The Latest Metal Forging Industry Statistics Explained
The global metal forging market size was valued at $81.26 billion in 2020.
The statistic indicates that the total worth of the global metal forging market in 2020 was $81.26 billion. Metal forging involves shaping metal through heating and hammering, resulting in stronger and more durable products compared to other metalworking processes. The market size value includes the revenue generated from the production and sale of various forged metal products worldwide. This statistic serves as a key indicator of the economic activity and size of the metal forging industry, reflecting the demand for forged metal components in sectors such as automotive, aerospace, construction, and industrial machinery. The substantial market value underscores the significance of metal forging as a vital manufacturing process contributing to global economic growth and industrial development.
The metal forging market is projected to reach $114.18 billion by 2028.
The statistic indicates a forecasted growth of the metal forging market, estimating that by the year 2028, the market is expected to reach a value of $114.18 billion. This projection suggests that there will be a significant increase in demand for metal forging services and products over the coming years, likely driven by factors such as industrial development, infrastructure projects, and advancements in technology. The anticipated growth presents opportunities for businesses operating in the metal forging industry to expand their operations, innovate their processes, and capitalize on the rising demand for forged metal components.
The metal forging industry is expected to exhibit a CAGR of 5.1% during 2021-2028.
This statistic indicates that the metal forging industry is projected to experience a Compound Annual Growth Rate (CAGR) of 5.1% between 2021 and 2028. CAGR is a useful metric that provides a smooth representation of the growth rate over multiple periods, in this case, seven years. This growth rate suggests that the industry is expected to expand steadily at a rate of 5.1% per year during the specified time frame. Factors such as technological advancements, increasing demand for forged metal products, and economic conditions may contribute to this growth trajectory. Overall, the CAGR of 5.1% signifies a positive outlook for the metal forging industry in the foreseeable future.
Metal forming generates around $13.5 billion in revenue in the United States.
The statistic that metal forming generates around $13.5 billion in revenue in the United States indicates the significant economic contribution of the metal forming industry to the country’s overall economy. Metal forming encompasses various processes such as forging, stamping, and extrusion, which are vital for manufacturing products across industries like automotive, aerospace, and construction. The revenue generated highlights the scale of production and demand for metal-formed products in the U.S., reflecting a robust market for these materials. This statistic also suggests the industry’s role in job creation, technological innovation, and supply chain support within the manufacturing sector, further underscoring its importance in driving economic growth and development.
The Asia-Pacific region held the largest market share in the forging industry in 2020.
In 2020, the Asia-Pacific region had the largest market share in the forging industry, indicating that a significant portion of global forging activities occurred within countries located in this region. This statistic suggests that the Asia-Pacific region was a major player in manufacturing forged products such as metal components, tools, and automotive parts. The dominance of the Asia-Pacific region in the forging industry may be attributed to factors such as the presence of established manufacturing hubs, access to raw materials, skilled labor, technological advancements, and increasing demand for forged products both within the region and globally. By holding the largest market share, the Asia-Pacific region demonstrated its competitiveness and strength in the forging industry on the global stage.
For the global metal forging industry, automotive constitutes 64% of the overall demand.
The statistic that automotive constitutes 64% of the overall demand for the global metal forging industry indicates that a significant portion of the industry’s demand for forged metal products comes from the automotive sector. This suggests that the automotive industry is a major consumer of metal forging products, such as components and parts used in vehicle manufacturing. The high percentage of demand from the automotive sector highlights the industry’s reliance on automotive companies as key customers and underscores the importance of the automotive industry in driving demand for metal forging products on a global scale.
There are 2,886 metalworking machinery manufacturing businesses in the United States on its own.
The statistic that there are 2,886 metalworking machinery manufacturing businesses in the United States highlights the significant presence of this industry within the country. This figure indicates the number of establishments specifically engaged in the production of metalworking machinery, which plays a crucial role in various sectors such as manufacturing, construction, and transportation. The presence of a large number of metalworking machinery manufacturers suggests a competitive market landscape with diverse offerings for consumers in terms of equipment and technology. Additionally, it reflects the industry’s contribution to the economy through job creation, innovation, and the production of essential machinery for various industrial processes.
The metal forging industry also provides employment for more than 600,000 workers globally.
The statistic stating that the metal forging industry provides employment for over 600,000 workers worldwide highlights the significant role this industry plays in the global economy in terms of job creation. Metal forging involves shaping and compressing metal into desired forms, which requires skilled labor and specialized equipment. The employment opportunities generated by this industry not only contribute to the livelihoods of a substantial number of individuals but also indicate the industry’s scale and importance in meeting the demand for metal components across various sectors such as automotive, aerospace, and construction. This statistic underscores the industry’s wide-reaching impact on workforce participation and economic growth on a global scale.
The global open-die forging market size is projected to reach $11.6 billion by 2025.
This statistic indicates that the total value of the global open-die forging market is estimated to grow to $11.6 billion by the year 2025. Open-die forging is a manufacturing process used to shape metal by applying compressive forces with the help of hammering or pressing. The projected increase in market size suggests a growing demand for products manufactured through open-die forging across various industries such as automotive, aerospace, and defense. This growth could be driven by factors such as increasing industrialization, infrastructure development, and the adoption of advanced manufacturing technologies. The projected market size serves as an important indicator of the industry’s potential growth and attractiveness for investors and businesses operating within the open-die forging sector.
In 2020, there were around 920 forging establishments in the EU.
The statistic “In 2020, there were around 920 forging establishments in the EU” indicates the approximate number of businesses within the European Union that are engaged in the process of forging metal products. Forging establishments typically specialize in shaping metal through the application of heat and pressure, producing components used in various industries such as automotive, aerospace, and construction. This statistic provides insight into the scale of the forging industry within the EU and highlights the significant presence of these establishments in the region, contributing to economic activity and employment opportunities within the sector.
The aviation and aerospace industry accounted for over 11% revenue share in the metal forging industry globally.
The statistic indicates that the aviation and aerospace industry, globally, contributed significantly to the metal forging industry by accounting for over 11% of the total revenue share. This suggests that a significant portion of metal forging activities, such as shaping and molding metal components through heat and pressure, were driven by the demand from the aviation and aerospace sectors. The high revenue share highlights the industry’s reliance on metal forging for manufacturing various parts and components essential for aircraft and spacecraft construction. The statistic underscores the strong relationship between the aviation and aerospace industry and the metal forging sector, indicating a vital connection between two important sectors of the global economy.
Aluminum forging market predicted to grow at more than 6% CAGR from 2021 to 2027.
The statistic indicates that the aluminum forging market is projected to experience a Compound Annual Growth Rate (CAGR) of over 6% between the years 2021 and 2027. This prediction suggests a steady and positive growth trend in the market for aluminum forging processes over the specified time period. A CAGR of 6% suggests a relatively healthy growth rate that could be driven by factors such as increasing demand for aluminum components in various industries, technological advancements in forging processes, and global economic conditions. This forecast could be important for industry stakeholders, investors, and policymakers to anticipate and plan for potential market developments and opportunities within the aluminum forging sector.
In Europe, about 50% of forgings are produced for the automotive industry.
The statistic suggests that in Europe, approximately half of all forgings, which are metal components formed through a process of shaping and moulding, are specifically manufactured for use in the automotive industry. This indicates a significant reliance of the forging industry within Europe on the automotive sector as a major consumer of their products. The high demand for forgings in the automotive industry can be attributed to the need for durable and high-strength components in vehicle manufacturing. This statistic underscores the importance of the automotive industry as a key driver of the forging sector in Europe, highlighting the interconnectedness of various industries within the broader economy.
The global market for metal forging is largely consolidated, with the top players accounting for over 48% of the market share.
This statistic indicates that the global market for metal forging is dominated by a small number of major players, with the top companies collectively holding a sizeable portion of the market share. Specifically, these top players account for over 48% of the total market, highlighting a high level of concentration within the industry. The dominance of these key players suggests that they may have significant competitive advantages such as economies of scale, strong brand recognition, or proprietary technology, which allow them to capture a substantial portion of the market demand. As a result, smaller or newer entrants may face challenges in competing with these industry leaders for market share.
Even with the rise of additive manufacturing, the forging industry is expected to maintain a significant role in manufacturing due to its endurance benefits.
This statistic suggests that despite the increasing popularity of additive manufacturing technologies, such as 3D printing, the forging industry is projected to continue playing a substantial role in the manufacturing sector. This prediction is based on the enduring advantages offered by forging processes, such as superior strength, durability, and reliability of the final products. While additive manufacturing techniques provide flexibility and customization options, traditional forging methods are valued for their ability to produce components with exceptional mechanical properties that are essential in industries requiring high-performance materials. Therefore, despite advancements in additive manufacturing, the forging industry is expected to persist and contribute significantly to manufacturing due to its unique benefits in producing high-quality, sturdy products.
In 2020, North America accounted for roughly 20% of the total market revenue in the metal forging sector.
The statistic indicates that in 2020, North America contributed approximately 20% of the overall market revenue within the metal forging sector. This implies that a significant portion of the market’s total revenue was generated by businesses operating within North America. The figure can provide insights into the regional distribution of economic activity within the metal forging industry, highlighting the relative size and importance of North America in terms of market revenue. Analyzing this statistic can offer valuable information for companies, policymakers, and investors seeking to understand the market dynamics and opportunities within the metal forging sector in North America and globally.
References
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