The global forged and casting component market recorded sales of USD 9,081.3 million in 2022. The market registered a 5.3% year-on-year growth in 2022 and is projected to attain a valuation of USD 9,591.6 million in 2023.
Over the forecast period, the global market is projected to expand at a compound annual growth rate (CAGR) of 6.0%. By 2033, global forged and casting component sales revenue is set to reach USD 17,146.7 million.
Forged and casting components are vital components strategically chosen for their strength, durability, and versatility, making them integral to a wide range of industrial applications. These components are gaining wider popularity across industries like automotive and aerospace.
A forged component refers to a part created through the manufacturing process of forging, where a solid piece of aluminum alloy is subjected to controlled pressure and shaping to achieve the desired form. This process enhances the component's mechanical properties, such as strength and durability, making it suitable for applications within the weight range of up to 6 kilograms.
The casting process produces a casting component wherein molten aluminum alloy is poured into a mold to solidify and take the desired shape. This method allows for intricate designs and components within the weight range of up to 6 kilograms.
Casting components maintain structural integrity and exhibit various properties based on alloy composition and casting techniques. As a result, they are witnessing wider popularity across industries.
With industries like automotive and aerospace seeking fuel efficiency, demand for forged and casting components is expected to rise significantly. These components allow lightweight vehicles, aircraft, and other equipment production.
The ongoing global shift towards electrification and sustainable mobility is a transformative trend that profoundly impacts multiple industries, including those involved in forged and casting components. This is expected to create opportunities for forged and casting component manufacturers.
Leading companies focus on developing more complex and lightweight components using novel materials and processes. This will bode well for the global forged and casting components market.
| Attribute | Key Insights |
|---|---|
| Estimated Forged and Casting Component Market Size (2023E) | USD 9,591.6 million |
| Projected Forged and Casting Component Market Value (2033E) | USD 17,146.7 million |
| Expected Forged and Casting Components Market CAGR (2023 to 2033) | 6.0% |
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From 2018 to 2022, the global forged and casting component market experienced a CAGR of 4.8%. It attained a total valuation of about reaching a market size of USD 9,081.3 million at the end of 2022.
| Attribute | Details |
|---|---|
| Historical CAGR (2018 to 2022) | 4.8% |
| Forecast CAGR (2023 to 2033) | 6.0% |
From 2018 to 2022, forged and casting component sales experienced steady growth. This growth can be attributed to several factors, including increased industrial production, infrastructure development, and the adoption of advanced manufacturing techniques.
The global forged and casting component industry is expected to rise at a CAGR of 6.0% during the forecast period. By 2033, the market size is predicted to reach USD 17,146.7 million.
This anticipated growth rate signifies a promising future for manufacturers and suppliers of forged and casting components. Growing aftermarket demand, increased infrastructure projects, and advancements in material technology are few of the key factors expected to boost the market.
Robust expansion of industries such as military & defense, automotive, and others will likely create a high demand for forged and casting components. These precision components are crucial for producing advanced weaponry, high-performance electronics, and other machinery and equipment.
Principal Consultant
Advancements in Forging and Casting Technologies to Boost the Market
The manufacturing landscape is undergoing a revolutionary transformation propelled by advancements in forging and casting technologies. Innovations in materials science, automation, and simulation are emerging as pivotal drivers within this dynamic environment.
The new cutting-edge developments are redefining the manufacturing process and augmenting the quality, precision, and design intricacies of component production. They are improving machines' and equipment's quality, performance, and lifespan.
The integration of novel materials and the infusion of automation synergistically enhance efficiency. It also ensures a higher degree of precision and facilitates the creation of intricate, high-performance parts.
Adopting novel materials and automation is particularly significant as it empowers industries to cater to diverse demands while minimizing waste and energy consumption. It helps them to align with the growing emphasis on sustainable practices.
The convergence of these technological leaps is reshaping the manufacturing landscape, underscoring a new era of possibilities and capabilities in forging and casting components. This is expected to provide impetus for market growth.
Rapid Urbanization to Uplift Forged and Component Market Demand
Rapid urbanization is becoming a significant catalyst for the burgeoning demand within the forged and casting components market. The expansion of cities on a global scale is instigating an exponential surge in requirements for robust and dependable components, particularly in the realm of infrastructure projects.
Forged and casting components play a pivotal role in construction machinery, transportation systems, and energy facilities that constitute the backbone of urban development. With the burgeoning urban landscape comes an amplified need for durability and reliability, driving the demand for high-quality forged and casting components.
As urban hubs evolve, forged and casting components are critical to ensuring diverse urban infrastructure elements' enduring performance, longevity, and efficiency. This symbiotic relationship between urbanization and component demand is steering sustained market growth and reshaping the forged and casting landscape in response to the evolving needs of modern urban environments.
Forged and Casting Components Market Constraints
The forged and casting components market faces restraint due to disruptions in global supply chains. Factors such as material shortages, transportation challenges, and geopolitical uncertainties can lead to delays in production and affect the timely delivery of components.
Supply chain disruptions can increase lead times, production bottlenecks, and manufacturer costs. Industries reliant on forged and cast components, including automotive, aerospace, and manufacturing, may experience reduced operational efficiency and potential project delays.
To mitigate supply chain restraint, companies must diversify suppliers, enhance visibility in supply chains, and invest in resilient sourcing strategies. By taking these steps, they might overcome this challenge.
Forged and casting components also face competition from alternative materials like composites and advanced plastics. These materials offer advantages such as lighter weight, corrosion resistance, and design flexibility.
Industries seeking lightweight solutions, such as automotive and aerospace, are exploring alternatives to traditional forged and cast components to enhance fuel efficiency and performance. As a result, the market for forged and casting components faces the challenge of demonstrating their ongoing relevance and competitiveness in the face of innovative materials.
Manufacturers must innovate by optimizing designs, exploring hybrid materials, and collaborating with end-users to meet evolving demands. They can also invest in research and development to explore new materials and processes.
Forged and Casting Components Market Trends
Where industries are increasingly setting high benchmarks for efficiency, precision, and durability in their electronic and automation solutions, the role of forged and casting components is taking center stage. These components, crafted meticulously to meet stringent demands, are emerging as the bedrock of excellence in this dynamic landscape. It's not just about the parts; it's about a new paradigm of performance enhancement.
From robust heat management solutions to intricately designed housing structures that safeguard delicate electronics, aluminum alloy forged and casting components are indispensable in enabling seamless operations. Their ability to withstand the rigors of demanding applications translates into uninterrupted functionality, minimized downtime, and prolonged equipment lifespans.
As technology and innovation converge, the forged and casting market reshapes the fabric of high-performance electronics and automation. Forged and casing components allow industries to develop lightweight, complex, high-performance products, machinery, and equipment.
The ascent of digital twin technology is reshaping the forged and casting components landscape. This emerging trend involves the creation of virtual duplicates of tangible components, a breakthrough gaining momentum.
Manufacturers harness this innovation to model and fine-tune component performance across diverse scenarios before actual production, marking a transformative departure from traditional prototyping.
By leveraging simulation-driven design, accuracy and quality are heightened, yielding components tailored to exacting specifications without exhaustive physical trials. This curtails prototyping costs and time and streamlines the design-to-manufacturing trajectory.
With digital twins at the helm, the forged and casting components market embraces a new era of precision, efficiency, and ingenuity, epitomizing the fusion of digital prowess with physical excellence. As a result, a positive growth trajectory has been predicted for the target market.
The table below highlights key countries’ market value. China, the United States, and Japan are the three key markets for forged and casting components, with projected valuations of USD 4,002.7 million, USD 2,264.0 million, and USD 491.6 million, respectively, in 2033.
| Countries | Market Value (2033) |
|---|---|
| United States | USD 2,264.0 million |
| United Kingdom | USD 287.3 million |
| China | USD 4,002.7 million |
| Japan | USD 491.6 million |
| South Korea | USD 271.7 million |
Below table shows the expected forged and casting components market growth rates of top five countries. China, Korea, and the United States are set to experience higher CAGRs of 6.3%, 5.9%, and 5.7%, respectively, through 2033.
| Countries | Projected Forged and Casting Components Market CAGR (2023 to 2033) |
|---|---|
| United States | 5.7% |
| United Kingdom | 4.6% |
| China | 6.3% |
| Japan | 4.9% |
| South Korea | 5.9% |
The United States forged and casting component market size is expected to reach USD 2,264.0 million by 2033. Over the assessment period, demand for forged and cast components in the United States will likely rise at 5.7% CAGR.
Several factors are expected to drive forged and casting components demand in the United States. One of the key drivers fueling demand is the nation's thriving manufacturing sector.
The manufacturing sector relies heavily on forged and casting components. These components are crucial in ensuring the performance and safety of machinery and structures.
Increased investments in infrastructure development and a growing emphasis on renewable energy projects are expected to create substantial opportunities for forged and casting component manufacturers. These components are essential in the construction of infrastructure projects and the production of renewable energy equipment.
Growing popularity of electric vehicles is expected to improve the United States forged and casting components market share. As the demand for electric vehicles continues to increase, demand for forged and casting components is also expected to rise.
As per the latest analysis, Germany forged and casting component industry is expected to attain a valuation of USD 597.8 million by 2033. Sales of forged and casting components in the country are predicted to soar at a CAGR of 4.9% during the forecast period.
High-performance electronics and automation systems require precision-engineered components to meet stringent quality and performance standards. As a result, companies use forged and casting components. These components play a critical role in ensuring the reliability and efficiency of these systems.
Germany is known for its advanced manufacturing capabilities and engineering expertise, making it a hub for automotive, aerospace, and machinery industries. These industries heavily rely on forged and casting components for their machinery and equipment.
As the demand for high-performance electronics and automation systems continues to rise, so will the need for specialized components. This is expected to bolster forged and casting component sales in Germany.
China forged and casting component industry value is anticipated to reach USD 4,002.7 million by 2033, moving at a CAGR of 5.9% during the forecast period. It is expected to witness robust growth due to rising demand from the arms & defense sector.
China's increasing investments in defense capabilities and focus on domestic arms manufacturing drive the demand for forged and casting components in this sector. These components are becoming vital for improving equipment performance, safety, and durability.
The arms & defense industry requires precision-engineered components to ensure the reliability and performance of military equipment, including vehicles, aircraft, and weapons systems. Forged and casting components are vital in producing these critical assets, as they offer the strength, durability, and quality required for defense applications.
China's growing geopolitical influence and the need to modernize its armed forces are leading to substantial investments in defense technology and equipment. As a result, the demand for high-quality forged and casting components is expected to surge rapidly, creating a favorable environment for growth in the forged and casting component industry.
Japan is anticipated to register a CAGR of 4.9% during the assessment period. Total market valuation in the country is predicted to reach USD 491.6 million by 2033. Rapid expansion of automotive industry coupled with changing trends in this sector is driving demand in Japan.
The Japan automotive industry is witnessing emerging trends such as electrification and lightweight. This, in turn, is expected to create high demand for forged and casting components as they can reduce overall weight of vehicles.
Increasing investments in renewable energy sector is another key factor expected to boost sales of forged and casting components in the country. Renewable energy projects rely on forged and casting components for equipment like turbine blades.
South Korea is anticipated to experience a CAGR of 5.9% throughout the forecast period. Overall, the country's forged and casting components sales revenue is set to reach around USD 271.7 million by 2033.
Several factors are expected to stimulate growth in South Korea market. These include rapid industrial growth, rising demand for fuel-efficient vehicles, and the developing of new & innovative components.
As industrialization continues to penetrate its roots across Korea, demand for forged and casting components is expected to rise robustly. This is because aerospace, construction, and automotive industries need these specialized components for producing machinery, infrastructure, and vehicles.
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Below section shows the automotive segment dominating the market based on component type. It is predicted to thrive at 5.5% CAGR between 2023 and 2033.
The aluminum alloy 7xxx series segment is set to lead the market based on material type. It will likely progress at a CAGR of 5.2% during the forecast period.
| Top Segment (Component Type) | Automotive |
|---|---|
| Predicted CAGR (2023 to 2033) | 5.5% |
The automotive segment is expected to dominate the forged and casting component industry, with a share of around 69.7% in 2023. Over the assessment period, demand for automotive forged and casting components will likely rise at 5.5% CAGR.
Forged and casting components made for automotive segment are critical components that play a pivotal role in ensuring vehicle performance, safety, and reliability. These components are becoming indispensable in the automotive manufacturing sector amid evolving trends.
Multiple factors are driving growth of the target segment. These include continuous advancements in automotive technology, stringent quality standards, and the ever-increasing demand for innovative and durable components in the automotive industry.
Emerging trends like the shift towards electric and autonomous vehicles and lightweight are expected to generate high demand for forged and casting automotive components. This is because these components are generally lighter and stronger than traditional components.
| Top Segment (Material Type) | Lead-acid |
|---|---|
| Predicted CAGR (2023 to 2033) | 5.2% |
The aluminum alloy 7xxx series is expected to dominate the forged and casting component industry, holding a share of around 24.3% in 2023. It is poised to exhibit a CAGR of 5.2% during the assessment period.
Forged and casting components of aluminum alloy 7xxx series are known for their exceptional strength-to-weight ratio and corrosion resistance. This makes them a preferred choice in various critical applications within the forged and casting component industry.
Forged and casting components crafted from aluminum alloy 7xxx series offer superior performance, durability, and reliability. They help meet the stringent demands of aerospace, automotive, and structural engineering industries.
The 7xxx series alloys, containing zinc as the main alloying element and magnesium and copper, offer exceptional toughness. Typical chemical composition includes around 1 to 8% zinc, 0.2 to 2.9% magnesium, 1.2 to 2.4% copper, and small amounts of other elements.
Growing demand for forged and casting components made from aluminum alloy 7xxx series from diverse industries is expected to boost the target segment. Subsequently, the continuous technological advancements in materials engineering, which have led to the development of alloys with improved properties, will bode well for the target segment and the market.
Leading forged and casting component companies focus on developing innovative and technologically advanced solutions to meet evolving end-user demand. They are also adopting acquisitions, alliances, facility expansions, collaborations, mergers, and partnerships to solidify their market positions.
Recent Developments in Forged and Casting Component Market:
| Attribute | Details |
|---|---|
| Estimated Market Value (2023) | USD 9,591.6 million |
| Projected Market Size (2033) | USD 17,146.7 million |
| Anticipated Growth Rate (2023 to 2033) | 6.0% CAGR |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million, Volume in Units, and CAGR from 2023 to 2033 |
| Segments Covered | By Component Type, By Material Type, By Manufacturing Process, By Sales Channel, By Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; Central Asia; Russia & Belarus; Balkan & Baltics; East Asia; South Asia Pacific; Middle East & Africa |
| Key Companies Profiled | Robert Bosch GmbH; ZF Friedrichshafen AG; Denso Corporation; Continental AG; Thyssenkrupp AG; Magna International; Faurecia; Valeo S.A; Lear Corporation; Eaton Corporation Plc; Delphi Automotive PLC; Schaeffler AG; BorgWarner; Hitachi Astemo, Ltd.; Mahle GmbH; JTEKT CORPORATION; Dana Incorporated; Brembo S.p.A.; Aisin Corporation; Akebono Brake Industry Co., Ltd. |
The global market is expected to hit a value of USD 9,591.6 million by 2023.
Global forged and casting component demand is set to expand by 6.0% CAGR through 2033.
The market is predicted to exceed USD 17,146.7 million by 2033.
India market size is expected to reach USD 1,681.5 million by 2033.
Product innovations are a key trend in the target market.
Automotive industry is projected to hold a dominant market share of 69.7% in 2023.
East Asia is expected to emerge as the most profitable market.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033 6. Global Market - Pricing Analysis 7. Global Market Demand (in Value or Size in USD Million) Analysis 2018 to 2022 and Forecast, 2023 to 2033 8. Market Background 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component Type 9.1. Automotive 9.1.1. Engine Components 9.1.2. Transmission Components 9.1.3. Structural Components 9.1.4. Suspension Components 9.1.5. Exhaust System 9.1.6. Powertrain Components 9.1.7. Interior Components 9.1.8. Exterior Components 9.1.9. Others 9.2. Aerospace 9.2.1. Safety Critical Structural Parts 9.2.2. Non-Safety Critical Parts 9.3. Arms & Defense 9.3.1. Mobility 9.3.2. Arms & Gear 9.4. High-Performance Electronics & Automation 9.4.1. Heat Management 9.4.2. Electronic-Housings Automation 9.4.3. Structural Parts 9.5. Food & Beverages 9.5.1. Structural Components 9.5.2. Functional Component 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material Type 10.1. Aluminum Alloy 2xxx Series 10.2. Aluminum Alloy 3xxx Series 10.3. Aluminum Alloy 5xxx Series 10.4. Aluminum Alloy 6xxx Series 10.5. Aluminum Alloy 7xxx Series 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Manufacturing Process 11.1. Casting Process 11.1.1. Sand Casting 11.1.2. Die Casting 11.1.3. High Pressure Die Casting 11.1.4. Others 11.2. Forging Process 11.2.1. Open Die Forging 11.2.2. Closed Die Forging 11.2.3. Upset Forging 11.2.4. Precision Forging 11.3. Rheocasting Process 11.4. Others 12. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 12.1. OEM 12.2. Aftermarket 13. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 13.1. North America 13.2. Latin America 13.3. Western Europe 13.4. Eastern Europe 13.5. Central Asia 13.6. Russia & Belarus 13.7. Balkan & Baltic Countries 13.8. Middle East and Africa (MEA) 13.9. East Asia 13.10. South Asia and Pacific 14. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 15. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 16. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 17. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 18. Central Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 19. Russia & Belarus Market Analysis 2018 to 2022 and Forecast 2023 to 2033 20. Balkan & Baltic Countries Market Analysis 2018 to 2022 and Forecast 2023 to 2033 21. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033 22. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 23. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 24. Country-wise Market Analysis 25. Market Structure Analysis 26. Competition Analysis 26.1. Robert Bosch GmbH 26.2. ZF Friedrichshafen AG 26.3. Denso Corporation 26.4. Continental AG 26.5. Thyssenkrupp AG 26.6. Magna International 26.7. Faurecia 26.8. Valeo S.A. 26.9. Lear Corporation 26.10. Eaton Corporation Plc 26.11. Delphi Automotive PLC 26.12. Schaeffler AG 26.13. BorgWarner 26.14. Hitachi Astemo, Ltd. 26.15. Mahle GmbH 26.16. JTEKT CORPORATION 26.17. Dana Incorporated 26.18. Brembo S.p.A. 26.19. Aisin Corporation 26.20. Akebono Brake Industry Co., Ltd. 27. Primary Insights 28. Assumptions and Acronyms Used 29. Research Methodology
Industrial Automation
May 2023
REP-GB-17258
306 pages
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Forged and Casting Component Market
