Forging is a manufacturing process that includes the shaping of metal using localized compressive forces. Forging is classified as hot, warm, or cold according to its temperature. Metal forging is the process of shaping and forming metals by rolling, hammering or pressing. This is done by applying compressive forces for deforming and making geometrical changes to the material. The forging process is an essential part of industrial metal manufacturing, generally iron and steel. As compared to other metal producing processes, forging makes some of the strongest parts. The hot method of metal forging breaks up impurities and eliminates inclusions that can cause stress points. Therefore, metal forging is use for manufacturing essential aircraft parts, such like shafts for turbines and jet engines, structural components for transportation equipment, and landing gear.

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Key Market Players
Arconic Corp., ATI, Bharat Forge Ltd., Bruck GmbH, China First Heavy Industries, Ellwood Group, Inc., Japan Casting & Forging Corp., Jiangyin Hengrun Heavy Industries Co., Ltd., Nippon Steel Corp., Precision Castparts Corp., Kovárna Viva, Larsen & Toubro Ltd., Scot Forge, North American Forgemasters, Aichi Steel Corporation, and Schuler Group.

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Metal Forging Market : Dynamics
Drivers
Rising Use of Forged Steel in the Automotive Industry to Fuel the Market Growth
Increasing demand for forged steel in the automotive industry will create profitable growth opportunities. Forged steel provides several benefits such as high durability, strong tensile strength, and reliability. These properties are a main 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. Carbon steel, stainless steel, and alloy steel are used to manufacture components like control arm, rocker arm, connecting rods, crankshaft, camshaft, and other. Closed die steel forging technology is mainly used to manufacture automotive parts. The increasing demand for commercial & passenger vehicles, besides the adoption of lightweight forged steel in electric vehicles, will surge the demand for the product during the estimate period. Furthermore, favorable government policies to promote the adoption of e-vehicles are anticipated to aid market growth.

Restraints
Availability of Alternative Processes to Restrict the Market Growth
The rising demand for alternative metal forming processes such as casting is predictable to hamper the use of the forging process. Metal casting is a producing system wherein molten metal is poured into a mold to create a 3-dimensional metal part. Then the molten metal is allowed to solidify, which is known as casting. The casting process is cheaper than this type of forging process. Increasing use of investment casting, due to its lower waste generation, is a key factor driving metal casting demand. consequently, most manufacturers prefer using the casting process for its affordability. The use of alternative metal forming processes and their advantages are expected to expected to hinder market growth.

Global Metal Forging Market: Segmentation Analysis
The global metal forging market is divided based on the raw material application, and region. By raw material, the market is segmented into carbon steel, alloy steel, aluminum, magnesium, stainless steel, titanium and others. The application segment is categorized into automotive, aerospace, oil and gas, construction, agriculture and others. by regions, the global metal forging market is segmented into North America, Asia Pacific, Europe, Latin America and the Middle East & Africa.

By raw material, the carbon steel segment is the market leader in metal forging and its held the largest revenue share of above 47% in 2021 in the global market. Alloy steel held the second leading segment of the market in 2021. Aluminum is projected to register the fastest CAGR over the estimate period. By Application , automotive sector accounted for a significantly large revenue share in the market due to Increasing application of meta forging in manufacturing automotive components and structures. Construction is expected to register the fastest CAGR over the forecast period owing to rapid advancements in technologies and rising disposable income have prompted consumers worldwide to purchase new houses and buildings.

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