Global Isothermal Forging Market Size 2024, Forecast To 2033
6 Mar, 2024
The isothermal forging market size has witnessed strong growth, rising from $8.56 billion in 2023 to $9.15 billion in 2024, with a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period is attributed to increased demand in the automotive sector, material advancements, cost efficiency, consumer electronics, and energy sector requirements, alongside environmental considerations. Forecasts suggest continued strong growth in the next few years, reaching $11.56 billion in 2028, with a CAGR of 6.0%. This growth is driven by expanded material options, automotive lightweighting, medical implants, aerospace industry growth, and green manufacturing practices. Major trends in the forecast period encompass sustainability and recycling, advancements in MIM equipment, customization and personalization, quality control and certification, and 3D printing integration.
Global Isothermal Forging Market Key Driver
Increasing demand for automobiles is expected to propel the growth of the isothermal forging market going forward. Automobiles refer to land-based autonomous passenger or commercial vehicles with a combustion engine and typically four or more wheels. Isothermal forging is an important process in the automobile industry for producing high-performance, complex-shaped parts that require high strength, durability, and precision, so increasing demand for automobiles will propel the growth of the isothermal forging market. For instance, in 2022, according to the data published by the International Organization of Motor Vehicle Manufacturers, a France-based international trade automotive association, the global sales of automobiles reached 82,755,197 in 2021, up from 78,787,566 in 2020. Furthermore, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), the central lobbying and standards group for the automobile industry in the European Union, Passenger automobile sales in the United States increased by 5.5% from 2020 to 11.9 million units in 2021. In 2021, about 6.3 million passenger automobiles were produced in US auto plants, a 3.1% increase over 2020. In 2021, Chinese automakers manufactured 20.7 million automobiles, a 7.1% increase. The total number of cars produced worldwide increased by 2.7% to 63.2 million in 2021. Therefore, an increasing demand for automobiles is driving the growth of the isothermal forging market. The market size in 2023 indicates significant potential for expansion, with projections suggesting further growth by 2024 and 2028.
Get A Free Sample Of The Global Isothermal Forging Market ReportGlobal Isothermal Forging Market Segments
The isothermal forging market covered in this report is segmented –
1) By Raw Material: Carbon Steel Metal Forging, Alloy Steel Metal Forging, Aluminum Metal Forging, Magnesium Metal Forging, Stainless Steel Metal Forging, Titanium Metal Forging, Other Raw Material Metal Forging
2) By Processes: Conduction heating, Induction heating
3) By End Use Vertical: Aerospace And Defense, Agriculture Equipment, Automotive, Construction And Mining Equipment And Components, Electrical And Electronic, Energy And Power, Industrial And Manufacturing, Marine And Rail, Oil And Gas
By Geography:The regions covered in the isothermal forging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the isothermal forging market in 2023. The regions covered in the isothermal forging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Isothermal Forging Industry Players
Anchor-Harvey Components LLC, Arconic Corp., ATI Forged Inc., Bharat Forge Ltd., CFS Forge, H C Starck Solutions Services Inc., Larsen & Toubro Ltd., Schuler Group, Trenton Forging Company, Pratt & Whitney, Alcoa Corporation, ALD Vacuum Technologies Pvt. Ltd., SMT Limited, Precision Castparts Corp., Leistritz Turbinentechnik GmbH, 3A Composites, Sundaram Fasteners Ltd., Kalyani Forge Limited, Aubert and Duval Pvt. Ltd., Bharat Dynamics Limited, Bharat Electronics Limited, Bharat Earth Movers Limited, Bharat Petroleum Corporation Limited, Amtek Auto Limited, Tata Steel Limited, Nanshan Forge Company, Bharat Heavy Electricals Limited, Formosa Plastics Group, Howmet Aerospace Inc., Aalco metals ltd.
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Isothermal Forging Market Overview
Isothermal forging refers to a metal-forming process in which a heated metal billet is forged using a die that is held at a constant temperature during the forging process. This process is used to produce complex parts with tight tolerances and high strength requirements.
Isothermal Forging Global Market Report 2023 provides data on the global isothermal forging market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The isothermal forging market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.