Global Forging and Casting Components
Market Report
2024
Global Forging and Casting Components market size was $58,489.95 Million in 2022 and it is forecasted to reach $96,081.00 Million by 2028. Forging and Casting Components Industry's Compound Annual Growth Rate will be 8.64% from 2023 to 2030.
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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Global Forging and Casting Components market size was $58,489.95 Million in 2022 and it is forecasted to reach $96,081.00 Million by 2028. Forging and Casting Components Industry's Compound Annual Growth Rate will be 8.64% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Forging and Casting Components Market Sales Revenue 2022 | $ 58489.9 Million |
Global Forging and Casting Components Market Sales Revenue 2028 | $ 96081 Million |
Global Forging and Casting Components Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8.64% |
Market Split by Component |
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Market Split by Material |
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Market Split by End-User |
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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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Forging and Casting Components Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Forging and casting are both different methods extensively used for forming complex shaped metal components by transforming metal materials. Forging has a commonly superior strength and are typically tougher than metal processed in castings. There are also different types of hot forging, including open die forging, closed die forging and roll forging. Open die forging, also known as free forging, is the hot forging method that shaping metals under the workforce of simple molds. Open die forging is particularly used to manufacture large metal parts in simple shapes such as shafts. Cold forging is another type of forging process that deforms the billets to required shapes directly under room temperature. This kind of forging is more suitable for small precision parts such as bolts and nut, gears, etc. Cold forging deforms metal while it is below its recrystallization point. Cold forging is mostly chosen when the metal is already a soft metal, like aluminum.
Casting is other type of the metal forming process by pouring liquid metal into molds for shapes. Casting could be mostly separated into three types of different methods including investment casting, sand casting and die casting. Investment casting, also referred as precision casting, is type of casting method for precision metal components, whose function is similar to closed die forging. Investment casting is a manufacturing procedure in which a wax pattern is coated with a refractory ceramic material. Sand casting, also called as sand molded casting, is a metal casting process categorized by using sand as the mold material.
Die casting is a metal casting process that is characterized by forcing molten metal under high pressure into a mold cavity.
The mold cavity is shaped based on two hardened tool steel dies which have been machined into shape and work similarly to an injection mold during the process.
Metal casting and forging is often used for making complex automotive structures and shapes that would be non-feasible to manufacture by other methods. Globalization, digitalization, and increasing competition for are changing the face of the metal casting and forging industry. Automotive industry depends significantly on steel forged automotive components owning to increasing vehicle production.
Manufacturers of automotive metal casting and forging are continuously focusing on developing metal castings and forging with better durability and longer life Introduction of newer inventions and the latest technologies in order to save manufacturing costs and improve product quality is further accelerating the market demand.
Moreover, Increased consumer expenditure due to a rise in urbanization and availability of new employment opportunities is likely to surge spending in the automotive sector. These factors are estimated to boost the automotive metal casting and forging market. Increase in demand for vehicles is expected to boost the spring gas market for automotive industry. Moreover, high demand for passenger vehicles, which include economy cars, compact cars, minivans, SUVs is further expected to create significant demand in upcoming years.
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Headquartered in United States, Precision Castparts Corp. is engaged in production and distribution complex metal components and products. Company serves the aerospace, power, and general industrial markets. Company is specialized in production of complex structural investment castings and forged components for aerospace markets, machined airframe components, and highly engineered, critical fasteners for aerospace applications, and in manufacturing airfoil castings for the aerospace and industrial gas turbine markets.
Company offers extruded seamless pipe, fittings, and forgings for power generation and oil and gas applications. Company is also engaged in production of titanium and nickel superalloy melted and mill products for various industries which mainly includes aerospace, chemical processing, oil and gas, and pollution control industries.
Berkshire Hathaway Inc. has announced it has completed its acquisition of Precision Castparts Corp. Precision Castparts Corp. offers large metal components for aircraft, electrical generators and other heavy industry.
Arconic Corporation is a manufacturer of aluminum sheet, plate, extrusions and architectural products, serving primarily the ground transportation, aerospace, building and construction, industrial, and packaging end markets. Company has categorized its business operations through three reportable segments including Rolled Products, Building and Construction Systems ("BCS") and Extrusions. We strive to make our portfolio of facilities among the most operationally efficient in the industry. Company's products are widely used in a variety of industrial applications, including mold and tooling plate for semiconductors; general engineering/machinery and injection molding applications; specialty finishes for appliances, cosmetic packaging, and vehicle components; tread plate and sheet; and building and construction products
Arlington Capital Partners announced the acquisition of Firth Rixson Forgings Limited from Arconic. Going forward, the business will operate as part of Forged Solutions Group which was formed in November 2019 by Arlington Capital as its aerospace forging platform. Located in Sheffield, United Kingdom, the Company is a leading provider of complex closed die forgings and forged discs and proprietary forward-and-backward extrusion-produced shafts and cylinders primarily for OEM and Tier 1 aerospace & defense engine customers.
Arconic Inc. agreed to sell its forging business in the U.K. to Aero Forgings Bidco Ltd. Arconic’s U.K. operations include 16 plants, among which are forging plants at Darley Dale, Meadowhall, River Don, and Provincial Park. Arconic has planned to reduce its operating costs by about $230 million as it prepares for the separation.
Arconic signed a long-term agreement with PACCAR. Arconic has supplied forged aluminum Alcoa wheels for PACCAR trucks under the Kenworth and Peterbilt nameplates. As part of the agreement, PACCAR customers have access to Arconic’s entire portfolio of Alcoa wheels. This includes newly launched Ultra ONE wheels made with the proprietary MagnaForce alloy, the lightest heavy-duty truck wheel on the market with 17% more strength than standard aluminum wheels.
Doncasters is a leading international manufacturer of specialist superalloys and high-precision alloy components made for the most demanding conditions. The business serves the world’s leading OEMs in the aerospace, industrial gas turbine, and specialist automotive markets.
Doncasters Precision Castings of Groton and Doncasters Precision Castings - Deritend has received $12.9 million in investment as the commercial aviation industry recovers. In addition to their present manufacturing facility will be built to contain three robot shell coating cells and two final drying systems as part of Doncasters Precision Castings of Groton's considerable investment. The line will start producing in 2023 and ramp up to its maximum operating capacity in 2025.
Top Companies Market Share in Forging and Casting Components Industry: (In no particular order of Rank)
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The Asia Pacific Forging and Casting Components market size will be USD 43,553.52 Million by 2028.
Based on region, Asia Pacific is dominating the forging and casting components market in terms of revenue market share throughout the forecast period. This is due to the presence of several key players and the end-use industries of the forging and casting components in this region. The Asia Pacific region, including countries such as China, India, Japan, and South Korea, has witnessed rapid industrialization in various sectors such as automotive, aerospace, construction, and manufacturing. These industries have a significant demand for forged and cast components for their production processes, leading to a robust market. In addition, manufacturing of the components in countries like India and China offers competitive labor costs compared to many other regions, making it an attractive destination for manufacturing hubs. The region also has raw material sources including iron ore, steel, aluminum, and other metals that are essential in forging and casting component production.
The current report Scope analyzes Forging and Casting Components 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!
Global Forging and Casting Components 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 Forging and Casting Components Industry growth. Forging and Casting Components market has been segmented with the help of its Component, Material End-User , and others. Forging and Casting Components 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.
The Forging Components segment Revenue (USD Million) will be USD 55,795.57 Million by 2028.
Forging is a manufacturing process where metal is shaped by plastic deformation under great pressure into high-strength parts. It is a process of shaping a metal (commonly in ingot or sheet form) using high pressure, either by striking it with a hammer or by pressing it with a die. The material is often heated beforehand in order to make forging easier, but it remains solid throughout the process.
The casting process consists of pouring or injecting molten metal into a mold containing a cavity with the desired shape of the casting. Metal casting processes can be classified either by the type of mold or by the pressure used to fill the mold with liquid metal. Casting could be generally separated into three types of different methods. They are investment casting, sand casting and die casting.
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The Copper segment Revenue (USD Million) in Forging and Casting Components Market will be USD 9,621.49 Million by 2028.
Copper and its alloys find several industrial applications on account of excellent electrical and heat conductivity properties. It is known for its non-magnetic, corrosion resistance, machinability, ductility, malleability and wear resistance. Forged copper parts are ideal for applications where there’s higher temperatures and at a higher load.
Brass is used in many different applications were high corrosion resistance and high degree of machinability is important. Typical brass products are components in heating systems, nuts and bolts for special applications, and electrical connectors. It is known for its good formability and high thermal properties. It is a copper alloy that offers a wide range of benefits and has been incorporated in a number of applications.
Most common aluminum alloys include 1100, 7079, 7175 and 7475. Aluminum has become popular across very many industries due to its light weight. This alloy is widely used for aerospace applications owing to its high strength weight ratio.
Iron parts are used to manufacture and upgrade components. It is considered as a super alloy due to the fact that, the forged parts are mainly used in high temperature applications. It is less expensive as compared to other alloys such as nickel or cobalt-based alloys.
Various range of alloy steel forging that are used in different manufacturing industries including carbon steel, alloy steel and stainless steel. Forged steel parts are used in a wide range of applications that may include manufacturing cranes, cables, hydraulic press, shafts and axles for drives.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Forging and Casting Components market report 2024 Edition by contacting our team.
Based on the end-user, the automotive segment is dominating the forging and casting components market during the forecast period. This is attributed to the increasing demand for automotive coupled with rising disposable income in emerging economies. Automotive components need to withstand high loads, stresses, and temperature variations. Forging and casting processes are capable of producing components with superior strength, toughness, and durability. Forging and casting processes allow the creation of components that can handle the demanding operating conditions of vehicles, such as engine components, chassis parts, and drivetrain components. The Power Generation segment Revenue (USD Million) in the Forging and Casting Components market will be USD 10,003.39 Million by 2028.
Senior Research Analyst at Cognitive Market Research
ResearchGate Profile: https://www.researchgate.net/profile/Kalyani-Raje
An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.
With a work experience of over 10+ years in the market research and strategy development. I have worked with diverse industries, including FMCG, IT, Telecom, Automotive, Electronics and many others. I also work closely with other departments such as sales, product development, and marketing to understand customer needs and preferences, and develop strategies to meet those needs.
I am committed to staying ahead in the rapidly evolving field of research and analysis. This involves regularly attending conferences, participating in webinars, and pursuing additional certifications to enhance my skill set. I played a crucial role in conducting market research and competitive analysis. I have a proven track record of distilling complex datasets into clear, concise reports that have guided key business initiatives. Collaborating closely with multidisciplinary teams, I contributed to the development of innovative solutions grounded in thorough research and analysis.
Disclaimer:
Component | Forging Components, Casting Components |
Material | Copper, Brass, Aluminum, Iron, Others |
End-User | Automotive, Aerospace, Power Generation, General Industrial, Others |
List of Competitors | Precision Castparts Corp, Arconic, Doncasters Group, Nippon Steel & Sumitomo Metal, KOBELCO, Thyssenkrupp, Aichi Steel, Eramet Group, American Axle & Manufacturing Holdings, Bharat Forge Limited, Avic Heavy Machinery, VSMPO AVISMA, Allegheny Technologies, WanXiang, FAW, VDM Metals, Mahindra Forgings Europe, JSW, CITIC Heavy Industries, Scot Forge, Farinia Group, Longcheng Forging, KITZ Corporation, Tongyu Heavy Industry, Sinotruck, Dongfeng Forging, Jiangsu Pacific Precision Forging, China National Erzhong Group, China First Heavy Industries, Sypris Solutions, Ashok Leyland Limited (Hinduja Group) |
This chapter will help you gain GLOBAL Market Analysis of Forging and Casting Components. Further deep in this chapter, you will be able to review Global Forging and Casting Components 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
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Qualitative Analysis for the North America Market: North America Forging and Casting Components Market Trends North America Forging and Casting Components Technological Road Map North America Forging and Casting Components Market Drivers North America Forging and Casting Components Market Restraints North America Forging and Casting Components Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
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Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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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.
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.
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 Component Analysis 2019 -2031, will provide market size split by Component. 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 Component Analysis 2019 -2031
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Chapter 11 Market Split by Material Analysis 2019 -2031
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Chapter 12 Market Split by End-User Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Forging and Casting Components market
Chapter 13 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 Components have a significant impact on Forging and Casting Components market? |
What are the key factors affecting the Forging Components and Casting Components of Forging and Casting Components Market? |
What is the CAGR/Growth Rate of Copper during the forecast period? |
By type, which segment accounted for largest share of the global Forging and Casting Components Market? |
Which region is expected to dominate the global Forging and Casting Components Market within the forecast period? |
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