The Metal Forging Market is being driven by High demand for advanced materials and alloys
The Metal Forging Market is expected to grow at a CAGR of 9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 60.14 billion. Infrastructure development is a crucial catalyst fueling the expansion of the global metal forging market. Infrastructure projects are pivotal to economic growth and urbanization, necessitating an extensive array of forged metal components. These projects encompass the construction of transportation networks, including roads, bridges, tunnels, and railways, which require various forged components such as bridge beams, rail fasteners, and tunnel support structures. Furthermore, the installation of renewable energy infrastructure, comprising wind turbines and solar farms, necessitates forged metal parts for structural support and essential components. As countries prioritize clean energy investments, the demand for forged metal components in the infrastructure sector escalates.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
247 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9% |
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Market growth 2025-2029 |
USD 60.14 billion |
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Market structure |
fragmentation |
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YoY growth 2024-2025(%) |
8.0 |
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Key countries |
US, China, Japan, India, South Korea, UK, Canada, Australia, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The metal forging market encompasses the production of forged products from raw materials through various metal forming processes. These processes apply compressive forces under controlled conditions to induce geometric changes in the metal structure, altering its composition and mechanical properties. Forging can be carried out at cold, warm, or hot temperatures, including stainless steel production. The resulting products exhibit enhanced material strength and can have empty spaces eliminated.
The metal forging market is a significant segment of the larger industrial machinery and supplies and components market. This market encompasses businesses specializing in the production of presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio's market analysis, the global industrial machinery and supplies and components market size is determined by the combined revenue generated by manufacturers of machinery and components employed in industrial settings. Factors driving growth in this market include increasing industrial production in process and discrete industries, necessitating capacity expansions in sectors such as energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages. This growth is primarily due to the robust economic development in emerging economies. The metal forging process involves applying controlled conditions to induce geometric changes in the metal structure while maintaining its composition. This process is commonly carried out at cold temperatures to ensure optimal results.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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