Metal Forging Industry
The global metal forging market was valued at USD 74.36 billion in 2021, and it is anticipated to expand at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030. One of the significant factors driving the demand for metal forged parts is the aerospace industry, which has seen a notable increase in the number of flyers globally. This surge in air travel is propelling aircraft production and, consequently, stimulating market growth. For instance, in 2021, Boeing delivered 302 aircraft, nearly double the number delivered in the previous year. Additionally, in March 2022, Boeing announced plans to double the production of the 737 Max, indicating a strong trend in the aerospace sector that is expected to further boost the demand for metal forgings throughout the forecast period.
Moreover, the economic landscape in the United States has been contributing to this growth. The U.S. GDP experienced a robust increase of 6.9% in the fourth quarter of 2021 compared to the same period in 2020. This surge was largely attributed to heightened consumer activity and capital expenditure spending, which propelled the U.S. economy to its strongest growth rate since 1984. The growth trajectory continued, with the country achieving a remarkable 5.7% GDP growth for the entirety of 2021. Such economic recovery suggests a resumption of industrial activities, which is expected to further enhance the demand for metal forgings in the United States in the coming years.
The expansion of the metal forging market is also being fueled by rising investments across various sectors, including energy, infrastructure, aerospace, and transportation. Notably, in 2021, the U.S. Senate passed a substantial infrastructure bill valued at USD 1 trillion. This bill entails significant government investments in critical areas such as roads, bridges, electric vehicle (EV) networks, public transit, high-speed internet, and access to clean drinking water. These initiatives are anticipated to contribute to the overall growth of the metal forging market by increasing the demand for durable and high-performance components that are essential for these infrastructure projects.
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Raw Material Insights
Carbon steel accounted for the largest revenue share of over 43.5% in the global forging market in 2021. The classification of carbon steel is based on its carbon content, which falls into three main grades: low, medium, and high. One of the key advantages of carbon steel is its lower material cost when compared to stainless steel, making it a more economical choice for various applications. As a result, carbon steel forgings are commonly utilized in oilfield and automotive applications where cost-effectiveness is crucial.
In contrast, aluminum is anticipated to experience the fastest growth rate in terms of volume during the forecast period. Aluminum forged parts are particularly well-suited for applications where safety is paramount, and a lightweight metal is necessary for enhanced energy efficiency or speed. Consequently, aluminum forged components are extensively used in the assemblies of various vehicles, including automobiles, tractors, and airplanes, as well as in energy missiles, drilling equipment, and ships. The versatility and lightweight nature of aluminum make it a preferred choice in industries prioritizing safety and performance.
The rising demand from automotive manufacturers is expected to significantly boost the demand for aluminum forgings between 2022 and 2030. For example, in March 2021, Sansera Engineering, a manufacturer specializing in high-precision components, secured orders worth INR 30.0 million (approximately USD 0.3 million) from BMW AG for the supply of aluminum forged components. This highlights the growing reliance on aluminum forgings in the automotive sector, where performance and weight savings are critical.
Another essential raw material segment in the market is titanium. The demand for titanium in forgings is closely linked to the growth of the aerospace sector, as titanium is widely used in aircraft parts due to its high specific strength. Reports indicate that over 50% of titanium forgings are utilized specifically for strength and weight reduction purposes. This makes titanium a vital material in the production of components where both durability and lightweight properties are essential, further solidifying its importance in industries like aerospace and beyond.
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