What Has Been the Growth of the Forged And Stamped Goods Market So Far?
The forged and stamped goods market has seen considerable growth due to a variety of factors.
• In recent times, there has been considerable growth in the forged and stamped goods market size. The market, which is expected to swell from $317.16 billion in 2024 to $337.01 billion in 2025, will do so at a compound annual growth rate (CAGR) of 6.3%.
Factors such as industrial growth, raw material pricing, technological advancements, and environmental regulations have fueled this growth during the historic period.
How Will the Forged And Stamped Goods Market?
The forged and stamped goods market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are that the market for forged and stamped goods will enjoy consistent growth in the coming years. By 2029, it is predicted to reach a value of $404.5 billion, demonstrating a compound annual growth rate (CAGR) of 4.7%.
This anticipated growth during the forecast period can be linked to elements such as infrastructure progression, the automotive sector, defense and aerospace, and renewable energy. During the forecast period, significant trends include the adoption of electrification and lightweighting, the use of advanced materials, the rise of additive manufacturing, increased digitalization and connectivity, as well as collaboration and partnerships.
Which Factors Are Boosting Growth In The Forged And Stamped Goods Market?
The demand for forged and stamped goods is projected to grow due to an anticipated rise in the need for aircraft manufacturing, bolstered by an increase in domestic and international air travel and escalating government defence budgets. Many nations are boosting their defence budgets in order to enhance their capacity to react to global emergencies, integrating advanced technological equipment across different categories such as ammunition, aircraft, and helicopters as part of their crisis preparedness. For instance, the US President had proposed a budget of $772 billion for the Department of Defence in January 2023. Projections for the 2023 Future Years Defence Program (FYDP) estimated a 1.5 percent rise in the DoD's budget, reaching $784 billion by 2024. This escalation in defence budgets coupled with a boost in the production of commercial aircraft will fuel the need for forged metal components in future, thereby also propelling the overall market for forged and stamped goods.
What Key Areas Define The Segmentation Of The Global Forged And Stamped Goods Market?
The forged and stamped goods market covered in this report is segmented –
1) By Type: Iron and Steel Forged Goods, Nonferrous Forged Goods, Custom Roll Formed Goods, Powder Metallurgy Parts, Metal Crown, Closure, and Other Metal Stamped Goods
2) By End User Industry: Automotive, Construction, Food and Beverage Packaging, Machinery, Metal Products, Other End User Industries
Subsegments:
1) By Iron And Steel Forged Goods: Carbon Steel Forgings, Alloy Steel Forgings, Stainless Steel Forgings, Tool Steel Forgings
2) By Nonferrous Forged Goods: Aluminum Forgings, Copper Forgings, Brass Forgings, Titanium Forgings, Nickel-Based Alloy Forgings
3) By Custom Roll Formed Goods: Structural Shapes (Channels, Angles), Rails And Beams, Custom Profiles (Unique Shapes For Specific Applications)
4) By Powder Metallurgy Parts: Iron-Based Powder Metallurgy Parts, Non-Ferrous Powder Metallurgy Parts, Stainless Steel Powder Metallurgy Parts
5) By Metal Crown: Aluminum Metal Crowns, Steel Metal Crowns, Plastic Coated Metal Crowns
6) By Closure: Metal Closures (Bottle Caps, Cans), Plastic Closures, Composite Closures
7) By Other Metal Stamped Goods: Automotive Metal Stamped Parts, Industrial Metal Stamped Parts, Electrical Metal Stamped Parts, Consumer Goods Metal Stamped Parts
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How Are New Trends Impacting The Size Of The Forged And Stamped Goods Market?
Leading businesses in the forged and stamped goods industry are striving to innovate superior products, like high-strength forged items, in response to the rising demand for sturdy, lightweight materials across various sectors. These high-strength forged goods are developed through the forging method, exhibiting improved mechanical features such as increased tensile strength and resistance to deformation. One such example is Hilton Metal Forging Ltd., an Indian iron and steel forging firm, which in June 2024, introduced wagon axles for railway carriages. These axles, with an annual production capacity of 48,000 units, are designed exactly to stringent quality checks, confirming their robustness and reliability for secure and efficacious freight transportation. This new development is an effort by Hilton to fortify its foothold in the local railway market, which includes initiatives to procure funds for enlarging production capacities. The company attributes the enhanced durability and efficiency of these axles to the use of sophisticated forging methodologies, rendering them appropriate for substantial railway payloads.
Who Are the Key Players In The Forged And Stamped Goods Market?
Major companies operating in the forged and stamped goods market include:
• ArcelorMittal S.A.
• Berkshire Hathaway Inc.
• Thyssenkrupp AG
• American Axle & Manufacturing Inc.
• Kobe Steel Ltd.
• Bharat Forge Limited
• Illinois Tool Works Inc
• Fine Sinter Co. Ltd.
• CITIC Heavy Industries Co.Ltd.
• Allegheny Technologies Incorporated
• PCC Structurals Inc.
• Smith & Wesson Precision Components (SWPC)
• CAB Worldwide
• Ferralloy Inc.
• McKees Rocks Forgings Inc.
• All Metals & Forge Group LLC
• Source International
• The Federal Group USA
• Atlas Bronze
• Ken Forging Inc.
• Cornell Forge Co.
• MES Inc
• Precision Castparts
• Ellwood Group
• Scot Forge
• Anchor Harvey
• SIFCO Industries Inc.
• Queen City Forging Company
• Walker Forge Tennessee LLC
• Weldaloy Products Company
• Sintavia LLC
• Sintex A/S
• Bourdon Forge Company
• Moline Forge
• Patriot Forge Co.
• GMP Metal Products
• Peerless Industrial Group
• Carpathian Industries LLC
• Forge Resources Group.
What Is The Most Dominant Region In The Forged And Stamped Goods Market?
Asia-Pacific was the largest region in the forged and stamped goods market in 2023. Western Europe was the second-largest region in the forged and stamped goods market. The regions covered in the forged and stamped report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
