Report : Middle East & Africa Cold Forming and Cold Heading Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material (Aluminum, Alloy Steel, Stainless Steel, and Others) and Industry (Aerospace and Defense, Automotive, Industrial Equipment and Machinery, and Others)
At 1.9% CAGR, the Middle East & Africa Cold Forming and Cold Heading Market is speculated to be worth US$ 1,011.30 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa cold forming and cold heading market was valued at US$ 904.39 million in 2022 and is expected to reach US$ 1,011.30 million by 2028, registering an annual growth rate of 1.9% from 2022 to 2028. The growing demand cold forming and cold heading in aerospace industry and advancements in cold forming and cold heading are the critical factors attributed to the market expansion.
Professional cold heading machines, which support automated yarn rolling mills at all plants in the fastener industry, are widely used in the aircraft manufacturing process due to their ability to secure critical structural components and high tensile strength. With the demand for fuel-efficient and lightweight aircraft, there is a significant demand for lightweight, high-performance fasteners. Increasing demand for convenient, cost-effective, fast travel solutions and the rise in international air travel are a few of the fundamental factors supporting the growth of industrial fasteners in the aerospace industry. Moreover, R&D innovations in the aerospace sector are driving the cold forming and cold heading market. Thus, growing demand of cold forming and cold heading in aerospace industry will drive the demand for cold forming and cold heading market.
On the contrary, cold forming and cold heading metalworking requires greater forces hurdles the growth of Middle East & Africa cold forming and cold heading market.
Based on material, the Middle East & Africa cold forming and cold heading market is segmented into aluminum, alloy steel, stainless steel, and others. The alloy steel segment held 45.5% market share in 2022, amassing US$ 411.71 million. It is projected to garner US$ 453.50 million by 2028 to expand at 1.6% CAGR during 2022–2028.
Based on industry, the Middle East & Africa cold forming and cold heading market is segmented into aerospace and defense, automotive, industrial equipment and machinery, and others. The automotive segment held 57.0% market share in 2022, amassing US$ 515.84 million. It is projected to garner US$ 595.96 million by 2028 to expand at 2.4% CAGR during 2022–2028.
Based on country, the Middle East & Africa cold forming and cold heading market is segmented into South Africa, Saudi Arabia, the UAE, and the rest of Middle East & Africa. Our regional analysis states that South Africa captured 44.4% market share in 2022. It was assessed at US$ 401.94 million in 2022 and is likely to hit US$ 467.22 million by 2028, exhibiting a CAGR of 2.5% during the forecast period.
Key players dominating the Middle East & Africa cold forming and cold heading market are Altra Industrial Motion Corp; Bharat Forge; KALYANI FORGE; and STANLEY among others.
Contact Us
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: sam@businessmarketinsights.com