According to IMARC Group latest report titled “Metal Forging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on metal forging industry research report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global metal forging market is expected to exhibit a CAGR of 7% during 2022-2027.
Metal forging refers to the process of shaping and forming various metals by hammering or pressing. The compressive force is applied for deforming and making geometrical changes to the material. Compared to other metal-producing processes, forging makes some of the strongest parts. The hot method of metal forging breaks up impurities and removes inclusions that can cause stress points. As a result, metal forging is utilized for manufacturing essential aircraft parts, such as shafts for turbines and jet engines, structural components for transportation equipment, and landing gear.
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Significant growth in the aerospace industry, where ferrous and nonferrous forgings are utilized in piston-engine planes, helicopters, supersonic military aircraft, and commercial jets, is primarily driving the market growth. Furthermore, the expanding applications of forged components at stress and shock points in trucks and other automobiles are also propelling the market growth. Besides this, several leading players are focusing on increasing their production capacities to reach a broader consumer base and ensure optimal quality, which in turn is acting as another growth-inducing factor. Moreover, the metal forging process finds widespread applications in the steel industry, which is further expected to augment the market growth in the coming years.
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The report has also analysed the competitive landscape of the market with some of the key players being.
Our report has categorized the market based on region, raw material and application.
Market Breakup by Raw Material:
Key highlights of the report:
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