According to Fact.MR- a market research and competitive intelligence provider- the global Forged Carbon Steel market is expected to register a CAGR of 7% through 2031, reaching US$ 180 Bn. The need for strong and durable forged components will rise as the number of electric cars increases, boosting the market’s growth throughout the projected period. Revenues in the automotive segment are expected to comprise 51% of the global market.
Amidst the growing demand from automotive industry, Global Forged Carbon Steel market is set to witness a robust growth rate of more than 7%. Within the automotive sector demand is soaring for high-performance forged components for cars, trucks, and commercial automobiles thus augmenting the demand for Forged Carbon Steel. Forged Carbon Steel is witnessing a surge in automotive applications on back of its durability, strength and reliability. Key players in the Forged Carbon Steel market are focusing on expanding production capacities in order to expand their footprint and ensure consistent quality. Large scale research and development initiatives are being undertaken in Forged Carbon Steel processes and raw materials.
Key Takeaways of Forged Carbon Steel Market
- Carbon Steel is the most in-demand raw material. Its popularity can be attributed to the high performance qualities of carbon steel such as ductility, yield strength, and impact resistance capacity.
- Magnesium offers the most lucrative revenue opportunities with a positive CAGR of more than 9%. Governments around the world are introducing stringent regulations to promote the use of high-performance materials such as magnesium for aerospace & defense manufacturing which is further augmenting its demand
- Application of Forged Carbon Steel in construction will gain 2X traction from companies on the back of infrastructure development in emerging countries to support the economic needs.
- Automotive remains the leading application segment of Forged Carbon Steel. The production of electric cars is demanding specialized metals to be forged with precision and quality.
- East Asia is the leading global region for Forged Carbon Steel manufacturers with more than 40% of the market share.
- South Asia presents beneficial growth opportunities since countries in South Asia such as Singapore and Indonesia need Forged Carbon Steel services to cater to their automotive and manufacturing industries respectively.
“Trends such as digital thermomechanical analysis and integration of IoT with forging technology will bring about disruptive changes in market. Powder metallurgy and part manufacturing segment is expected to drive demand for forged metal products during the forecast period.” Says the Fact MR Analyst
Why are Titanium Alloys Preferred in the Aerospace Industry?
Titanium alloys outperform all other metallic materials used in the forging process. Titanium alloy forging is most commonly utilised in the aerospace industry. This is due to its high melting point and diminished heat conductivity.
It combines exceptional strength-to-weight ratios, low density, and corrosion resistance in one package. This material is forged particularly for rotating parts in aeroplanes, such as engine discs and shafts, and is used as an aluminium replacement.
Additionally, titanium possesses a low thermal expansion rate, allowing it to maintain its shape with a tight tolerance. As a consequence of these factors, demand for titanium alloys in the aerospace industry has grown, impelling Forged Carbon Steel demand.
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