Press release
ArcelorMittal S.A., Berkshire Hathaway Inc., Thyssenkrupp AG, American Axle & Manufacturing Inc., Kobe Steel Ltd., Bharat Forge Limited, Illinois Tool Works Inc, Fine Sinter Co. Ltd.
Forged And Stamped Goods Market Size
The Business Research Company offers in-depth market insights through Forged And Stamped Goods Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The forged and stamped goods market size has grown strongly in recent years. It will grow from $297.32 billion in 2023 to $314.56 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to industrial growth, raw material prices, technological advancements, environmental regulations.
The forged and stamped goods market size is expected to see strong growth in the next few years. It will grow to $384.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to infrastructure development, automotive industry, aerospace and defense, renewable energy. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships, .
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Market Segmentation:
The main types of forged and stamped goods are iron and steel forged goods, nonferrous forged goods, custom roll formed goods, powder metallurgy parts, metal crown, closure, and other metal stamped goods. Iron and steel forged goods obtain from the alloying of iron and carbon at high pressures. These are used in automotive, construction, food & beverage packaging, machinery, metal products, and other end users.
Major Driver - Defence Budgets And Commercial Aviation Increases Forged Metal Component Demand
Expected growth in the demand for aircraft manufacturing supported by the growing demand for international and domestic air travel and rising government defence budgets are expected to drive the demand for forged and stamped goods. According to TBRC estimates, the sales of aerospace machinery will grow by 10.15% a year during 2018-2022 supported by the growing demand from the tourism industry. Simultaneously, many countries are increasing their defence budgets to improve their abilities to respond to international crises and are including technologically advanced equipment across categories such as ammunition, aircraft, and helicopters to be prepared for an emergency. For example, in January 2023, the US President requested $772 billion for the Department of Defence. The 2023 Future Years Defence Program (FYDP) projects that the DoD's budget would rise by 1.5 percent to $784 billion in 2024. An increase in defence budgets and production numbers of commercial aircraft will drive the demand for forged metal components in the forecast period, driving the overall forged and stamped goods market.
Competitive Landscape:
Major companies operating in the forged and stamped goods market include ArcelorMittal S.A., Berkshire Hathaway Inc., Thyssenkrupp AG, American Axle & Manufacturing Inc., Kobe Steel Ltd., Bharat Forge Limited, Illinois Tool Works Inc, Fine Sinter Co. Ltd., CITIC Heavy Industries Co.Ltd., Allegheny Technologies Incorporated, PCC Structurals Inc., Smith & Wesson Precision Components (SWPC), CAB Worldwide, Ferralloy Inc., McKees Rocks Forgings Inc., All Metals & Forge Group LLC, Source International, The Federal Group USA, Atlas Bronze, Ken Forging Inc., Cornell Forge Co., MES Inc, Precision Castparts, Ellwood Group, Scot Forge, Anchor Harvey, SIFCO Industries Inc., Queen City Forging Company, Walker Forge Tennessee LLC, Weldaloy Products Company, Sintavia LLC, Sintex A/S, Bourdon Forge Company, Moline Forge, Patriot Forge Co., GMP Metal Products, Peerless Industrial Group, Carpathian Industries LLC, Forge Resources Group.
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Top Trend - Integration Of Additive Manufacturing In Metal Forging Processes
Metal forgers are increasingly incorporating additive manufacturing technologies to offer customized designs to customers. 3D technology is being used in forging for balancing customization and personalization with efficiency and waste reduction. The 3D forging technology offers advantages, such as the preparation of complicated shapes and designs and negligible material loss. Companies using additive/3D manufacturing technology include Alcoa and Bharat Forge.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Forged And Stamped Goods Market Characteristics
3. Forged And Stamped Goods Market Trends And Strategies
4. Forged And Stamped Goods Market - Macro Economic Scenario
5. Forged And Stamped Goods Market Size And Growth
…..
27. Forged And Stamped Goods Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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