Market revenue in 2021 | USD 74,364.7 million |
Market revenue in 2030 | USD 145,440.3 million |
Growth rate | 7.7% (CAGR from 2021 to 2030) |
Largest segment | Carbon steel |
Fastest growing segment | Aluminum |
Historical data covered | 2017 - 2020 |
Base year for estimation | 2021 |
Forecast period covered | 2022 - 2030 |
Quantitative units | Revenue in USD million |
Market segmentation | Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Other Products |
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The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to metal forging market will help companies and investors design strategic landscapes.
carbon steel was the largest segment with a revenue share of 43.92% in 2021. Horizon Databook has segmented the Global metal forging market based on carbon steel, alloy steel, aluminum, magnesium, stainless steel, titanium, other products covering the revenue growth of each sub-segment from 2017 to 2030.
Automotive sector holds significant importance in the global metal forging market. Metal forgings are used at a point of shock and stress in automotive applications. The durability, strength, and reliability of forged components have made them a preferred choice in automotive sector for applications where stress, load, tension, and human safety are key considerations.
Growing demand for EVs is further expected to augment the demand for metal forged parts across the forecast period. According to IEA, there were 10 million electric cars on the world roads by the end of 2020. In 2021, EV sales doubled to become 6.6 million, up by 108% than in 2020. Moreover, there was a rise in the registration of electric buses and trucks in the major markets.
Horizon Databook provides a detailed overview of global-level data and insights on the Global metal forging market , including forecasts for subscribers. This global databook contains high-level insights into Global metal forging market from 2017 to 2030, including revenue numbers, major trends, and company profiles.
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