According to a recent market study published by Growth Market Reports titled, "Global Forging Market by type, by metals/raw materials, and by application: Size, Share, Trends and opportunity Analysis, 2017-2027", the market was valued at USD 71,027.8 Million in 2019 and is expected to grow at a healthy growth rate of 4.8% by the year 2027. The forging market is anticipated to grow significantly during forecast period due to rise in demand for new an advanced part from the manufacturing of automobiles, aircrafts, shipbuilding, as well as construction, agricultural tools. Forged parts are preferred in many applications for their strength and sturdiness.

Global forging market has been fragmented based on types, metals/raw materials, applications, and region. In terms of types, the market has been segmented into Impression Die Forging, Cold Forging, Open Die Forging, and Seamless Rolled Ring Forging. Based on the metals/raw materials, the market has been divided into Aluminium, Magnesium, Copper/Brass/Bronze, Microalloy, Special Steel Alloy, Stainless Steel, Nickel Based, Titanium, Refractory Metals, and Zirconium.

By applications the market has been divided into automotive (light commercial vehicles, medium & heavy commercial vehicles), aerospace, oil & gas, agriculture, mining, construction, power generation, machinery, hydraulic & other machinery, ordnance, others.

By region forging market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America region is further bifurcated into countries such as the U.S., and Canada. The Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, the Asia Pacific is further segmented into, China, Japan, South Korea, Australia, Southeast Asia, and Rest of Asia Pacific. The European region is further categorized into Germany, France, Italy, the U.K., Spain, Russia, and the Rest of Europe, and the MEA region is further divided into Saudi Arabia, South Africa, UAE, and the Rest of MEA.

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The effect of COVID-19 pandemic situation has led to the closure of several non-essential businesses reducing the demand for industrial goods in the world, which in turn, is affecting several industries worldwide. On the other hand, the COVID-19 pandemic is negatively impacting the production activities across automotive and construction units worldwide, the demand for forged parts has declined throughout the pandemic.

As research and development of new applications for forged parts has been halted or stopped. The global supply chain has slowed down due to restrictions on national borders. In the forging market, demand has been decreasing in 1st and 2ndd quarter of the year (2020), therefore market growth rate has also slowed down during pandemic situation. Additionally, the forging production and supply are slowly growing and the market is expected to witness growth post COVID.

As per Growth Market Reports industry analyst Partha Paul, “The rising geriatric population, and increasing research & development activities in the areas of automotive industry are anticipated to drive the forging market growth significantly. Moreover, the rising use of nuclear power plant as a sustainable power source is anticipated to create lucrative opportunity during forecast period.”

Key Takeaways from the Study

  • The market in the Asia Pacific is projected to grow significantly owing to the growth in number of automotive and construction companies in the region.
  • The automotive industry itself holds a major chunk of the market. In 2019, the automotive industry holds 65.30% value share of the total forging market
  • Impression die forging which also referred to as closed-die forging, holds majority of the market (4.3%) in value terms in 2019 owing to its high usage in automotive industries as well as the aircraft, aerospace and defense, railroad, mining etc. Impression die forging is widely used, as it can produce complex designs. The number of dyes required for closed die or impression die forging depends on the complexity of the design.
  • the carbon and stainless-steel segment held a substantial share of the market in 2019, and is anticipated to expand at significant CAGR during the forecast period.

Report Scope

Report Metric

Details

Market Value in 2019

USD 71,027.8 Million

Market Growth Rate (from 2021 to 2027)

4.8%

Historical Data

2017 & 2018

Base Year

2019

Forecast Period

2020 – 2027

Market Segments

By types, By metals/raw materials, by applications

Regional Scope

North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA)

Country Scope

U.S., Canada, Brazil, Mexico, Rest of Latin America, China, Japan, South Korea, India, Australia, Southeast Asia, Rest of Asia Pacific, Germany, France, Italy, U.K., Spain, Russia, Rest of Europe, Saudi Arabia, South Africa, UAE and Rest of MEA.

Key Companies Profiled

Bharat Forge Limited, ELLWOOD Group Inc, Kalyani Forge Ltd., KITZ Corporation, Precision Castparts Corp, Nippon Steel & Sumitomo Meta, Thyssenkrupp AG, VDM Metals GmbH, Allegheny Technologies Incorporated, Precision Castparts Corp, American Axle & Manufacturing, Inc., Aubert & Duval S.A, Arconic Inc, Schuler AG, Sypris Solutions, Inc, Lucchini RS S.p.A

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: Forging manufacturers, raw material suppliers, primary respondents, and distributors,
  • Demand Side: Automotive industry, aerospace industry, oil & gas rigs, agricultural tool manufacturers, mining industry, construction industry, power generation plants, machinery manufacturers, hydraulic & other machinery manufacturers, ordnance related industries, and others
  • Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies.
  • Associations and Industry Bodies: Construction and Builders Global Association (CBGAS), Confederation of International Contractors' Associations (CICA), Association of Global Automakers, Alliance of Automobile Manufacturers (autoalliance), International Association for Health and Occupational Safety (IAOSHE), Occupational Safety and Health Association (OSHA)