has increased its applications. It combines high strength-to-weight ratios, low density, and corrosion resistance in a one package. Because the material has a low thermal expansion rate, it can keep its form with a tight tolerance. As a result of these reasons, the demand for titanium alloys in the aerospace sector has increased, bolstering the worldwide metal forging market.
Key Takeaways from the Market Study
- By application, automotive industry to account for over 51% demand for metal forging
- By raw material, carbon steel to capture 2/5th of overall market revenue
- In 2019, Asia Pacific had the highest revenue share of more than 51 percent, and this trend is expected to continue throughout the forecast period.
- China to experience growth at around 6% CAGR until 2031, amid high uptake in automotive manufacturing
- U.S generated over 20% of North American market revenue in 2020
- Asia to surpass half of the global metal forging demand as a whole until 2031
- U.K to register noteworthy growth, expanding at a CAGR of around 5%
“As the number of electric cars increases, so will the demand for strong and durable forged components, propelling market development over the projected period”. – says the Fact.MR analyst.
Companies are pursuing strategic initiatives such as capacity expansions and mergers and acquisitions to strengthen their footprint and position in the highly competitive market.
- American Axle & Production, Inc., for example, announced in June 2018 that it will open a new manufacturing facility in Barcelona to serve European markets
- In March 2018, MM Forgings announced a US$ 93.6 million investment to expand manufacture of various grades of steel forgings to meet demand from the automotive sector
- In October 2020, Liberty Steel Group made an offer to purchase Thyssenkrupp Europe's steel division
More Insights on the Metal Forging Report
Fact.MR, in its new report, offers an unbiased analysis of the global anti snoring device market, analysing historical demand from 2016-2020 and forecast statistics for 2021–2031.
The study reveals growth projections on the metal forging market on the basis of raw material (carbon steel, alloy steel, aluminum, magnesium, stainless steel, titanium and others) and application (automotive, aerospace, oil & gas, construction, agriculture and others) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Industrial Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive