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The North America - Forging Market size is estimated to grow at a CAGR of 4.71% between 2022 and 2027. The market size is forecast to increase by USD 4,022.08 million. The growth of the market depends on several factors such as the growth of the market depends on several factors such as rising renewable energy applications, increasing need for superior quality products and benefits of forging over casting.
This North America forging market report extensively covers market segmentation by end-user (automotive, aerospace, and others), type (closed die forging, open die forging, and seamless rings), and geography (North America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 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.
Rising renewable energy applications are notably driving the market growth. The increasing demand for renewable energy applications, such as wind turbines and hydroelectric installations, has had a significant influence on the metal forging market in the region. Renewable energy projects need specialized components that can withstand the rigors of these environments, and forging plays a critical part in constructing durable and reliable parts for these applications. Further, components used in renewable energy applications, particularly wind turbines, are required to withstand high mechanical stresses and loads. Forging delivers a manufacturing method that can produce parts with the essential stability and durability.
In addition, forging allows for the use of high-performance materials, such as specialized alloys and steels, that are important for assuring the performance and longevity of components in renewable energy applications. Therefore, the growing renewable energy applications and their benefits will fuel the growth of the market during the forecast period.
The application of robotics to enhance forging operations is an emerging trend shaping the market growth. Forging manufacturing techniques are commonly used in industries like aerospace, automotive, and medical. Automation in forging acts as a differentiator and increases production volume. It enables quick changeover between batches, resulting in better manufacturing tolerances and product quality. The robots in use are equipped with sensors that ensure they don't crash into other moving parts in the production process. Collision resistance not only enhances throughput but also reduces damage to machines and tools. ABB, a global automation provider, has incorporated collision resistance into its robots to improve the throughput of forging manufacturers.
Furthermore, another innovation in robotic technology is software that allows robots to pick and place parts in any direction. This flexibility allows robots to handle a variety of tasks, which in turn enhances the flexibility of the production lines and improves forging operations. This is expected to contribute to the growth of the forging market in the US during the forecast period
The lack of a skilled workforce is a significant challenge hindering market growth. The rising demand for commodities has been supporting the revival of many industrial manufacturing units. Numerous conventional factory floor machines are being replaced with computer numerical control (CNC) machines. Such machines guarantee that requirements such as higher efficiency, better quality products, and customer satisfaction are met duly within the prescribed time. There is a shortage of skilled machinists in the workforce although factory floors are upgrading rapidly. An enormous gap exists between the demand and the availability of people who have these skills.
However, unlike Asian countries that possess a rich pool of skilled people ready to work at lower costs, North America faces a challenge in terms of a lack of skilled workers. Moreover, the existing workforce demands higher pay grades, making it even more difficult for enterprises operating in the region, which will adversely influence the growth of the market in focus during the forecast period.
The market research 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 growth strategies.
North America Forging Market 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.
Ajax Tocco Magnethermic Corp. - The company offers forging services such as induction forging of metal components for various industries
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market 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.
The automotive segment is estimated to witness significant growth during the forecast period. Forging plays a critical role in the automotive industry, where high-strength and durable components are needed to withstand the demands of vehicle operation. The use of forging in automotive manufacturing helps create parts that enhance safety, performance, and efficiency. As automakers strive to improve fuel efficiency and reduce emissions, lightweight is a critical goal.
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The automotive segment was the largest segment and was valued at USD 4,902.29 million in 2017. Forged components offer a favourable strength-to-weight ratio, making them ideal for replacing heavier cast or welded parts. Forged components offer greater resistance to wear, corrosion, and extreme temperatures, which is beneficial for vehicle functioning and longevity. Moreover, forging can deliver more efficient supply chains since many components can be produced in-house or by local suppliers, lowering lead times and transportation costs. Forging enables complex geometries and tailored properties, allowing manufacturers to create components that precisely meet the necessities of specific automotive applications which may have a positive impact on the growth of metal forging market. Therefore, such factors will contribute to the growth of the automotive segment, which will drive the market to focus during the forecast period.
The forging market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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North America Forging Market Scope |
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Report Coverage |
Details |
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Page number |
148 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.71% |
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Market growth 2023-2027 |
USD 4,022.08 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.47 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
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 |
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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 the forecast period. |
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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. |
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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 Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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