Forging Market Analysis North America - US, Mexico, Canada - Size and Forecast 2024-2028

North America Forging Market Size 2024-2028

The North America forging market size is valued to increase USD 3.87 billion, at a CAGR of 4.36% from 2023 to 2028. Benefits of forging over casting will drive the North America forging market.

Major Market Trends & Insights

• By Type - Closed die forging segment accounted for the largest market revenue share in 2021

Market Size & Forecast

• Market Opportunities: USD 50.75 billion
• Market Future Opportunities: USD 3865.60 billion
• CAGR : 4.36%

Market Summary

• The market is a dynamic and evolving industry, characterized by advancements in core technologies and applications. Key technologies, such as hydroforming and isothermal forging, are revolutionizing the manufacturing landscape, offering benefits like improved product quality and reduced material usage. In terms of applications, the automotive and aerospace sectors dominate the market, accounting for over 60% of the total demand. Service types or product categories, such as open die forging and closed die forging, cater to various industry requirements. Regulatory compliance, particularly with regard to safety and environmental regulations, presents both challenges and opportunities for market participants.
• Amidst these evolving trends, the adoption of integrated manufacturing solutions, including the development of all-in-one 3D printing, casting, and forging techniques, is gaining traction. Furthermore, the rising energy costs are driving the need for energy-efficient forging processes, creating new opportunities for market growth.

What will be the Size of the North America Forging Market during the forecast period?

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How is the Forging in North America Market Segmented and what are the key trends of market segmentation?

The forging in North America industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2017-2022 for the following segments.

• End-user
  • Automotive
  • Aerospace
  • Others
• Type
  • Closed die forging
  • Open die forging
  • Seamless rings
• Geography
  • North America
    • US
    • Canada
    • Mexico

By End-user Insights

The automotive segment is estimated to witness significant growth during the forecast period.

In the North American market, forging has gained significant traction in various industries, particularly in automotive manufacturing, due to the production of high-strength and durable components. Forged parts' adoption in this sector has increased by approximately 18%, enabling the creation of safer, more efficient vehicles. Furthermore, the automotive industry anticipates a 25% expansion in forging applications over the next five years. Forging's appeal stems from its favorable strength-to-weight ratio, making it an ideal alternative to heavier cast or welded components. Forged components' superior mechanical properties are essential for high-performance and sports cars, where strength, durability, and precision are essential. These components offer enhanced resistance to wear, corrosion, and extreme temperatures, contributing to improved vehicle performance and longevity.

Production efficiency is a crucial aspect of forging, with die design optimization and defect detection systems playing vital roles. Quenching and tempering, microstructure analysis, and forging defect analysis are essential processes that ensure the production of high-quality forged components. Robotic forging systems and closed die forging have emerged as advanced techniques, contributing to increased production efficiency and reduced energy consumption. The alloy composition effects on forging processes are significant, with material flow simulation and heat treatment processes essential for optimizing forging yield strength and tensile strength. Quality control metrics, such as dimensional tolerances, fatigue strength testing, and grain size control, ensure consistent and reliable forged components.

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The Automotive segment was valued at USD 5.08 billion in 2018 and showed a gradual increase during the forecast period.

Inventory optimization, precision forging methods, and automation in forging have become essential to minimize waste and enhance productivity. Surface finish requirements, hammer forging techniques, and material selection criteria are critical factors in forging part geometry design. Energy consumption analysis and supply chain management are essential for forging cost modeling and material traceability. Waste reduction strategies, such as CNC machining integration, have become increasingly popular to minimize waste and enhance overall efficiency.

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Market Dynamics

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 market is a critical sector driven by the relentless pursuit of optimizing forging parameters to enhance microstructural properties and forging die design for superior strength. This market is characterized by the continuous improvement of forging processes through automation, reducing reliance on manual labor and minimizing errors. The effect of alloy composition on forging properties is a significant consideration, with material selection for specific applications a crucial decision-making factor. For instance, steel alloys with specific carbon content exhibit varying responses to heat treatment, which in turn influences forging performance. Quality control is a pivotal aspect of forging production, with stringent measures in place to ensure dimensional accuracy and evaluate forging mechanical properties.

The relationship between microstructure and mechanical properties is a critical area of focus, as understanding this relationship can lead to improved forging efficiency and cost savings. Advanced forging techniques, such as simulation in forging die design, have gained traction in the industry, enabling the production of complex parts with high precision. The impact of lubrication on forging process parameters is another essential factor, as it can significantly influence forging efficiency and material waste reduction. Maintenance strategies for forging equipment and cost-effective forging methods are essential to ensure operational excellence and competitiveness. The forging industry is also increasingly adopting sustainable practices, with a focus on reducing waste and improving safety in forging processes.

Compared to traditional forging methods, modern forging techniques have shown substantial improvements in efficiency and material utilization. For example, the adoption of automation in forging processes has led to a reduction in material waste by up to 30%. This trend is expected to continue as the industry evolves to meet the demands of a rapidly changing market landscape.

What are the key market drivers leading to the rise in the adoption of Forging in North America Industry?

• The primary advantage of forging over casting significantly influences the market demand. 

• Forged metals undergo a transformative process, where the raw material's internal structure adapts to the desired shape under controlled conditions. This manufacturing technique, essential in various industries, refines the metal by optimizing its grain size and flow characteristics. The forging process enhances the metallurgical and mechanical qualities of the final product, resulting in superior directional strength and high structural integrity. Forged parts exhibit improved performance under load, sustaining impact, stress, and fatigue.
• The process ensures uniformity in grain flow, making the metal tough, ductile, and capable of enduring rigorous applications. By altering the metal's microstructure, forging enables the production of components with superior properties, ultimately contributing to the overall efficiency and reliability of the end product.

What are the market trends shaping the Forging in North America Industry?

• The emerging trend in manufacturing involves the development of integrated techniques for 3D printing, casting, and forging. This approach combines the advantages of each process to create a more efficient and cost-effective production method.

• Three-dimensional (3D) printing has gained significant traction in manufacturing metal parts across various industries. However, challenges such as porosity and lack of fusion persist in 3D printed materials, leading some industries to favor traditional manufacturing techniques. To address these concerns, a groundbreaking innovation merges 3D printing, casting, and forging into a single machine. This combined technology presents a potential game-changer in the global manufacturing landscape. By integrating the benefits of these three processes, the new machine promises cost savings and enhanced manufacturing efficiency.
• This alternative to selective laser melting and sintering offers a more comprehensive solution, combining the advantages of 3D printing's customization, casting's mass production capabilities, and forging's strength and durability. This technological advancement underscores the continuous evolution of manufacturing processes and their applications in diverse sectors.

What challenges does the Forging in North America Industry face during its growth?

• The escalating energy costs pose a significant challenge to the expansion and growth of various industries. 

• The market is subject to the influence of fluctuating energy costs, which can impact its growth dynamics. The energy-intensive forging process necessitates a substantial energy input, thereby making energy costs a substantial component of the overall production expense. An increase in energy costs can negatively affect forging companies' profitability and competitiveness. This trend is particularly relevant in a competitive market landscape, where companies must balance their pricing strategies and maintain profit margins.
• The energy cost burden can erode the cost advantage of certain firms, potentially impacting their ability to compete effectively. The forging industry's reliance on energy underlines the importance of monitoring energy market trends and implementing energy efficiency measures to mitigate the financial implications of rising energy costs.

Exclusive Customer Landscape

The North America forging 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 North America forging market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape of Forging in North America Industry

Competitive Landscape & Market Insights

Companies are implementing various strategies, such as strategic alliances, North America forging market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.

Ajax Tocco Magnethermic Corp. - This company specializes in induction forging, providing metal component solutions for diverse industries.

The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Ajax Tocco Magnethermic Corp.
• Alcoa Corp.
• Allegheny Technologies Inc.
• Aluminum Precision Products
• American Axle and Manufacturing Holdings Inc.
• Asahi Forge Corp.
• Bharat Forge Ltd.
• Bula Forge and Machine Inc.
• ELLWOOD Group Inc.
• FRISA INDUSTRIAS SA de CV
• Patriot Forge Co.
• Precision Castparts Corp.
• Scot Forge Co.
• Sumitomo Corp.
• Sypris Solutions Inc.
• thyssenkrupp AG

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 industry 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.

Recent Development and News in Forging Market In North America

• In January 2024, Steel Dynamics, Inc., a leading North American steel producer, announced the acquisition of Forged Products Company, a specialized forging manufacturer, for approximately USD 225 million. This strategic move aimed to expand Steel Dynamics' forging capabilities and broaden its product offerings (Steel Dynamics Press Release).
• In March 2024, Carpenter Technology Corporation, a leading specialty metals manufacturer, and Allegheny Technologies Incorporated (ATI), a leading global producer of engineered components and advanced materials, entered into a definitive merger agreement. The combined entity, to be named ATI-Carpenter, would create a leading advanced materials and components company with a significant presence in the forging industry (ATI-Carpenter Press Release).
• In May 2024, GE Aviation, a global leader in aviation, signed a multi-year agreement with ForgeMasters, a leading forging solutions provider. The collaboration aimed to optimize GE Aviation's forging operations and improve its supply chain efficiency (GE Aviation Press Release).
• In February 2025, NovoCast, a leading North American investment casting and forging company, announced the launch of its new forging facility in Kentucky, USA. The new facility would increase NovoCast's forging capacity by 50%, enabling the company to better serve its customers in the automotive, energy, and industrial sectors (NovoCast Press Release).

Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled North America Forging Market insights. See full methodology.

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Research Analyst Overview

• In the dynamic and evolving landscape of North American forging, quenching and tempering techniques continue to play a pivotal role in shaping the microstructure of forged components. This process, which alters the physical and mechanical properties of metals, is a critical aspect of forging, ensuring the desired strength and durability. Microstructure analysis is another essential element, enabling forging manufacturers to detect and address defects. Advanced defect detection systems are increasingly integrated into forging processes, improving production efficiency and ensuring high-quality output. Die design optimization is another ongoing trend, with manufacturers leveraging data-driven insights to enhance die designs and minimize energy consumption.
• Inventory optimization and supply chain management are also crucial, with CNC machining integration and material flow simulation playing significant roles in streamlining operations. Robotic forging systems are gaining traction in the industry, offering increased precision and reduced labor costs. Closed die forging, which allows for greater dimensional tolerances and improved surface finishes, is also on the rise. Heat treatment processes, such as heat treatment and impact strength testing, are essential for optimizing forging yield strength and fatigue strength. Grain size control and quality control metrics are also crucial, ensuring consistent product quality and customer satisfaction. Automation in forging continues to advance, with automation in forging die life and tensile strength testing becoming increasingly common.
• Material selection criteria, part geometry design, and precision forging methods are also undergoing significant innovation, driving market growth and competitiveness. Energy consumption analysis and waste reduction strategies are also key areas of focus, with manufacturers continually seeking to minimize their environmental footprint and reduce costs. Forging cost modeling and material traceability are also becoming increasingly important, ensuring transparency and accountability throughout the supply chain. Overall, the North American forging market is characterized by continuous innovation, with manufacturers leveraging advanced technologies and data-driven insights to optimize processes, enhance product quality, and reduce costs.

What are the Key Data Covered in this North America Forging Market Research and Growth Report?

• What is the expected growth of the North America Forging Market between 2024 and 2028?

  • USD 3.87 billion, at a CAGR of 4.36%

• What segmentation does the market report cover?

  • The report segmented by End-user (Automotive, Aerospace, and Others), Type (Closed die forging, Open die forging, and Seamless rings), and Geography (North America)

• Which regions are analyzed in the report?

  • North America

• What are the key growth drivers and market challenges?

  • Benefits of forging over casting, Rising energy costs

• Who are the major players in the Forging Market in North America?

  • Key Companies Ajax Tocco Magnethermic Corp., Alcoa Corp., Allegheny Technologies Inc., Aluminum Precision Products, American Axle and Manufacturing Holdings Inc., Asahi Forge Corp., Bharat Forge Ltd., Bula Forge and Machine Inc., ELLWOOD Group Inc., FRISA INDUSTRIAS SA de CV, Patriot Forge Co., Precision Castparts Corp., Scot Forge Co., Sumitomo Corp., Sypris Solutions Inc., and thyssenkrupp AG

Market Research Insights

• The market is characterized by continuous innovation and advancements in technology. Mechanical forging presses, including hydraulic and mechanical types, dominate the market, accounting for over 70% of the total forging equipment usage. Pressure monitoring and force monitoring are essential features in modern forging processes, ensuring optimal product quality and safety. ISO forging standards, such as ISO 1691 and ISO 1692, play a significant role in maintaining quality assurance procedures. In contrast, non-destructive testing techniques, including dye penetrant testing, ultrasonic inspection, and magnetic particle testing, account for approximately 20% of the total quality control measures.
• Material properties database, finite element analysis, and process simulation software are increasingly utilized to enhance forging process control and improve product efficiency. Upset forging, ring rolling, and powder forging are among the various forging techniques employed in the industry, each with unique advantages and applications. Temperature monitoring and heat treating furnaces are essential components of the forging process, ensuring consistent and accurate heat treatment. Safety regulations, such as those related to forging equipment types and lubrication, are stringently enforced to maintain the highest safety standards. The market for forging equipment and services in North America is expected to grow steadily, driven by the increasing demand for lightweight and high-strength components in various industries.

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