Thriving Growth in Forged and Stamped Goods Market

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON, UK, January 16, 2024 /EINPresswire.com/ — The market for forged and stamped goods has exhibited robust growth, expanding from $297.32 billion in 2023 to $314.56 billion in 2024, showcasing a notable compound annual growth rate (CAGR) of 5.8%. Projections indicate sustained strong growth, with the market size anticipated to reach $384.83 billion by 2028, driven by a compelling CAGR of 5.2%. Key factors propelling this growth include increased demand for forged metal components driven by defense budgets and commercial aviation expansion, a positive impact from the growing construction industry, and innovative developments in the sector.

Defense Budgets and Commercial Aviation Fuel Forged Metal Component Demand
Anticipated growth in the demand for aircraft manufacturing, propelled by increasing global and domestic air travel demands and rising government defense budgets, is set to drive the demand for forged and stamped goods. The aerospace machinery sales are estimated to grow by 10.15% annually during 2018-2022, supported by the tourism industry’s expanding needs. Notably, governments are boosting defense budgets to enhance their capabilities, investing in technologically advanced equipment, such as ammunition, aircraft, and helicopters. For instance, the U.S. President’s request of $772 billion for the Department of Defense in January 2023, with a projected increase to $784 billion in 2024, is expected to drive the demand for forged metal components.

Growing Construction Industry Boosts Market
The burgeoning construction industry is poised to positively impact the forged and stamped goods market. The construction sector, encompassing planning, design, development, and maintenance of physical structures, has witnessed significant growth. Structural components like beams, columns, brackets, and fasteners, crucial for construction projects, are often forged or stamped to meet specific project requirements. The UK, for example, experienced a record rise of 12.7% in its annual construction sector in 2021, driving the demand for forged and stamped goods.

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Integration of Additive Manufacturing and Innovative Product Development
Metal forgers in the forged and stamped goods market are increasingly adopting additive manufacturing technologies to offer customized designs with reduced waste. The integration of 3D technology in forging provides advantages such as complex shape formation and minimal material loss. Major companies, including Alcoa and Bharat Forge, are utilizing additive manufacturing technology.

Additionally, leading companies in the forged and stamped goods market are focusing on product innovation to drive revenues. An example is Ansys, a US-based software company, which launched Ansys Forming, an all-in-one forming simulation software. This software, designed for metal formers, allows digital planning and validation of each stage of the sheet metal forming process, contributing to increased efficiency and customer bases.

Regional Landscape and Market Segmentation
In 2023, Asia-Pacific emerged as the largest region in the forged and stamped goods market, followed by Western Europe as the second-largest region.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

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Forged And Stamped Goods Global Market Report 2024 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Forged And Stamped Goods Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on forged and stamped goods market size, forged and stamped goods market drivers and trends, forged and stamped goods market major players, forged and stamped goods market competitors’ revenues, forged and stamped goods market positioning, and forged and stamped goods market growth across geographies. The forged and stamped goods market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the forged and stamped goods market report and tap into segments with the highest growth potential.

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