Increase in high demand for forged automotive components

Seoul, South Korea, July 12. 2022 (GLOBE NEWSWIRE) — According to the latest report from Fact.MR, a market research and competitive intelligence provider, the global isothermal forging market is expected to represent a valuation of US$8.6 billion in 2022 and grow at an impressive CAGR of 5.5% over the forecast period from 2022 to 2032. The market has recorded an annual growth rate of 1.3% between 2017 and 2021. Fact.MR predicts significant potential in the market, owing to increased spending in end-use industries.

Isothermal forging is mainly used to make steel and aluminum parts. As a result, it can be used in several end-use sectors such as automotive, construction, aerospace, oil and gas, etc. Indeed, applications requiring high quality components can benefit from this procedure.

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Materials for isothermal forging are not limited to a few; they include steel, aluminum, nickel, titanium, tungsten, and iron. Isothermal forging has a wide scope in metal forming and shaping applications. There has been significant growth in end-use industries such as automotive, aerospace, construction, oil and gas, and others, which is expected to bring the market value to $14.6 billion by the end of 2032.

Which isothermal forging market is leading the East Asia region?

China isothermal forging market accounts for the largest market share of almost 73% in East Asia and is expected to register a CAGR of 6.8% over the forecast period.

China’s forging industry strives to produce forgings that are more precise, efficient, digitized more widely, lighter and consume less energy.

China’s forging industry has developed a complete production line and mastered a wide range of forging technologies. China is gradually improving its isothermal forging and production capacity to meet the high-end demand for metal forgings with complex forming and processing requirements.

China’s steel production capacity is almost ten times that of the United States, which has ensured the steady demand for isothermal forging over the historical period.

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Key Segments Covered in Isothermal Forge Industry survey

  • Raw material
    • Carbon steel metal forging
    • Alloy steel metal forging
    • Aluminum metal forging
    • Magnesium metal forging
    • Stainless steel metal forging
    • Titanium forging
    • Forging of other raw materials
  • Application
    • Automotive metal forging
    • Metal forging for aerospace
    • Forging of metals for oil and gas
    • Forging of metals for construction
    • Forging of metals for agriculture
    • Forging of metals for other applications

Competitive landscape

Companies are pursuing strategic initiatives, such as capacity expansions and mergers and acquisitions, to improve their presence and position in the industry, which is extremely competitive.

  • For example, American Axle & Manufacturing, Inc. said in June 2018 that it would open a new manufacturing unit in Barcelona to serve European markets.
  • Similarly, MM Forgings announced an investment of US$93.6 million in March 2018 to expand the manufacturing of different grades of steel forgings to meet demand from the automotive industry.
  • In October 2020, Liberty Steel Group made an offer to buy the steel business of Thyssenkrupp Europe

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The key players in Isothermal Forge Market

  • Anchor Harvey
  • Arconic Corporation
  • ATI
  • Aubert and Duval
  • Bharat Forge Ltd
  • SFC Forge
  • HC Starck Solutions
  • Larsen & Toubro Ltd.

Main takeaways from Isothermal Forge Market research

  • Under metal type, steel is expected to reach a volume market share of 55% by the end of 2032.
  • The automotive end-use vertical industry is expected to grow at a CAGR of 6.8% over the forecast period 2022-2032.
  • Under metal type, aluminum is expected to grow 1.8 times over the decade.
  • The aerospace and defense application of isothermal forging is expected to provide an absolute dollar opportunity of US$683.5 billion by 2032.
  • Depending on the region, demand for isothermal forging is expected to grow at a CAGR of 6.3% in East Asia.

About Industrial products Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations from Fact.MR’s highly experienced Industrial Assets team help clients around the world meet their unique business intelligence needs. With a repository of over a thousand reports and over a million data points, the team has analyzed industrial assets in over 50 countries for over a decade. The team provides unparalleled end-to-end research and advisory services.

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