The global forged and casting components market value observed a 5.2% year-on-year growth in 2022 and is estimated to reach USD 9,591.6 million in 2023. Over the assessment period, global sales of forged and casting components are projected to rise at 6.0% CAGR, culminating in a market size of USD 17,146.7 million by 2033.
Demand for forged and casting components is anticipated to remain high in the automotive segment. This is due to the rising need for lightweight, strong, and durable components in the automotive sector. The target segment is poised to exhibit a CAGR of 5.5% through 2033.
Several factors are expected to spur growth in the forged and casting components market. These include rapid industrial growth, rising demand for strong and lightweight components, and technological advancements in forging and casting processes.
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Forged and casting components are gaining immense popularity across diverse industries due to their strength, durability, and versatility. These specialized components are made from materials like aluminum alloys using different processes.
Robust penetration of industrialization is expected to boost the global forged and casting components market. Subsequently, the growing usage of forged and casting components across automotive, aerospace, defense, and other industries is fuel demand.
Forged components are widely used in applications like aircraft engines, heavy machinery, and automotive components, where strength and durability are critical. Cast components are used in applications like pumps, valves, and other industrial equipment where a complex shape is needed.
Rising trends like the shift towards electric vehicles and lightweight materials in the automotive sector are projected to bolster forged and casting component sales. These components allow automakers to reduce overall vehicle weight and improve efficiency.
Increasing construction projects and expansion of the renewable sector are other factors expected to fuel demand for forged and casting components. As a result, the target market is set to register healthy growth through 2033.
Key Takeaways from the Forged and Casting Components Market Report:
- The global market is projected to reach a valuation of USD 17,146.7 million by 2033.
- By material type, the aluminum alloy 7xxx series segment is set to account for a market share of 3% in 2023.
- By component type, the automotive segment is expected to thrive at 5% CAGR.
- The United States industry is predicted to reach USD 2,264.0 million by 2033.
- Sales in Germany are expected to surge at 9% CAGR through 2033.
- China’s market is anticipated to total USD 4,002.7 million by 2033.
“Rapid industrial growth globally and surging demand for fuel-efficient vehicles are expected to create lucrative growth prospects for forged and casting component manufacturers. To gain maximum profits, key companies are expanding their portfolios and exploring novel manufacturing processes,” – says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Who is Winning?
Robert Bosch GmbH, ZF Friedrichshafen AG, Denso Corporation, Continental AG, Thyssenkrupp AG, Magna International, Faurecia, Valeo S.A and others are key forged and casting component manufacturers listed in the report.
Top companies are adopting several strategies to boost their revenue and expand their presence. These strategies include new product launches, investments in research and development, partnerships, acquisitions, collaborations, facility expansions, etc.
Recent Developments in the Forged and Casting Component Market:
- In February 2022, two new bearings for electric vehicles were launched by Schaeffler AG.
- In September 2021, Thyssenkrupp started production of the world’s most advanced forging line in Germany’s Saarland region.
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Forged and Casting Component Market Segmentation:
By Component Type:
- Automotive
- Engine Components
- Transmission Components
- Structural Components
- Suspension Components
- Exhaust System Components
- Powertrain Components
- Interior Components
- Exterior Components
- Others
- Aerospace
- Safety Critical Structural Parts
- Non-Safety Critical Parts
- Arms & Defense
- Mobility
- Arms & Gear
- High-Performance Electronics & Automation
- Heat Management
- Electronic-Housings
- Automation Structural Parts
- Food & Beverage
- Structural Components
- Functional Components
By Material Type:
- Aluminum Alloy 2xxx Series
- Aluminum Alloy 3xxx Series
- Aluminum Alloy 5xxx Series
- Aluminum Alloy 6xxx Series
- Aluminum Alloy 7xxx Series
By Manufacturing Process:
- Casting Process
- Sand Casting
- Die Casting
- High-Pressure Die Casting
- Others
- Forging Process
- Open Die Forging
- Closed Die Forging
- Upset Forging
- Precision Forging
- Rheocasting Process
- Others
By Sales Channels:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- Central Asia
- Russia & Belarus
- Balkan & Baltics
- South Asia Pacific
- Middle East & Africa
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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