The global metal forging market will grow at over 7% during 2019 – 2029, as projected by a new Fact.MR report. Key players in the metal forging market are seeking to integrate new technologies in forging processes including automation and 3D visualization, to leverage growth in developing economies.
“Trends such as the integration of IoT and digital thermo mechanical analysis with forging technologies will disrupt the market. Part manufacturing and powder metallurgy segments are expected to drive demand,” says the Fact.MR report.
Metal Forging Market: Key Findings
In terms of raw materials, carbon steel accounts for a major market share; magnesium set for faster pace.
Construction applications are the major end users for metal forging setups, on the back of infrastructure development in emerging economies.
Automotive applications are projected to account for major demand growth in the following years.
East Asia will remain the leading market, accounting for nearely 40% of the overall demand.
South Asia is projected to create lucrative growth opportunities, particularly in manufacturing and automotive industries.
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Metal Forging Market: Key Driving Factors