Forged and stamped goods refer to a product that is engaged in the production of forgings from purchased metals, metal custom roll forming products, metal stamped and spun products, and powder metallurgy products.
The main types of forged and stamped goods are iron and steel forged goods, nonferrous forged goods, custom roll formed goods, powder metallurgy parts, metal crown, closure, and other metal stamped goods. Iron and steel forged goods obtain from the alloying of iron and carbon at high pressures. These are used in automotive, construction, food & beverage packaging, machinery, metal products, and other end users.
The global forged and stamped goods market 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
The global forged and stamped goods market size grew from $284.78 billion in 2022 to $306.27 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of forged and stamped goods is expected to grow to $398.11 billion in 2027 at a CAGR of 6.8%.
Expected growth in the demand for aircraft manufacturing supported by the growing demand for international and domestic air travel and rising government defense budgets are expected to drive the demand for forged and stamped goods. According to TBRC estimates, the sales of aerospace machinery will grow by 10.15% a year during 2018-2022 supported by the growing demand from the tourism industry. Simultaneously, many countries are increasing their defense budgets to improve their abilities to respond to international crises and are including technologically advanced equipment across categories such as ammunition, aircraft, and helicopters to be prepared for an emergency. For example, the US Senate has allocated $778.23 billion for the year 2020, as increase from $734.34 billion in 2019. An increase in defense budgets and production numbers of commercial aircraft will drive the demand for forged metal components in the forecast period, driving the overall growth of the forged and stamped goods market.
Major companies in the forged and stamped 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., and Allegheny Technologies Incorporated.
The increasing share of electric vehicles in the automobiles market due to the increasing demand for electric passenger vehicles is expected to restrain the forged and stamped goods market, particularly as the automobile manufacturing market is the largest end-use market for the forged and stamped goods manufacturers. Electric vehicles comprise simple architectural parts such as engines used in an electric vehicle that are much simpler than those used in motor vehicles. 60% of forging units are involved in the manufacturing of engine and transmission-related auto components. Internal combustion engines of automobiles contain 2000 moving parts which are reduced to 20 parts in the electrical vehicles, decreasing the demand for forged and stamped goods. So, for instance, the emergence of electrical vehicles is expected to reduce the demand for auto forged and stamped goods by 40%-50% in India by 2030.
Metal forgers are increasingly incorporating additive manufacturing technologies to offer customized designs to customers. 3D technology is being used in forging for balancing customization and personalization with efficiency and waste reduction. The 3D forging technology offers advantages, such as the preparation of complicated shapes and designs and negligible material loss. Companies using additive/3D manufacturing technology include Alcoa and Bharat Forge.
The Asia-Pacific was the largest region in the forged and stamped goods market share in 2022. Western Europe was the second-largest region in the forged and stamped goods market. The regions covered in the global forged and stamped market analysis report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries in the forged and stamped market include Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, Ukraine, USA, Vietnam.
The forged and stamped market consists of sales of carbon steel forged goods, aluminium forged goods, copperforged goods, and brass forged goods. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The forged and stamped market research report is one of a series of new reports from The Business Research Company that provides forged and stamped market statistics, including forged and stamped industry global market size, regional shares, competitors with a forged and stamped market share, detailed forged and stamped market segments, market trends and opportunities, and any further data you may need to thrive in the forged and stamped industry. This forged and stamped market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.