The Forging Market is estimated to be valued at US$ 81.12 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Forging is a manufacturing process that involves shaping metals using localized compressive forces. It is generally used for producing parts that cannot be made using other methods like casting or machining. Forging is commonly used to produce structural components for automobiles, aircraft, pressure vessels, and rotating shafts. Some common forged parts include crankshafts, gears, bearing housings, connecting rods, disks, and fasteners. These parts provide strength, durability, and reliability to machinery and vehicles.
Market Dynamics:
The growing automotive industry is a key driver for the forging market. Forged components are widely used in engines, transmissions, differentials, and other parts in vehicles due to their high strength-to-weight ratio and durability. Increasing demand for electric and hybrid vehicles is also driving market growth as they require more forged components compared to conventional vehicles. Additionally, forging allows creating complex internal geometries to achieve optimal material properties, which makes it suitable for large and critical components in the aerospace industry. Developing countries are increasingly investing in infrastructure development and developing domestic manufacturing sectors, which is fueling demand for forging from various end-use industries like construction, mining, and agriculture.
Segment Analysis
The Forging Market Size is dominated by the automotive sub-segment. About 50% of forgings produced globally are consumed by the automotive industry for components like connecting rods, crankshafts, gear shafts, etc. due to the high strength and durability requirements. Within the automotive sub-segment, passenger cars dominate followed by commercial vehicles. This is because passenger vehicles have complex engine and transmission components which require forgings.
PEST Analysis
Political: The forging industry is regulated for environmental standards. Stricter emission norms in major auto markets will increase demand for high-strength forged auto parts.
Economic: A growing global economy and rising disposable incomes are increasing vehicle ownership, boosting the auto industry and thereby forging demand. Offset policies in defense procurement also promote the forging industry.
Social: Affordability of personal vehicles in developing nations and preference for fuel-efficient models are principal drivers for the industry.
Technological: Developments in forging techniques like closed-die forgings and induction heating allow producing net-shape forgings with complex geometries. Additive manufacturing offers opportunities for low-volume specialty forgings.
Key Takeaways
The global forging market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing demand from the automotive industry. The global forging market size for 2023 is estimated at US$ 81.12 Bn.
Regional analysis: Asia Pacific dominates the global forging market, accounting for over 40% of the total share due to robust growth of the automotive sector in China, India, and ASEAN countries. Within Asia, China is the leading producer and consumer of forgings. Europe and North America are other major markets driven by presence of leading auto brands.
Key players: Key players operating in the forging market are Alcoa Corporation, All Metals & Forge Group, CFS Machinery Co. Ltd, Consolidated Industries Inc., Farinia Group, Fountaintown Forge Inc., Pacific Forge Incorporated, Patriot Forge Co., Precision Castparts Corp., Scot Forge, and others. Strategic collaborations and acquisitions have been common trends to gain technology and market share.
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The Hot Forging Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the hot forging market include Arconic, ATI, Bharat Forge Ltd., Bruck GmbH, China First Heavy Industries, ELLWOOD Group Inc., NIPPON STEEL CORPORATION and others.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Hot Forging Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/hot-forging-market/download-sampleMarket DynamicsThe rising demand for metal fabrication and stamping parts across automotive, railways, manufacturing, and oil & gas industries is driving the market growth.
Also, the advantages associated with hot forging such as dimension accuracy and favorable mechanical properties in effect of microstructure changes is further fuelling the market growth.
However, the availability of alternative forging method such as casting is likely to hamper the market growth.The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis.
The Automotive Forging Market 2021 research report gives emerging industry data, global segments and regional outlook.
This report covers up all details such as size, share, value, growth, restraints, and opportunities for the year 2020 to 2027.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the automotive forging market include AAM, Aichi Steel, Allegheny Technologies, Arconic, Ashok Leyland Limited, Bharat Forge Limited, CITIC Heavy Industries, Dongfeng Forging, Farinia Group, FAW, and Others.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Automotive Forging Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/automotive-forging-market/download-sampleMarket DynamicsThe new developments in the growing automotive industry are primarily driving the market growth.
