The global forging market was valued at USD 81.72 Billion in 2022 and is projected to reach USD 124.62 Billion by 2031, expanding at a CAGR of 4.8% during the forecast period 2023-2031. The demand for forged parts is growing with the rise in activities across the medical and pharmaceutical field around the globe.
The COVID 19 outbreak has sowed down many research and development activities and hence the demand for Forging has declined. COVID-19 has negatively impacted research and development activities across the automotive, ordnance, construction power generation and various other industries that has hampered in the growth of the forging market.
The demand for forged metal parts is rising with the growing commercial and passenger vehicles industry around the globe. Cars and trucks use approximately 250 forged parts. Forged parts are preferred in the manufacturing of vehicles, as they are more durable and stronger than the parts molded using alternative techniques. The use of forged parts in the growing automotive industry, thus driving the forging market.
The production of commercial aircraft is rising due to the increase in population and trade. An average commercial aircraft contains almost 450 structural forged parts and numerous forged engine parts. Forged parts are preferred for aircraft building, as it has good strength to weight ratio. Additionally, forged parts have proven to withstand fluctuating temperature and atmospheric pressure at different heights.
The nuclear power industry uses forged metal parts for rectors, nuclear waste storage, and raw material & waste transport. Forged parts are used for manufacturing of pressure vessels. Many machines in the nuclear power industry use forged components, as they are put under high temperature and pressure. This, in turn, is driving the forging market. Rise in the use of nuclear power instead of conventional power sources is driving the forging market.
The forging process has certain limitations regarding design, size, and martial that is being forged. Components with complex designs cannot be formed using forging. The forging process uses compression to form the components, which are not ideal for complex shapes. The forging process has size limitations. Parts of a certain size and shape can be forged as a press is used for forging. Brittle metals cannot withstand the pressure applied in forging process. Moreover, high initial investment for forging and additional costs of secondary fishing restraining the forging market.
Increasing number of automotive, aircraft manufacturing units also the rising construction activities has boosted the demand for forged parts. Asia Pacific region to witness substantial growth during forecast period in terms of demand for forged parts. The boom in automotive and construction industry owing to the rapidly growing population in the region is prime factor driving the market growth.
On the basis of type, the global forging market is segmented into impression die forging, cold forging, open die forging, and seamless rolled ring forging. The impression die forging segment held a substantial share of the market in 2019, and is anticipated to expand at significant CAGR during the forecast period.
Impression die forging, also known as closed 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.
On the basis of metals/raw materials, the global forging market is segregated into aluminum, magnesium, copper/brass/bronze, microalloy, special steel alloy, carbon and stainless steel, nickel based, titanium, refractory metals, zirconium. 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.
Carbon and stainless steel is known for its strength and corrosion free properties. These metals are used for applications such as kitchen equipment and equipment related to food services.
On the basis of applications, the global forging market is divided into automotive and others. The automotive segment is further divided into light commercial vehicles (LCVs) and medium & heavy commercial vehicles (MHVs). The others segment includes aerospace, oil & gas, agriculture, mining, construction, power generation, machinery, hydraulic & other machinery, ordnance, and others.
The automotive segment held a substantial share of the market in 2019. Moreover, the medium & heavy commercial vehicles sub-segment held a key share of the segment. The medium & heavy commercial vehicles segment is anticipated to expand at a significant CAGR during the forecast period.
In terms of regions, the global Forging market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is expected to remain an attractive region of the market due to growing technological advancements in automobile and other industries in the region.
The market in Asia Pacific is projected to grow due to significant growth in the number of automobile industry in the region. Moreover, growing agriculture and hydraulic machinery industries are expected to boost the forging market in the region. The market in North America is expected to grow at a substantial pace due to rising ordnance and automobile industry in the region. Furthermore, Europe is expected to hold a significant share of the market during the forecast period.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Forging market.
- Historical, Current and Projected Market Size in terms of Value.
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Forging market Performance
- Impression Die Forging
- Cold Forging
- Open Die Forging
- Seamless Rolled Ring Forging
By Metals/Raw Materials
- Special Steel Alloy
- Carbon and Stainless Steel
- Nickel Based
- Refractory Metals
- Light Commercial Vehicles
- Medium & Heavy Commercial Vehicles
- Oil and Gas
- Power Generation
- Hydraulic & other Machinery
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- South Korea
- South East Asia (SEA)
- Rest of Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa (MEA)
Key Market Players Profiled in the Report
- Bharat Forge Limited
- ELLWOOD Group Inc
- Kalyani Forge Ltd.
- KITZ Corporation
- Precision Castparts Corp
- Nippon Steel & Sumitomo Metal
- 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
- Key players in the market include Allegheny Technologies Incorporated, American Axle & Manufacturing Holdings, Arconic Inc., Aubert & Duval S.A., Bharat Forge Limited, Ellwood Group Inc., .Kalyani forge, KITZ Corporation, Nippon Steel, Precision Castparts Corp, Sypris Solutions These players are considered as key manufacturers of the market based on their different varieties of product availability, regional presence, better supply chain management system, and the increasing demand for the products.
- The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition and many other strategies to increase their demand for forged parts.