Metal Forging Market Research with Key Success Factors, Growth Trends and Forecast 2021-2027

The global metal forging market size is expected to witness significant growth owing to increasing demand of the product for the automotive sector. Furthermore, increasing government support for the production of e-vehicles will favor the adoption of metal forging. Fortune Business Insights, in its latest report, titled “Metal Forging Market Size, Share & Industry Analysis, By Raw Material (Carbon Steel, Alloy Steel, Stainless Steel, Aluminum, Magnesium, Titanium, and Others), By Technology (Closed Die, Open Die, and Others), By Application (Automotive, Mechanical Equipment, Aerospace & Railways, and Others), and Regional Forecast, 2020-2027.”, observes that the market is projected to reach USD 135,017.7 million by 2027, while exhibiting a CAGR of 6.7% between 2020 and 2027. The report further mentions that the market was worth USD 80,796.0 million in 2019.


What does the Report Include?

The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. In addition to this, the report provides insights into the regional analysis and discusses the performance of the market in major regions across the world. It includes the competitive landscape that involves leading companies and the strategies adopted by these companies which have resulted in several novel products as well as major company collaborations. The research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.

Driving Factors:

Increasing Demand for Forged Steel in Automotive to Stoke Demand

Forged steel provides numerous benefits such as high durability, strong tensile strength, and reliability. These properties are a primary reason why forged steel is preferred over its counterparts in the automotive industry. Furthermore, the increasing adoption of closed die forging technology in the automotive industry is driving the demand for forged products. Products such as carbon steel, alloy steel, and stainless steel are used in manufacture of components such as control arm, crankshaft, connecting rods, and steering knuckles among others. Increasing adoption of the products in the automotive sector is expected to drive the global metal forging market during the forecast period. Moreover, favorable government policies to promote the adoption of e-vehicles are anticipated to aid market growth.

Regional Insights:

Increasing Adoption of Metal Components in Automotive in Asia Pacific to Aid Growth

Among all regions, the market in the Asia Pacific is expected to witness significant growth and register the highest global metal forging market revenue during the forecast period. Furthermore, the market was worth USD 43,926.0 million in 2019 and is likely to gain momentum owing to the high demand for metal components in the industrial and automotive sectors..

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