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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Application Insights
Automotive Sector:
- Global demand for vehicles, especially in emerging markets like India, China, and Brazil, is a key factor driving growth in metal forging within the automotive industry.
- Forged components are essential in various vehicle systems:
- Engine parts
- Transmission systems
- Suspension systems
- In 2023, electric vehicle (EV) sales reached nearly 14 million units, with the majority (95%) of these sales occurring in China, Europe, and the United States.
- The rapid adoption of EVs in these regions is attributed to:
- Government incentives
- Expanding EV infrastructure, which supports the growing demand for forged components in EV manufacturing.
Power Generation Sector:
- Expected to grow at the fastest Compound Annual Growth Rate (CAGR) of 11.3% over the forecast period.
- Rising global energy demand is prompting increased investment in both conventional and renewable energy infrastructures.
- Forged components play a critical role in power plants due to their:
- High durability
- Ability to withstand extreme conditions, including high temperatures and pressures, which are essential for reliable power generation across different energy sources.
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