The global Metal Forging Market will reach USD 139.63 Billion by 2030. The market is experiencing increased demand from the automotive industry due to the durability, strength, and reliability of forged components. However, alternative manufacturing processes such as casting will hinder the demand for the market. The limitations of metal forging, such as brittle metals and difficulty shaping complex components, create a need in the market to look for alternative options, hindering the growth of the metal forging market.
The use of metal forging is supported by the Ministry of Heavy Industries Public Enterprises of the Indian government as the forging market in India is the key contributor to the overall manufacturing sector, thus creating demand in the market. Other nations such as China, Europe, and the United States are also supported by their respective governments, helping them maintain their position in the market and increase expenditure in the metal forging industry.
The COVID-19 crisis has impacted the market, as manufacturers change their practices and purchasing priorities to meet the required demand of the pandemic, cutting the need for stainless steel in the market. In certain regions, markets are focusing on becoming more localized to replace supplies that are no longer available due to operations being suspended by the government.
The report finds that carbon steel is expected to grow with a CAGR of 6.7% in the forecast period due to its efficiency, availability, and cost, making it appropriate for a variety of applications. The growth of the automotive sector is driving the demand for the metal forging market, with open-die forging holding a market share of over 22.0% in 2019 and likely to grow at a rate of 7.3% in the forecast period.
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The metal forging market has seen notable innovation in various areas such as:
One significant innovation is the use of advanced simulation software to optimize the design and manufacturing processes of forged products.
Another innovation is the adoption of additive manufacturing, also known as 3D printing, for creating complex forging dies and tooling. This technology allows for more intricate designs and faster prototyping, leading to faster product development and improved efficiency.
There has also been a focus on developing new materials and alloys for forging, such as lightweight and high-strength alloys, to meet the demands of industries such as aerospace and automotive.
Additionally, automation and robotics have been integrated into the forging process to improve productivity and reduce labor costs. This includes the use of robots for material handling, quality control, and other repetitive tasks.
Overall, the metal forging industry continues to innovate and improve its processes and technologies to stay competitive and meet the evolving needs of various industries.
Top companies in the metal forging market, including:
- Bharat Forge: Based in India, Bharat Forge is one of the world's largest forging companies and produces a wide range of products for various industries such as automotive, aerospace, and oil and gas.
- Thyssenkrupp: A German multinational conglomerate, Thyssenkrupp is a leading producer of steel and metal products, including forged components for the automotive, energy, and aerospace industries.
- Nippon Steel Sumitomo Metal Corporation (NSSMC): A Japanese multinational steel-making company, NSSMC is one of the world's largest steel producers and offers a range of forged products for various industries.
- Allegheny Technologies Incorporated (ATI): A US-based specialty materials and components company, ATI offers forging services for industries such as aerospace, defense, and medical.
- Precision Castparts Corp. (PCC): An American company that specializes in complex metal components and products, PCC offers forging services for aerospace, energy, and industrial markets.
- Ellwood Group: A US-based company with multiple subsidiaries, Ellwood Group offers forging services for industries such as aerospace, defense, and oil and gas.
- Scot Forge: A US-based company with multiple locations globally, Scot Forge produces custom forgings for various industries, including aerospace, defense, and power generation.
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