Global Casting and Forging
Market Report
2024
Casting and Forging Market size will be USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global Casting and Forging market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Casting and Forging Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 7% |
North America Casting and Forging Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.2% |
Europe Casting and Forging Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.5% |
Asia Pacific Casting and Forging Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 9% |
South America Casting and Forging Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.4% |
Middle East and Africa Casting and Forging Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.7% |
Market Split by Type |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Casting and Forging industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Casting and Forging Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The production procedures used to shape metal components are included in the casting and forging sector. Forging is forming metal by compressing it under extreme pressure, whereas casting is pouring molten metal into a mold to create the required shape. These methods are essential in many industries that require precise and long-lasting metal parts, such as manufacturing, aerospace, automotive, and construction. Forging gives better strength and integrity, especially for heavy-duty applications, whereas casting enables complex designs and is more economical for mass manufacturing. In order to fulfill the growing expectations for quality, efficiency, and sustainability in the manufacture of metal components, the casting and forging business is constantly evolving due to technological developments like computer-aided design and simulation.
The growth of the casting and forging market is closely associated with end-use industries. A thriving automobile industry that prioritizes strong, lightweight components for fuel economy drives demand for cast and forged parts like crankshafts and engine blocks. Similarly, growth in the oil and gas (pipes, valves), aerospace (landing gear, engine parts) and construction (buildings, bridges) industries drives demand for similar manufacturing techniques. This mutually beneficial relationship emphasizes how demand dynamics within the casting and forging business are significantly impacted by market performance in diverse industries.
High-performance materials that can tolerate tremendous loads, temperatures, and pressures are essential to modern engineering. The techniques of casting and forging are unique in that they yield components with unmatched strength, durability, and dimensional correctness, making them useful in a wide range of applications. These manufacturing processes give manufacturers exact control over the characteristics of the materials, guaranteeing that goods fulfill demanding performance standards in sectors including oil and gas, automotive, and aerospace. Casting and forging play a crucial role in providing high-performance materials for modern engineering activities, and their significance only grows as technology progresses and applications become more demanding.
A major hurdle for new entrants and smaller businesses is the enormous initial expenditure required to establish casting and forging operations in gear, tooling, and skilled labor. Due to the capital-intensive nature of these procedures, smaller players or startups may need easy access to significant financial resources. The intricacy of the machinery and the level of skill needed to run it further add to the high barrier to entry. As a result, bigger, more well-known businesses frequently control the casting and forging industry, reducing competition and sometimes impeding innovation and smaller businesses' access to the market. For new entrants looking to enter the business, overcoming this hurdle usually needs creative resource management techniques, access to capital, and strategic planning.
The COVID-19 outbreak caused severe disruptions to the casting and forging industry. Production delays and order cancellations resulted from the temporary shutdown of manufacturing facilities due to lockdown procedures and supply chain interruptions. Decreased consumer expenditure, specifically in industries such as aerospace and automotive, weakened the market demand for cast and forged parts. Health issues and labor scarcity also made operations more difficult. However, the epidemic also made robust supply chains more important, which is why several businesses are looking at local sourcing and digital solutions for remote operations. Though there are still worries regarding global health and economic stability, the casting and forging business is expected to rebound as economies gradually improve and immunization efforts advance. Resilience in the sector still depends on its ability to adjust to changing market conditions and respond quickly to new threats.
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Key players deploy strategic initiatives such as product innovations, partnerships, and mergers. Companies prioritize R&D to introduce cutting-edge products, ensuring a competitive edge. Robust distribution networks and adherence to quality standards amplify market presence, fostering an environment where agility and innovation define industry leaders.
Top Companies Market Share in Casting and Forging Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue.
Growth in the casting and forging industry in North America is being driven by higher demand from industries including oil and gas, aerospace, and automotive. This growth is being driven by elements including increased infrastructure spending, lightweight material emphasis, and technical breakthroughs. The area's strong industrial capabilities and highly qualified labor force also support the region's status as a developing casting and forging sector.
The Europe region is witnessing an increase, in the sales of reagents. The industry for casting and forging in Europe is growing thanks to the rising car, aerospace, and building sectors. The area is investing in cutting-edge manufacturing technology and materials, spurring market expansion, with an emphasis on sustainability and innovation. The demand for high-performance components and stricter regulations both support the growth prospects of the European casting and forging industry.
The current report Scope analyzes Casting and Forging Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
According to Cognitive Market Research, the global Casting and Forging market size was estimated at USD XX Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031. The varied industrial landscape of North America contributes to the market's strength for casting and forging. Engine blocks and transmission parts are among the lightweight, long-lasting components that are in high demand in the automobile business. Stricter regulations and consumer demand for fuel-efficient cars are driving this industry's expansion. The oil and gas and aerospace sectors, which depend on casting and forging for vital parts like pipeline valves and turbine blades, also support market expansion. In order to meet changing industry demands, North America's casting and forging market is well-positioned for sustainable growth because to technical advancements and a competent workforce.
Country Analysis
According to Cognitive Market Research, with a market value of USD XX million in 2024 and projected to expand at a compound annual growth rate (CAGR) of 5.5% from 2024 to 2031. Europe accounted for a share of over 30% of the global market size of USD XX million. The market for casting and forging in Europe is expanding rapidly, supported by its robust industrial base and emphasis on innovation. A significant industry in the area is the aerospace sector, which fuels demand for structural parts and turbine blades among other precision-engineered components. The demand for strong, lightweight materials as well as the rise in air travel are driving this trend. Furthermore, the automotive sector in Europe plays a major role in the growth of the market. It depends on casting and forging for essential elements like transmission gears and chassis components. By emphasizing sustainability and technological progress, the European casting and forging industry is poised for sustained expansion and competitiveness in the worldwide market
According to Cognitive Market Research, the global Casting and Forging market size was estimated at USD XX Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031.
The booming industrial sector and swift economic growth in Asia Pacific are driving the region's casting and forging market. Among the major industries, the automobile sector stands out in particular because to the growing need for lightweight components that enhance performance and fuel efficiency. Furthermore, the region's infrastructure development initiatives are driving demand for casting and forging in the construction industry. As the world's casting and forging market continues to grow and innovate, Asia Pacific is positioned to play a key role thanks to its expanding industrial capacities, technological improvements, and skilled labor force.
According to Cognitive Market Research, the global Casting and Forging market size was estimated at USD XX Million out of which Latin America market of more than 5% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031. The casting and forging market in Latin America is changing in response to economic ups and downs, with considerable development prospects appearing in industries including as construction and mining. Heavy-duty components like drill bits and gears, which are necessary for extraction operations, are in high demand, especially from the mining industry. Notwithstanding the obstacles caused by unstable economies, Latin America's abundant natural resources and growing infrastructural spending provide firms in the casting and forging industry encouraging opportunities. With the help of technological developments and strategic alliances, Latin America is well-positioned to realize its industrial potential and support the expansion of the global casting and forging market.
According to Cognitive Market Research, the global Casting and Forging market size was estimated at USD XX Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031. The Middle East and Africa casting and forging market is characterized by an increasing focus on industrial expansion and infrastructure development. The demand for specialist parts like valves and pipeline fittings is fueled by the dominance of the oil and gas industry. Forging and casting producers can benefit greatly from the region's abundant energy resources and growing infrastructure spending, even in spite of the difficulties brought on by geopolitical unrest and economic volatility. The Middle East and Africa region is well-positioned to experience consistent expansion in the casting and forging business, bolstered by modernization and diversification efforts. This development is expected to contribute to both regional and global supply chains.
Global Casting and Forging Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Casting and Forging Industry growth. Casting and Forging market has been segmented with the help of its Type, Application , and others. Casting and Forging market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, Forging held the major market share over the forecast period. The benefits of forging in generating strong, long-lasting components for vital applications are propelling the expansion of the casting and forging market. Because forging has better mechanical qualities and performance than other materials, it is used in industries including oil and gas, aerospace, and automotive. Forging continues to be a major factor in the growth of the casting and forging market due to the growing need for parts that are both durable and lightweight.
Casting is the fastest-growing category over the forecast period. The market for casting and forging is still expanding, in part because casting is a flexible and affordable way to create intricate designs and large-scale components. Casting is used in a variety of industries, including manufacturing, construction, and automotive, since it can produce complex pieces with precise tolerances. As materials and methods continue to progress, casting will continue to be a key factor in the growth of the casting and forging business.
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According to Cognitive Market Research, Automobile hold a prominent market share.
The market for casting and forging is expanding due in large part to the automotive industry, which demands components that are both lightweight and robust in order to improve performance and fuel efficiency. To satisfy these demands, casting and forging techniques are being used more and more in the production of engine blocks, crankshafts, and other crucial components. The global expansion of the automobile sector has a significant impact on the growth and development of the casting and forging market.
Mining is the fastest-growing category over the forecast period. The market for casting and forging is being driven by the mining industry, which needs strong parts for machinery and heavy-duty equipment used in extraction and processing. Drill bits, gears, and conveyor parts are among the high-strength and wear-resistant parts that casting and forging operations provide for mining applications. The demand for cast and forged items keeps rising as mining operations spread throughout the world to satisfy the expanding need for natural resources.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Casting and Forging market report 2024 Edition by contacting our team.
Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.
Disclaimer:
Type | Forging , Casting |
Application | Automobile , Mining , Construction , Industrial , Others |
List of Competitors | Mahindra Forgings Europe AG, Siempelkamp Group, ThyssenKrupp AG, Aichi Steel, Alcoa, Allegheny Technologies, Bharat Forged, KITZ, Nippon Steel & Sumitomo Metal, Schuler Group, SNT. |
This chapter will help you gain GLOBAL Market Analysis of Casting and Forging. Further deep in this chapter, you will be able to review Global Casting and Forging Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Purchase Add-Ons to Customize the Report Edition and get further granular data level data about the North America market. Add-On Cost: Request before placing the order, Respective Pricing will be informed after sending the inquiry
Qualitative Analysis for the North America Market: North America Casting and Forging Market Trends North America Casting and Forging Technological Road Map North America Casting and Forging Market Drivers North America Casting and Forging Market Restraints North America Casting and Forging Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
You can purchase only the Executive Summary North America Market (2019 vs 2024 vs 2031)
Chapter 3 Europe Market Analysis
You can purchase only the Executive Summary Europe Market (2019 vs 2024 vs 2031)
Chapter 4 Asia-Pacific Market Analysis
You can purchase only the Executive Summary Asia Pacific Market (2019 vs 2024 vs 2031)
Chapter 5 South America Market Analysis
You can purchase only the Executive Summary South America Market (2019 vs 2024 vs 2031)
Chapter 6 Middle East and Africa Market Analysis
You can purchase only the Executive Summary Middle East and Africa Market (2019 vs 2024 vs 2031)
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Casting and Forging market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Forging have a significant impact on Casting and Forging market? |
What are the key factors affecting the Forging and Casting of Casting and Forging Market? |
What is the CAGR/Growth Rate of Automobile during the forecast period? |
By type, which segment accounted for largest share of the global Casting and Forging Market? |
Which region is expected to dominate the global Casting and Forging Market within the forecast period? |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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