Marine Castings and Forgings Market size was valued at USD 12.5 Billion in 2024 and is forecasted to grow at a CAGR of 5.2% from 2026 to 2033, reaching USD 18.3 Billion by 2033.
The global Marine Castings and Forgings Market was valued at approximately USD 30.5 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 4.2% from 2023 to 2030. This market growth is driven by the increasing demand for high performance and durable castings and forgings used in marine engine components, propellers, and other critical structures. The expansion of shipbuilding activities, coupled with the demand for replacements and spare parts, further contributes to this market’s growth. The demand is notably significant in emerging economies where the marine industry is witnessing rapid development. North America and Europe are significant markets, with increasing investments in technological advancements for marine infrastructure and shipbuilding processes.
Regionally, the Asia Pacific market dominates the global Marine Castings and Forgings Market, accounting for nearly 45% of the total market share in 2022. This is primarily due to the rapid growth of the shipbuilding industry, particularly in countries like China, Japan, and South Korea, which are key players in marine production. The North American and European markets are also expected to witness steady growth, with a rise in demand for advanced marine castings and forgings driven by the renewal of older fleets and the increasing focus on energy efficient and environmentally sustainable solutions. Additionally, the Latin American and Middle Eastern markets are expected to present substantial growth opportunities as the marine sector continues to expand in these regions over the forecast period.
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JSW
KOBE STEEL
LTD.
Doosan Heavy Industries & Construction
ThomasNet
Sheffield Forgemasters
CFHI
Elcee Group
Luoyang Zhongtai Industries Co.
Ltd.
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. 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 Marine Castings and Forgings Market
Marine Castings
Marine Forgings
Steel
Aluminum
Iron
Alloys
Engine Components
Propellers
Hull & Structural Components
Deck & Auxiliary Equipment
Other Marine Components
Shipbuilders
Marine Equipment Manufacturers
Repair & Maintenance Service Providers
Sand Casting
Die Casting
Investment Casting
Forging
US (United States, US 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 Marine Castings and Forgings 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 Marine Castings and Forgings Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Marine Castings and Forgings Market, By Type
6. Global Marine Castings and Forgings Market, By Application
7. Global Marine Castings and Forgings Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Marine Castings and Forgings Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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