Forging plays a critical role in shaping metal components used across various end-use industries such as automotive, oil and gas, construction, and aerospace. The process entails compressing and shaping hot or warm metal by applying compressive forces using hammers or presses. Forging offers various advantages such as enhanced mechanical properties, closer tolerances, and better surface finish as compared to alternative manufacturing techniques. This makes forged components highly suitable for applications involving high mechanical stresses and fatigue loads.
The global Forging Market is estimated to be valued at US$ 81.12 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing automation in the manufacturing sector has been a key trend fueling the growth of the forging market. Adoption of industrial automation solutions helps in optimizing forging processes and improving production outputs. Automated forging machines integrate advanced robotics, IoT connectivity, AI capabilities and come with higher throughput as compared to manual forging lines. Leading forging companies are actively collaborating with automation equipment manufacturers to develop fully automated forging lines. For instance, SMS group provides comprehensive automation solutions for hot and cold forging processes to automate material flow, loading/unloading, trimming, washing, and quality checks. Growing focus toward automation to enhance productivity and meet rising production demand from end-use industries is expected to boost the demand for automated forging equipment over the forecast period.
Segment Analysis
The global forging market is dominated by the automotive sub-segment which accounts for over 40% share of the overall market. The automotive industry has huge demand for forgings to manufacture various components such as drive shafts, axles, connecting rods, gears and crankshafts. As automobiles have become more complex with advanced features, the demand for high quality forgings from auto manufacturers have increased over the years.
Key Takeaways
The Global Forging Market Demand is expected to witness high growth over the forecast period from 2023 to 2030. The global Forging Market is estimated to be valued at US$ 81.12 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.
North America shows the market is growing at a steady pace due to increasing demand from automotive, aerospace and defense industries. The US and Canada are emerging as major markets in the region. The forging market is expected to grow the fastest in Eastern Europe and Latin America during the forecast period on account rapid economic development and industrialization. Asia Pacific is currently dominating the forging market with over 35% share owing to presence of large automobile and industrial manufacturing base in countries such as China, India, Japan and South Korea. The region is expected to continue its dominance during the forecast period driven by rising automotive production and strong economic growth.
Key players operating in the forging market are Canfield Scientific, Inc., ILLUCO, HEINE Optotechnik GmbH & Co. KG, Tejco Vision, 3Gen, FotoFinder Systems, Caliber Imaging and Diagnosis, Firefly Global, Bio-Therapeutic, AMD Global Telemedicine, Rudolf Riester GmbH, and Barco.
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