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The global Metal Forging market is forecast to reach USD 139.63 Billion by 2030, according to a new report by Reports and Data. The market is witnessing a surge an increased demand from the automotive industry due to its durability, strength, and reliability of forged components. However, alternative manufacturing processes for components, explicitly casting, will hamper the demand of the market.
Rapid urbanization has changed the lifestyle of the people and, in turn, has increased the prevalence of aerospace and automotive sectors over a broad aspect, thus, augmenting the demand for the market product. The limitations of metal forging, which include brittle metals that cannot be forged and is not apt for the complex shaping of the components, thereby gives rise to the need in the market to look for alternative options that will be hindering the growth of metal forging market.
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The advent of the use of metal forging supported by the Ministry of Heavy Industries & Public Enterprises of the Indian government, as the forging market in India, is the key contributor to the overall manufacturing sector, thus creating a demand of the product in the market. Moreover, other nations such as China, Europe, and the United States are also supported by their respective government, which help them to withhold their position in the market and raise the potential to increase expenditure in the metal forging industry. The United States has initiated new anti-dumping duty and countervailing duty investigations to determine whether the forged steel fittings from countries like India and Korea are being dumped there and to find out whether producers in India are receiving unfair subsidies. There are around 45 subsidy programs alleged for India, which includes allegations that the Government of India provides exported subsidies, as well as subsidized financing, land, steel, and other raw materials. According to studies, The Asia Pacific region forecasted to grow with the highest growth rate owing to the increase in the use of metal forging.
The report studies the following companies in detail:
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Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented into the global Metal Forging market on the basis of raw materials, type, application, and region:
Raw Materials Outlook (Revenue, USD Billion; 2019-2030)
Type Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
Regional Outlook (Revenue, USD Billion; 2019-2030)
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