Metal Forging Market 2023: Industry Insight, Growth Drivers, Global Analysis and Forecast by 2028
According to IMARC Group latest report titled "Metal Forging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on metal forging market. 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 growth rate (CAGR) of 6.7% during 2023-2028.
What are metal forging?
Metal forging is a process in which metal is shaped by applying pressure and heat to alter its shape and properties. The process involves heating the metal to a high temperature and applying a compressive force to it using a forging press or hammer. This causes the metal to deform and take on the desired shape. It produces many components, from small parts such as bolts and screws to large components such as turbine blades and crankshafts. It is often used in automotive, aerospace, and construction industries due to forged metal components’ high strength and durability.
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What are the growth prospects and trends in the metal forging industry?
The global market is majorly driven by the increasing demand from the automotive and aerospace industries. In line with this, the rising construction activities are significantly contributing to the demand for metal forging. Furthermore, the energy and power sector also uses metal forgings for critical components in power generation equipment, transmission, and distribution systems. The expansion of this sector is stimulating the market. Apart from this, the growing demand for renewable energy and the emergence of electric vehicles are catalyzing the market. With the rise of industrial automation, the need for high-precision, complex-shaped metal components is accelerating, which can be produced through metal forging. This, in turn, is propelling the market. Besides, the rapid adoption of additive manufacturing and the escalating demand for defense and military equipment are strengthening the market. Additionally, the increasing consumer goods manufacturing and the rising demand for high-performance materials, such as titanium and nickel alloys, are providing a boost to the market.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Metal Forging Market Segmentation:
Our report has categorized the market based on region, raw material and application.
Breakup by Raw Material:
Breakup by Application:
Breakup by Region:
Key highlights of the report:
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Other Reports:Metal Forging Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 global metal forging market is expected to exhibit a growth rate (CAGR) of 6.7% during 2023-2028. What are metal forging? Get a Free Sample Copy of this Report: What are the growth prospects and trends in the metal forging industry? Ask to our Analyst: Competitive Landscape: Metal Forging Market Segmentation: Breakup by Raw Material: Breakup by Application: Breakup by Region: Key highlights of the report: About Us Contact US: IMARC Group Other Reports: