Metal Forging Market Size, Share, Growth, Demand, Trends, And Regional Outlook By 2025

By Author: Market Research Future
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Market Research Future has published a Half-Cooked Research Report on the Global Metal Forging Market.

Market Synopsis

According to the MRFR analysis, Metal Forging Market was valued at more than USD 75.5 Billion in 2018 and is expected to reach over USD 118 Billion by the end of 2025 at a CAGR of 6.6%.

Metal forging is a metalworking process, wherein a metal is deformed in a controlled manner by using compressive forces to form a specific shape product. It is widely used to manufacture complex structured components for the automotive, aerospace & defense, power, and oil & gas industries.

The prominent factors driving the growth of the global Metal Forging Market Size are increasing demand for both passenger and commercial vehicles, growing commercial aircraft production, and increasing demand for metal forged parts in the nuclear power industry.

SEGMENTATION

By Raw Material

Steel: The steel segment was the dominant raw material segment in 2018 with a market share of over 70%. This is mainly attributed to its strength, availability, a higher degree of reliability and tolerance ...
... capabilities, and use of specialized alloy types such as stainless steel and carbon steel. It is widely used for the production of forged components for the automotive, oil & gas, aerospace, agriculture machinery, and other general industries. This is mainly attributed to high strength and durability, dense, non-porous aspect of forged steel parts, close tolerances, increased product efficiency, and low cost offered by steel forgings. Additionally, steel forge parts are free from gas voids, pockets, or cooling defects, thus avoiding load failure.

This segment is further segmented into carbon steel, alloy steel, and stainless steel.

Aluminum: This segment is expected to register healthy growth during the forecast period owing to the increasing demand for light-weight materials in the automotive and aerospace industries, wherein performance and safety are critical as well light-weight metal is desired to increase the energy efficiency. Moreover, aluminum offers a resistance to corrosion, maximum impact strength, superior internal integrity, and elimination of internal voids. Pistons, gears and wheel spindles in high performance automobiles and aircraft are the major applications of forged aluminum. The major developments in the aluminum forging segment have been witnessed in recent years. For instance, in August 2018, Bharat Forge Ltd announced to invest USD 55 million to start an aluminum forging operation in Tennessee, US, which is expected to commence in the second half of 2020.

Magnesium: Magnesium offers excellent mechanical strength and stiffness, high strength-to-weight ratio, damping qualities, and high dent and impact resistance. Owing to these characteristics, magnesium and its alloys are ideal for forging lightweight, durable parts for a wide variety of structural and nonstructural applications varying from aerospace, power tools, and industrial machinery to commercial and military aircraft.

Nickel-Based Alloys: Nickel-based alloys are ideal materials for parts and components used for pumps, piping systems, valves, process equipment, as well as turbines and assemblies in the marine, oil and gas, chemical processing, aerospace and defense industries. This is mainly attributed to the high resistance to heat, corrosion, and acid coupled with excellent wearability offered by these alloys.

Titanium: Titanium metal has the highest strength to density ratio of any metallic elements. It provides excellent durability and resistance to corrosion which is why it is used in applications requiring high operating temperature, high strength, lightweight, and high corrosion resistance.

Others: The other segment includes copper, iron, and brass.

By Type

Closed-die Forging: Closed-die forging, also known as impression-die forging, is the most popular metal forging process, with the segment accounting for a share of over 65% of the market in 2018. This is mainly attributed to the compatibility of all metals with the process; closed-die forged metal components require less machining; allows to produce near net shapes; and supports high production runs.

Open-die Forging: Open-die forging, the other widely used forging process, offers several benefits such as better fatigue resistance, less material waste, reduced chance of voids, valuable cost savings, owing to which is commonly used for steel and steel alloys forging.

Ring Rolling: Ring rolling is widely used for producing forged metal parts for the nuclear, general industrial, and pharmaceutical industries. This process can be used to manufacture metal parts of various heights, diameters, weights, and varied shapes, making it a versatile process. Additionally, it is one of the most cost-effective forging processes.

Others: This segment covers the upset forging and precision forging.

By End-Use Industry

Automotive: The automotive industry has been the major consumer for metal forging and this trend is expected to continue in the near future. The segment held a market share of over 50% in 2018, owing to the widespread use of metal forging in the automotive industry coupled with the surging demand for passenger cars in the emerging economies. The components include engine components, transmission components, steering, front axle, and rear axle. Additionally, the increasing use of forged-aluminum parts in the automobiles to meet the lightweight and high strength requirements is likely to favor the growth of the segment during the assessment period.

Aerospace & Defense: Aerospace & defense is expected to register the highest CAGR during the review period. This is mainly attributed to the rising demand for commercial aircraft, thus speeding up the production rates. According to the Airbus data, the commercial aircraft order backlog is at its peak and is expected to produce over 20,000 aircraft globally over the next decade. Metal forged parts offer high strength-to-weight ratio and structural reliability, thus favoring the performance, range, and payload capabilities in the aerospace industry. Metal forgings are widely used in jets and piston-engine planes, engine mounts, helicopters, military aircraft, and spacecraft. Furthermore, with the geopolitical tensions continuing to increase, the demand for military equipment is expected to be on the uptick, thus boosting demand for metal forgings during the forecast period.

Power: The power segment is also expected to register significant growth during the review period on account of the increasing dependence on nuclear power reactors to generate electricity. In 2018, nuclear power plants supplied 2,563 TWh of electricity, up from 2,503 TWh in 2017. Metal forgings are widely used in the manufacturing of pressure vessels, generator rotors, valve bodies, turbine blades and rotors, and fittings for power generation equipment. The clear need for increasing the energy capacity around the world to meet the growing demand for electricity is further expected to propel the market growth in the years to follow.

Oil & Gas: Metal forged products are used in a wide range of applications ranging from onshore to offshore, midstream, subsea, and downstream.

Others: The other segment includes medical, sports, and mining.

By Region

North America: Market growth is driven by the well-established automotive industry

Europe: Germany is the largest contributor to the regional market growth owing to the growing nuclear power industry.

Asia-Pacific: The largest and fastest-growing regional market for metal forging.

Latin America: A small but growing automotive industry is likely to fuel the demand for metal forging in the coming years.

Middle East & Africa: High growth potential of the automotive manufacturing hub in Egypt, UAE, and Saudi Arabia, may propel the regional market growth during the forecast period.

Access Report Details @ https://www.marketresearchfuture.com/reports/metal-forging-market-8495