The global forged and casting components market value observed a 5.2% year-on-year growth in 2022 and is estimated to reach USD 9,591.6 million in 2023. Over the assessment period, global sales of forged and casting components are projected to rise at 6.0% CAGR, culminating in a market size of USD 17,146.7 million by 2033.

Demand for forged and casting components is anticipated to remain high in the automotive segment. This is due to the rising need for lightweight, strong, and durable components in the automotive sector. The target segment is poised to exhibit a CAGR of 5.5% through 2033.

Several factors are expected to spur growth in the forged and casting components market. These include rapid industrial growth, rising demand for strong and lightweight components, and technological advancements in forging and casting processes.

Discover Actionable Insights - Request Your Sample Report Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-18445

Forged and casting components are gaining immense popularity across diverse industries due to their strength, durability, and versatility. These specialized components are made from materials like aluminum alloys using different processes.

Robust penetration of industrialization is expected to boost the global forged and casting components market. Subsequently, the growing usage of forged and casting components across automotive, aerospace, defense, and other industries is fuel demand.

Forged components are widely used in applications like aircraft engines, heavy machinery, and automotive components, where strength and durability are critical. Cast components are used in applications like pumps, valves, and other industrial equipment where a complex shape is needed.

Rising trends like the shift towards electric vehicles and lightweight materials in the automotive sector are projected to bolster forged and casting component sales. These components allow automakers to reduce overall vehicle weight and improve efficiency.

Increasing construction projects and expansion of the renewable sector are other factors expected to fuel demand for forged and casting components. As a result, the target market is set to register healthy growth through 2033.

Key Takeaways from the Forged and Casting Components Market Report:

The global market is projected to reach a valuation of USD 17,146.7 million by 2033.
By material type, the aluminum alloy 7xxx series segment is set to account for a market share of 3% in 2023.
By component type, the automotive segment is expected to thrive at 5% CAGR.
The United States industry is predicted to reach USD 2,264.0 million by 2033.
Sales in Germany are expected to surge at 9% CAGR through 2033.
China's market is anticipated to total USD 4,002.7 million by 2033.
“Rapid industrial growth globally and surging demand for fuel-efficient vehicles are expected to create lucrative growth prospects for forged and casting component manufacturers. To gain maximum profits, key companies are expanding their portfolios and exploring novel manufacturing processes,” - says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.

Who is Winning?

Robert Bosch GmbH, ZF Friedrichshafen AG, Denso Corporation, Continental AG, Thyssenkrupp AG, Magna International, Faurecia, Valeo S.A and others are key forged and casting component manufacturers listed in the report.

Top companies are adopting several strategies to boost their revenue and expand their presence. These strategies include new product launches, investments in research and development, partnerships, acquisitions, collaborations, facility expansions, etc.

Recent Developments in the Forged and Casting Component Market:

In February 2022, two new bearings for electric vehicles were launched by Schaeffler AG.
In September 2021, Thyssenkrupp started production of the world’s most advanced forging line in Germany’s Saarland region.
Make Informed Decisions - Purchase The Premium Report Now! https://www.futuremarketinsights.com/checkout/18445

Forged and Casting Component Market Segmentation:

By Component Type:

Automotive
Engine Components
Transmission Components
Structural Components
Suspension Components
Exhaust System Components
Powertrain Components
Interior Components
Exterior Components
Others
Aerospace
Safety Critical Structural Parts
Non-Safety Critical Parts
Arms & Defense
Mobility
Arms & Gear
High-Performance Electronics & Automation
Heat Management
Electronic-Housings
Automation Structural Parts
Food & Beverage
Structural Components
Functional Components
By Material Type:

Aluminum Alloy 2xxx Series
Aluminum Alloy 3xxx Series
Aluminum Alloy 5xxx Series
Aluminum Alloy 6xxx Series
Aluminum Alloy 7xxx Series
By Manufacturing Process:

Casting Process
Sand Casting
Die Casting
High-Pressure Die Casting
Others
Forging Process
Open Die Forging
Closed Die Forging
Upset Forging
Precision Forging
Rheocasting Process
Others
By Sales Channels:

OEM
Aftermarket
By Region:

North America
Latin America
Western Europe
Eastern Europe
East Asia
Central Asia
Russia & Belarus
Balkan & Baltics
South Asia Pacific
Middle East & Africa
Access Report Details: https://www.futuremarketinsights.com/reports/forged-and-casting-com...