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According to Fortune Business Insights, The global metal forging market was valued at USD 78.05 billion in 2023 and is expected to expand from USD 67.43 billion in 2024 to USD 94.88 billion by 2032, registering a CAGR of 4.4% during the forecast period. Asia Pacific held the largest share, accounting for 44.61% of the market in 2023. In addition, the U.S. metal forging market is anticipated to reach USD 13.96 billion by 2032, driven by rising demand from the automotive, aerospace, and industrial machinery sectors.
Metal forging is a manufacturing process that shapes metal through localized compressive forces. This technique is vital for producing components with exceptional strength, durability, and precision, making it indispensable in industries such as automotive, aerospace, energy, and construction. Commonly forged materials include steel, aluminum, titanium, and various alloys, each chosen to meet the unique performance requirements of specific applications.
Fortune Business Insights™ mentioned this in a report titled "Metal Forging Market, 2024-2032."
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