Westford,USA, Feb. 28, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Metal Forging market, increased adoption of Industry 4.0 technologies for smart and connected forging processes, the increasing use of automation and robotics for improved efficiency and quality, the development of precision and near-net-shape forging techniques for reduced material waste and energy consumption, the rising demand for forged components in the electric vehicle (EV) and renewable energy sectors, and the application of advanced simulation and modeling tools for forging process optimization, are the trends that aid in the market's growth.
Browse in-depth TOC on "Metal Forging Market"
- Pages - 157
- Tables - 73
- Figures - 75
Metal forging is a manufacturing process by which compressive forces shape metal. The metal is heated to a high temperature, making it more pliable, and then shaped using a die or hammer. Forging can be used to create a wide variety of metal shapes, including crankshafts, engine blocks, and connecting rods.
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Prominent Players in the Metal Forging Market
- Bharat Forge Limited
- Dana Incorporated
- CIE Automotive S.A.
- American Axle & Manufacturing Inc.
- ThyssenKrupp AG
- NTN Corporation
- ZF Friedrichshafen AG
- Nanjin Automobile Forging Co., Ltd.
- Ramkrishna Forgings Limited
- AAMCO Transmissions and Total Car Care
- Precision Forge Company
- Gestamp Automocion
- Metaldyne Performance Group
- Allevard
- Mueller Industries, Inc.
- Formtech Industries, LLC
- Columbus McKinnon Corporation
- Stanley Black & Decker, Inc.
- Precision Castparts Corp.
- Allegheny Technologies Incorporated
- Arconic Inc.
- Carpenter Technology Corporation
- Worthington Industries, Inc.
Alloy steel Demand to Grow Substantially in the Forecast Period
Alloy steel dominated the global online market as they offer exceptional strength and durability, making it a preferred choice for critical applications in industries like automotive, aerospace, and oil and gas. Alloy steel can be tailored to meet specific mechanical and performance requirements by adjusting the alloying elements. This versatility allows it to be used in a wide range of applications, including components subjected to high stress and pressure.
Aerospace Industry is the Leading Application Segment
In terms of application, the aerospace industry is the leading segment due to the strong emphasis on lightweight materials and components to improve fuel efficiency and reduce emissions. Forged parts made from materials like titanium and specialty alloys are preferred for their high strength-to-weight ratios.
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North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region experiences rapid growth in the automotive and aerospace sectors. China and India, in particular, have seen significant increases in automobile production and air travel, boosting the need for forged parts.
A recent report thoroughly analyzes the major players operating within the Metal Forging market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Metal Forging.
Key Developments in the Metal Forging Market
- In May 2023, Arconic Corporation announced that it had entered into a legally binding agreement to be bought by the Apollo Global Management Inc. fund holders in an all-cash acquisition valued at about USD 5.2 billion. Through this agreement, Arconic will have the support of one of the top investment firms in the world and be able to offer significant value to clients and product users.
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Key Questions Answered in Metal Forging Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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