Forged And Stamped Goods Global Market Report 2024

The forged and stamped goods market size has grown strongly in recent years. It will grow from $297.32 billion in 2023 to $314.56 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed during the historic period can be attributed to factors such as industrial expansion, fluctuations in raw material prices, technological advancements, and the implementation of environmental regulations.

The forged and stamped goods market size is expected to see strong growth in the next few years. It will grow to $384.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The anticipated growth in the forecast period can be attributed to factors like infrastructure development, the automotive industry's expansion, advancements in the aerospace and defense sectors, and the growth of renewable energy. Additionally, major trends in the forecast period include a focus on electrification and lightweighting, the use of advanced materials, adoption of additive manufacturing, digitalization and enhanced connectivity, and a rising trend in collaboration and partnerships.

The anticipated growth in the demand for aircraft manufacturing is being driven by the increasing need for both international and domestic air travel, coupled with rising government defense budgets. This demand is expected to positively impact the market for forged and stamped goods. As per estimates from the publisher, sales of aerospace machinery are projected to grow at an annual rate of 10.15% between 2018 and 2022, largely due to the tourism industry's expanding requirements. Additionally, many countries are augmenting their defense budgets to enhance their preparedness for international crises. This includes the acquisition of technologically advanced equipment such as ammunition, aircraft, and helicopters. For instance, in January 2023, the US President proposed a budget of $772 billion for the Department of Defense. The 2023 Future Years Defense Program (FYDP) further anticipates an increase to $784 billion in 2024, indicating a steady rise in defense budgets. This increase in both defense budgets and commercial aircraft production is expected to boost the demand for forged metal components in the forecast period, thereby driving growth in the overall forged and stamped goods market.

The primary categories of forged and stamped goods include iron and steel forged goods, nonferrous forged goods, custom roll-formed products, powder metallurgy components, as well as metal crown, closure, and various other metal stamped items. Iron and steel forged goods are created through the alloying of iron and carbon under high pressures. These products find applications in various industries, including automotive, construction, food and beverage packaging, machinery, and metal products, among others.

The forged and stamped market research report is one of a series of new reports 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.

The burgeoning construction industry is poised to significantly contribute to the expansion of the forged and stamped goods market in the foreseeable future. The construction sector, which encompasses a wide spectrum of activities involved in the development, renovation, and maintenance of physical structures and infrastructure, plays a pivotal role in driving the demand for various structural components. These components, including beams, columns, brackets, and fasteners, are crucial for construction projects, both in the residential and commercial domains. Many of these components are forged or stamped to meet the specific requirements of each construction endeavor. For instance, recent data from the Office for National Statistics, a UK-based administrative office, revealed a remarkable 12.7% increase in the annual construction sector performance in 2021 compared to the previous year. Additionally, in December 2021, monthly construction output witnessed a 2.0% upsurge. Consequently, the robust growth in the construction industry is a key driver of the forged and stamped goods market.

The growing presence of electric vehicles in the automotive market, driven by increasing demand for electric passenger vehicles, is anticipated to pose a challenge to the forged and stamped goods market. This impact is particularly significant as the automotive manufacturing sector stands as the largest consumer of products from forged and stamped goods manufacturers. Electric vehicles typically incorporate simpler structural components, including engines, compared to traditional internal combustion engine vehicles. Approximately 60% of forging units are engaged in the production of auto components related to engines and transmissions. While conventional internal combustion engines in automobiles consist of around 2000 moving parts, electric vehicles feature a significantly reduced count of 20 parts. This transition results in decreased demand for forged and stamped goods in the automotive industry. For example, it is expected that the rise of electric vehicles will lead to a 40%-50% reduction in demand for forged and stamped auto components in India by the year 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.

Prominent companies within the forged and stamped goods market are actively engaged in the development of innovative solutions, including the creation of metal stamping simulation software, to cater to broader customer segments, expand their sales, and enhance overall revenue. Metal stamping simulation software represents a specialized computer program or tool employed within the manufacturing sector for simulating and analyzing the metal stamping or sheet metal component forming process. In a notable example from April 2022, the US-based software company Ansys introduced Ansys Forming, an all-encompassing forming simulation software specifically crafted to enable metal formers to digitally plan and validate each stage of the sheet metal forming process. A distinguishing feature of this product is its capability to simulate every facet of metal stamping via an end-to-end workflow, significantly reducing the number of components required during simulation and expediting solution times through the integration of intelligent adaptivity features, thus allowing customers to precisely fine-tune the mesh. Ansys Forming provides a comprehensive platform offering various presets for monitoring each stage, including feasibility, formability, and springback, all powered by the LS-Dyna solver and featuring an intuitive graphical user interface.

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.

The 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.

The countries covered in the forged and stamped goods market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The forged and stamped market consists of sales of carbon steel forged goods, aluminium forged goods, copper forged 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.


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