[FURL=https://www.industryarc.com/Research/Metal-Forging-Market-Research-508447?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Metal Forging Market[/FURL] Metal Forging market size is forecast to reach US$122.6 billion by 2026, after growing at a CAGR of 4.8% during 2021-2026. Metal forging is a type of metal forming method that entails applying a compression force to a piece of metal to deform it, then using precipitation hardening and pneumatic riveters to create the desired shape, size, and volume. Because of the rising demand for carbon steel in the automotive sector, the global metal forging market is expected to grow significantly. In addition, increased government support for the production of electric vehicles will encourage the use of metal forging.Key Takeaways
North America dominates the metal forging market owing to the increasing automobile industry in the region. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the production of light commercial vehicles increased from 2,002,284 in 2019 to 2,151,347 in 2020, an increase of 7.4% in China.
The expanding construction industry coupled with advanced features of forged metal such as higher ductility, cryogenic toughness, high corrosion resistance, and high heat resistance are some of the factors that are boosting the market growth.
In addition, the forged metals are often used in the energy industry to manufacture components such as pressure vessels, valve bodies, turbine blades, rotors, and more, owing to which the demand for metal forging in the energy sector is on an upsurge.
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Metal Forging Market Segment Analysis – By Geography
Asia-Pacific region held the largest share in the metal forging market in 2020 up to 42%. The automotive industry is flourishing in the region, which is accelerating the demand for metal forging in the region. For instance, according to the International Trade Administration (ITA), China is the world's largest vehicle market, with the Chinese government expecting 35 million automobiles to be produced by 2025. The Indian automobile industry is expected to grow to US$300 billion by 2026, according to Invest India.
Metal Forging Market Drivers
Increasing Automobile Production in Various Regions
Flourishing Aerospace Sector
Metal Forging Market Landscape
Metal forging market top companies are Arconic, All Metals & Forge Group, Aichi Steel Corporation, Nippon Steel Corp, Allegheny Technologies Inc., American Axle & Manufacturing Inc., Schuler AG
China First Heavy Industries, Bharat Forge Ltd., Bruck GmbH, ThyssenKrupp AG L&T Special Steel and Heavy Forgings, The Japan Steel Works, Ltd., Hilton Metal Forging Ltd., Blue Point Capital
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