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The forging presses market size is estimated to grow at a CAGR of 3.28% between 2022 and 2027. The market size is forecast to increase by USD 313.13 million. The growth of the market depends on several factors such as the benefits of forging over casting, the use of servo press in forging machines, and the growing demand for renewable energy equipment. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
This report extensively covers market segmentation by application (automotive, aerospace, and others), type (hydraulic, mechanical, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Forging Presses Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
What distinguishes servo presses from traditional presses is that they do not use motors or stable flywheels. Instead, they are replaced with variable-speed torque motors. The energy consumption in one production stroke of the servo press is significantly lower than that of the conventional press. Therefore, the overall product cost is significantly reduced.
As a result, the adoption of servo press technology will increase and companies will produce more competitive products. The use of variable-speed torque motors in servo presses ensures rapid changes in ram speed, reducing part transport time and achieving the desired quality. Due to these reasons, the growth of the global forging press market will be positive during the forecast period.
Nowadays, the Internet of Things (IoT) has become very popular and is considered to be the next industrial revolution that the world will experience. The use of the Internet of Things (IoT) in the forging industry can give players a competitive advantage on a global scale. IoT enables real-time communication with users, and optimization eliminates waste, increases flexibility, increases return on investment, and reduces time-to-market (TMO) and inventory.
As a result, IoT has the potential to reduce costs and improve efficiency in the forging industry. For example, information about the volume of a die can be sent to a cutting machine, which then cuts the workpiece according to the history. This history can be used to enhance the control and monitoring of cuts under similar conditions, increasing tool life and machine availability while making your shop more competitive. Due to these reasons, the growth of the global forging press market will be positive during the forecast period.
The growth of any industry relies on the availability of raw materials and low-cost labor. The forging market relies on high volumes of ferrous and non-ferrous raw materials such as iron, steel, and other alloys. In addition to this, the market also needs skilled laborers to take out the forging of metal parts efficiently. The salaries of skilled laborers are rising globally. Hence, the industry is seeking to decrease its costs by outsourcing to regions where the low-cost workforce is mainly available while ensuring that the quality of the final product is not compromised.
Moreover, growing labor costs affect the overall profit margin of market players. To compensate for this, market players are forced to grow the selling price of forged parts. Thus, these market players face competition from players that employ low-cost labor, particularly in developing economies. The changes in raw material prices are another problem for the global forging market as these have a tremendous impact on the general revenue. Thus, such factors may impede the growth of the global forging presses market during the forecast period.
The automotive segment will account for a major share of the market's growth during the forecast period.?The automotive industry is expected to produce large quantities of high-quality forged parts for a variety of commercial and passenger vehicles, including fender roots, spars and hinges, bulkheads and engine mounts, and other parts. This increases the demand for metal forging processes and increases the need for forging presses. As a result, forging presses are booming in automotive applications.
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The automotive segment was valued at USD 992.40 million in 2017. The global forging presses market players offer a wide range of products used in the automotive industry. For example, Santec Exim Pvt Ltd. Santec Exim, one of the leading suppliers in the global forging press market, offers hydraulic forging presses that are widely used for forming automotive wheels, bushings, gears, and forged fittings. Therefore, such factors will propel the growth of the global forging presses market during the forecast period.
Based on type, the market has been segmented into hydraulic, mechanical, and others. The hydraulic?segment will account for the largest share of this segment.?Hydraulic forging presses use hydraulic power to generate compressive forces for the shaping and formation of metal materials. Hydraulic forging presses provide a high degree of control and accuracy during the forging process. The force produced by the forging press can be precisely modulated to meet the specifications of the forging process, resulting in the production of quality components with precise dimensions and shapes. As a result, these factors will drive the growth of the market during the forecast period.
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APAC is estimated to contribute 64% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The demand for automobiles is increasing in APAC due to the increase in urban population due to an increase in disposable income. Automakers have expanded production of a wide range of commercial and passenger vehicles to meet customer demand. Increased automobile production by these manufacturers increases the demand for metals, which in turn increases the demand for forging presses. This will drive the growth of the APAC forging presses market during the forecast period.
In 2020, the outbreak of COVID-19 negatively affected the growth of the forging presses market in the APAC region. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions. To fulfill the evolving needs of the sector, market players embraced digitization, intelligent automation, and innovative strategies. These technological advances raised productivity, lowered costs, and enhanced product quality. Thus, such factors will drive the growth of the global forging presses market during the forecast period.
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.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Andritz AG, Chin Fong Machine Industrial Co. Ltd., Ficep SpA, Komatsu Ltd., Kurimoto Ltd., LASCO Umformtechnik GmbH, Magnum Integrated Technologies Inc., Neff Press Inc., Park Ohio Holdings Corp., RATTAN HAMMERS, Santec Exim Pvt. Ltd., Sharma Presses, SMS group GmbH, Sumitomo Heavy Industries Ltd., Wepuko PAHNKE Engineering LP, AIDA Engineering Ltd., Beckwood Press, G.Siempelkamp GmbH and Co. KG, and JNH Press Co. Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The forging presses market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Forging Presses Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.28% |
Market growth 2023-2027 |
USD 313.13 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.86 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 64% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Andritz AG, Anyang Forging Press Group Machinery Industry Co. Ltd., Chin Fong Machine Industrial Co. Ltd., Ficep SpA, Komatsu Ltd., Kurimoto Ltd., LASCO Umformtechnik GmbH, Magnum Integrated Technologies Inc., Neff Press Inc., Park Ohio Holdings Corp., RATTAN HAMMERS, Santec Exim Pvt. Ltd., Sharma Presses, SMS group GmbH, Sumitomo Heavy Industries Ltd., Wepuko PAHNKE Engineering LP, AIDA Engineering Ltd., Beckwood Press, G.Siempelkamp GmbH and Co. KG, and JNH Press Co. Ltd. |
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. |
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 Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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