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. Growing at a high CAGR of more than 4.64% between 2021 and 2031, it is estimated to reach $ 140.3 Billion by 2031, as per the latest market research report titled Metal Forging Market - Industry analysis, size, share, growth, trends, and forecast, 2021-2031.
In the metal forging division, several developments and modifications were to be noted. 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 by using forging processes increases Titanium to be assumed to be significantly in supply. This industry's evolution is expected to increase due to factors such as the implementation of fresh products with unique metals, high-performance, and R&D for fresh production techniques. Growing demand from the global automotive and aerospace industries drives the market growth. Rising passenger traffic has driven the aerospace sector's growth, thus raising the production of aerospace forged parts.
However, in this current pandemic of COVID-19, the Metal Forging market affected much. It changes the growth rate graph slightly in the Metal Forging market. But it has been expected that after the pandemic situation, the global Metal Forging market will reach a high position in the graph. Apart from that, the rising of the Metal Forging sector across the world is anticipated to offer a massive opportunity for market growth in the next forecast period of 2021 to 2031.
Geographically, The Metal Forging Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.
List of Companies Covered:
Bharat Forge Ltd.
China First Heavy Industries
Ellwood Group, Inc.
Japan Casting & Forging Corp.
Jiangyin Hengrun Heavy Industries Co., Ltd.
Nippon Steel Corp.
Precision Castparts Corp.
Larsen & Toubro Ltd.
Thyssenkrupp Business Area Components Technology
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