Enjoy complimentary customisation on priority with our Enterprise License!
The forging market is estimated to grow by 40.4 billion at a CAGR of 6.61% between 2023 and 2028. The global market thrives on its unique benefits compared to alternative fabrication methods, particularly its superior strength and durability. Furthermore, recent advancements in hybrid forging techniques integrate traditional practices with modern technology, significantly improving both efficiency and precision. Technological innovations continue to drive market expansion by empowering manufacturers to adapt to changing industry needs and sustain their competitive edge. These developments enable businesses across various sectors to enhance their product offerings and meet evolving customer demands effectively.
The market, vital for industries like aerospace and automotive, experiences robust demand driven by flyers and aircraft production, notably from industry giant boeing. Consumer activity and capital expenditure spending stimulate investments in energy and infrastructure projects, encompassing transportation networks and clean energy initiatives. Infrastructure bills focus on enhancing roads, bridges, and EV networks, while also improving public transit and utilities like high-speed internet and clean drinking water. With a growing emphasis on renewable energy and clean energy investment bills, the automotive industry also benefits from forging components, ensuring durability and volume production to meet evolving market demands. The market landscape depends on heavy equipment. Automotive components, Hardware apparatuses, Mechanical equipment, Aerospace and railways, Railway components, and Aviation components. The advantages of forging over other fabrication techniques are notably driving the market growth, although factors such as instability in variable costs may impede the market growth.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market share growth by the Closed Die Forging segment will be significant during the forecast period. Closed die forging or impression die forging is manufactured using an impression die to compress the workpiece. The impression die consists of cavities that restrict the flow of the metal within the cavity. As the metal is subjected to plastic compression, it fills the cavity of the die mold. Thus, the forged metal part retains the dimensions and shape of the mold. The process leads to changes in the grain structure of the metal. The desired grain structure can be achieved by controlled material deformation. Several companies in the industry are focusing on the expansion of their closed die forging business.
Get a glance at the market share of various regions Download the PDF Sample
The Closed Die Forging segment showed a gradual increase in the market share of 60.30 billion in 2018. Forging produces high-quality sheet metal parts to ensure the safety of automobile structures. Automobile components such as suspension, steering, and transmission systems are manufactured using forging. Forged parts are also installed in other automotive applications that are subject to stress and shock. These factors will drive the growth of the automotive segment during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to account for 67% of the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
China is the world's largest car manufacturer. In 2021, more than 26 million cars were sold in the country. India has also witnessed robust year-over-year growth rates in recent years in terms of the production of passenger vehicles (PVs), commercial vehicles (CVs), three-wheelers, and two-wheelers. The high growth in the production of automobiles in APAC is expected to drive the demand for forged parts and components during the forecast period. This, in turn, will drive the growth of the market in the region.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The driving force behind the growth of the market is notably the advantages it offers over other fabrication techniques. Forging renders metal tough, ductile, and fatigue-resistant, making it indispensable for industries requiring high-strength products. Compared to casting, forging boasts higher strength, cost-effectiveness, flexibility, and tensile strength.
Furthermore, a forged steel part exhibits significantly higher yield strength than a cast iron counterpart, making it the preferred choice in the automotive industry, aerospace, mining, and power sectors. Consequently, the preference for forging over casting is poised to escalate demand in these industries, fueling market growth during the forecast period.
Developments in robotics to enhance forging operations are a key trend influencing the market growth. Industries such as automotive, aerospace, and medical extensively use forging techniques for manufacturing components and parts. Automation helps in achieving high productivity while ensuring flexibility. It enables quick changeover between batches, enhances production volume, and results in improved manufacturing tolerances and product quality.
Moreover, recent advances in robotics have helped designers with high-volume forging lines. Robots use sensors to interact with other machines and ensure collision resistance. They also have a high range of motion. Developers have made robots specifically designed for pick-and-place applications. This results in high-speed and high-volume production in forging lines. Therefore, developments in robotics will support market growth during the forecast period.
The instability in variable costs may impede market growth. The forging industry is dependent on large volumes of ferrous and non-ferrous raw materials such as steel, iron, and other alloys. Fluctuations in raw material prices are a concern for the market, as they have a major impact on the overall revenue. The cost of these materials fluctuates because of scarcity and inflationary pressures and results in uncertainty in the Companies' profitability, thus restricting market growth.
The forging industry also needs skilled laborers to operate and carry out the forging process efficiently. However, as the wages of skilled have been laborers rising globally, various industries are outsourcing their manufacturing operations to regions with a low-cost workforce. Rising labor costs affect the overall profit margin of Companies. Companies are compelled to increase the selling price of forged parts to offset this. As a result, they face competition from Companies that employ low-cost labor, especially in developing economies. These factors will hinder the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aichi Steel Corp. - The company offers forged products such as eAXLE components, engine components, chassis components, transmission components, and driveline parts
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Metal forging is a metal forming process that involves shaping and manipulating metal using compressive forces. This process is achieved through various methods such as hammering, rolling, and pressing. The metal structure and composition can significantly impact the forging process, with cold temperatures making it more challenging due to increased brittleness and the risk of cracks. Conversely, warm and hot temperatures can make the metal more malleable, facilitating the forging process. Metals commonly used in forging include stainless steel, steel, titanium, aluminum, nickel-based alloys, and more. The material's strength and composition determine its suitability for forging. For instance, forged steel is widely used in the production of metal parts for passenger vehicles and commercial vehicles, while lightweight forged steel is increasingly popular in the manufacturing of electric vehicle components. Major industries utilizing forged metal parts include commercial aircraft production and commercial vehicles. Aluminum castings are also essential in various industries due to their lightweight properties. The market is expected to grow significantly due to the increasing demand for forged metal parts in various industries, particularly in the automotive and aerospace sectors. Raw materials such as steel, titanium, and aluminum are the primary inputs in the forging process.
The market encompasses the production of metal parts through various forming processes, including hammering, rolling, and pressing. These techniques apply compressive forces to shape raw materials, such as steel, stainless steel, titanium, aluminum, and magnesium, into desired structures. The choice of temperature during the forging process – cold, warm, or hot – influences the material's mechanical properties. Cold temperatures result in increased strength and hardness, while warm and hot temperatures improve ductility. Forged metal components are essential in various industries, including aerospace and automotive. In aerospace, forged titanium alloys are used for airframe structures, engine components, and landing gear due to their lightweight nature and high strength. Similarly, aluminum manufacturing plays a significant role in the automotive sector, producing parts with excellent mechanical properties and reduced fuel consumption. The market landscape depends on the Metal composition, Warm temperatures, Material strength, Empty spaces, Nickel Based Alloys, Advanced Alloys and Solution segment, Forgings. Climate change and environmental concerns have brought recycling initiatives and reduced CO2 emissions to the forefront of the forging industry. Steel manufacturers are focusing on sustainable practices, ensuring that forged metal components meet the demands of electric vehicles and other eco-friendly applications. In summary, the market is a dynamic and evolving industry, driven by advancements in material science, technology, and environmental consciousness. It continues to play a crucial role in manufacturing metal parts for various sectors, including aerospace, automotive, and industrial applications.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
173 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.61% |
|
Market growth 2024-2028 |
USD 40.4 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
6.35 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 67% |
|
Key countries |
China, Germany, US, India, and Italy |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Aichi Steel Corp., Ajax Tocco Magnethermic Corp., Alicon Castalloy Ltd., All Metals and Forge Group, Allegheny Technologies Inc., Aluminum Precision Products, American Axle and Manufacturing Holdings Inc., Asahi Forge Corp., Bharat Forge Ltd., Bruck GmbH, Consolidated Industries Inc., Farinia SA, Fountaintown Forge Inc., Larsen and Toubro Ltd., Mitsubishi Steel Mfg. Co. Ltd., Pacific Forge Inc., Patriot Forge Co., Scot Forge Co., Sumitomo Heavy Industries Ltd., and thyssenkrupp AG |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.