Forged And Stamped Goods Market was valued at USD 100 Billion in 2022 and is projected to reach USD 130 Billion by 2030, growing at a CAGR of 4% from 2024 to 2030.
The forged and stamped goods market has experienced substantial growth in recent years and is projected to continue its upward trajectory. In 2023 the market size was valued at $297.32 billion and is expected to reach $314.56 billion in 2024 reflecting a Compound Annual Growth Rate CAGR of 5.8%. Looking ahead the market is anticipated to grow to $384.83 billion by 2028 with a CAGR of 5.2%. This growth is driven by several key factors including:
Infrastructure Development: Ongoing and upcoming infrastructure projects worldwide are increasing the demand for forged and stamped components.
Automotive Industry Expansion: The automotive sector's continuous growth requires high quality forged and stamped parts for vehicle manufacturing.
Aerospace and Defense Projects: Increased defense budgets and the need for advanced aerospace components are contributing to market growth.
Renewable Energy Sector: The expansion of renewable energy projects necessitates durable and reliable forged and stamped goods.
Technological advancements and industry innovations are also playing a significant role in shaping the market landscape. Companies are adopting new manufacturing techniques and materials to meet the evolving demands of various industries.
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The forged and stamped goods market is influenced by several dynamics:
Drivers:
Technological Advancements: Innovations such as Digital Sheet Forming DSF and advanced simulation software are enhancing manufacturing processes and product quality.
Regulatory Support: Government initiatives and defense budgets are increasing the demand for forged and stamped components in aerospace and defense sectors.
Sustainability Trends: The push towards lightweighting and electrification in automotive and aerospace industries is driving the need for specialized forged and stamped parts.
Restraints:
Raw Material Price Fluctuations: Volatility in the prices of metals like steel and aluminum can impact production costs and profitability.
Environmental Regulations: Stricter environmental standards may require significant investments in compliance and technology upgrades.
Opportunities:
Emerging Markets: Rapid industrialization in regions such as Asia Pacific presents new opportunities for market expansion.
Product Innovation: Developing advanced materials and manufacturing techniques can open new applications and markets.
The forged and stamped goods market can be segmented based on type end user industry and geography:
By Type:
Iron and Steel Forged Goods: Widely used in construction and automotive industries for structural components.
Nonferrous Forged Goods: Includes products made from metals like aluminum and titanium essential for aerospace and defense applications.
Custom Roll Formed Goods: Tailored products for specific industrial needs offering flexibility and customization.
Powder Metallurgy Parts: Components produced through powder metallurgy processes known for their precision and material efficiency.
Metal Crown Closure and Other Metal Stamped Goods: Used in packaging and other sectors requiring high strength lightweight materials.
By End User Industry:
Automotive: Demand for forged and stamped parts in vehicle manufacturing including engine components and structural parts.
Construction: Use of forged and stamped goods in building infrastructure such as beams columns and brackets.
Food and Beverage Packaging: Application of metal stamped goods in packaging materials ensuring durability and safety.
Machinery: Requirement for high strength components in the production of industrial machinery and equipment.
Metal Products: Utilization of forged and stamped goods in the production of various metal products across industries.
By Geography:
Asia Pacific: Dominated the market in 2023 accounting for 43.3% of the market share driven by industrial growth in countries like China and India.
Western Europe: Significant market presence due to established manufacturing sectors in countries such as Germany and Italy.
North America: Presence of major automotive and aerospace industries in the United States and Canada.
Middle East and South America: Expected to be the fastest growing regions presenting new opportunities for market players.
Major companies in the forged and stamped goods market include:
ArcelorMittal S.A.: A leading steel manufacturer offering a wide range of forged and stamped products for various industries.
Berkshire Hathaway Inc.: Parent company of Precision Castparts Corp. specializing in complex metal components for aerospace and industrial applications.
Thyssenkrupp AG: German multinational providing forged and stamped goods particularly for the automotive and construction sectors.
American Axle & Manufacturing Inc.: Supplier of forged and stamped components for the automotive industry including driveline and drivetrain systems.
Kobe Steel Ltd.: Japanese company producing a variety of forged and stamped products with a strong presence in the aerospace and defense markets.
Bharat Forge Limited: Indian multinational offering forged and stamped components for automotive aerospace and energy sectors.
Illinois Tool Works Inc: Manufacturer of engineered fasteners and components including forged and stamped goods for diverse applications.
Fine Sinter Co. Ltd.: Japanese company specializing in powder metallurgy parts and metal stamped goods for automotive and industrial uses.
CITIC Heavy Industries Co.Ltd.: Chinese manufacturer of heavy machinery and forged components for mining and construction industries.
Allegheny Technologies Incorporated: U.S. based
Thyssenkrupp AG
Arcelor Mittal AG
American Axle & Manufacturing Holdings
Precision Castparts
Allegheny Technologies Incrporated (ATI)
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Forged And Stamped Goods Market
Automotive
Construction
Food and Beverage Packaging
Machinery
Metal Products
Others
Based on Types the Market is categorized into Below types that held the largest Forged And Stamped Goods market share In 2023.
Metal Stamping
Powder Metallurgy Part Manufacturing
Custom Roll Forming
Iron and Steel Forging
Nonferrous Forging
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Forged And Stamped Goods Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Forged And Stamped Goods Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Forged And Stamped Goods Market, By Type
6. Global Forged And Stamped Goods Market, By Application
7. Global Forged And Stamped Goods Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Forged And Stamped Goods Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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