According to a new market research report published by Sheer Analytics and Insights, "The Global metal forging market was valued at $86.4 Billion in 2020 and is expected to grow at a commendable CAGR of more than 19.6% between 2021 and 2031, it is estimated to reach $140.3 Billion by 2031. The report is titled as Metal Forging Market - Industry analysis, size, share, growth, trends, and forecast, 2021-2031.
Increasing demand for fighter and commercial aircraft, increasing commercial and personal buildings, huge defense budgets for the development of army previous generation arms, and increasing trends towards public transportation is expected to drive the market of metal forging during the forecast period.
In the aerospace industries and medical devices, metals like Titanium and Aluminum are becoming more accepted as their integration reduces efficiency and weight. The manufacturing of aircraft parts using forging processes increases Titanium to be assumed to be significantly in supply. This industry's revolution is industry 4.0. is expected to drive the market due to the new implantation of machines based on advanced technologies such as artificial intelligence and machine learning.
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In terms of raw material, alloy steel held a significant market share of more than 38.3%. The primary reason for the usage of alloy steel is its lower price and semi durability. While in terms of application, the construction sector dominated the market with a share of more than 34.5% in 2020, while the automotive sector is expected to dominate the market by the end of 2031.
The metal forging market is geographically divided into North America, Europe, Asia- Pacific, Latin America, the Middle East, and Africa. North America dominated the overall market for metal forging with a share of more than 41% in 2020. At the same time, Asia-Pacific is expected to grow at the fastest rate during the forecast period. The primary reason attributed to the growth in the Asia Pacific region is increasing demand for components in structures and factories, increased production of automotive vehicles and higher acceptance rate, and increasing demand for fighter and commercial jets. According to Boeing report of commercial market outlook from 2021 to 2040, around 43% of deliveries to be scheduled is from this region only. This demand itself shows the growth and demand of higher number planes in this region. Therefore, metal forging demand in the Asia-Pacific is expected to dominate the market by 2028.
List of Companies Covered:
The Global Metal Forging Market Has Been Segmented into:
Global Metal Forging Market: By Raw Material
Global Metal Forging Market: By Application
Global Metal Forging Market: By Region
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