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NEW YORK , Nov. 3, 2023 /PRNewswire/ -- The metal forging market is expected to grow by USD 33.29 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 6.85% during the forecast period. The market is segmented by material (carbon steel, aluminum, stainless steel, and others), application (automotive, aerospace and defense, and construction and others), and geography (APAC, Europe , North America , South America , and Middle East and Africa ). The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample steel forgings ltd
High demand for advanced materials and alloys is a key factor driving market growth. Advanced alloys, which are being developed and used to fuel the evolution of performance materials with increased strength, durability, and corrosion resistance, are also becoming increasingly in demand. In addition, components with exceptionally high strength, longevity, and resistance to extreme conditions must be used in industries such as aircraft, automobiles, or energy.
· Rising raw material costs for metal forging are significant challenges restricting the market growth.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
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The forging press market size is estimated to grow at a CAGR of 3.28% between 2022 and 2027. The market size is forecast to increase by USD 313.13 million.
The forging market is estimated to grow at a CAGR of 5.82% between 2022 and 2027. The size of the market is forecasted to increase by 17.34 million tons.
Market Segmentation by Material
Drivers, Challenges, & Trends
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mould forgings Machine Tools, Metalworking and Metallurgy