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Forging Market Analysis, Share, Industry, Opportunities 2031

Forging Market

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Segments - by Type (Impression die forging, Cold forging, Open die forging, Seamless rolled ring forging), by Metals/Raw Materials (Aluminium, Magnesium, Copper/Brass/Bronze, Microalloy, Special steel alloy, Carbon and Stainless Steel, Nickel based, Titanium, Refractory metals, Zirconium) by Application (Automotive [Light Commercial Vehicles, Medium & Heavy Commercial Vehicles], Aerospace, Oil & Gas, Agriculture, Mining, Construction, Power Generation, Machinery, Hydraulic & other Machinery, Ordnance, Others), and by Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

CM-104
4.2 Rating
268 Pages

2020-11-10
76 Reviews

Author :

Raksha Sharma

Fact-checked by :

Vineet Pandey

Editor :

Rucha Phatak

Report Description

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.

Market Dynamics

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.

Segmental Outlook

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.

Regional Outlook

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

Segments

By Type

Impression Die Forging
Cold Forging
Open Die Forging
Seamless Rolled Ring Forging

By Metals/Raw Materials

Aluminium
Magnesium
Copper/Brass/Bronze
Microalloy
Special Steel Alloy
Carbon and Stainless Steel
Nickel Based
Titanium
Refractory Metals
Zirconium

By Application

Automotive
- Light Commercial Vehicles
- Medium & Heavy Commercial Vehicles
Aerospace
- Oil and Gas
- Agriculture
- Mining
- Construction
- Power Generation
- Machinery
- Hydraulic & other Machinery
- Ordnance
- Others

By Regions

North America
- U.S.
- Canada
Latin America
- Brazil
- Mexico
- Rest of Latin America
Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Russia
- Rest of Europe
Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- South East Asia (SEA)
- Rest of Asia Pacific (APAC)
Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- UAE
- 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

Competitive Landscape

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.

Table Of Content

Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Forging Market Overview
   4.1 Introduction
      4.1.1 Market Taxonomy
      4.1.2 Market Definition
      4.1.3 Macro-Economic Factors Impacting the Market Growth
   4.2 Forging Market Dynamics
      4.2.1 Market Drivers
      4.2.2 Market Restraints
      4.2.3 Market Opportunity
   4.3 Forging Market - Supply Chain Analysis
      4.3.1 List of Key Suppliers
      4.3.2 List of Key Distributors
      4.3.3 List of Key Consumers
   4.4 Key Forces Shaping the Forging Market
      4.4.1 Bargaining Power of Suppliers
      4.4.2 Bargaining Power of Buyers
      4.4.3 Threat of Substitution
      4.4.4 Threat of New Entrants
      4.4.5 Competitive Rivalry
   4.5 Global Forging Market Size & Forecast, 2017-2027
      4.5.1 Forging Market Size and Y-o-Y Growth
      4.5.2 Forging Market Absolute $ Opportunity
   4.6 Global Forging Industry Technology Landscape
Chapter 5 Global Forging Market Analysis and Forecast by Types
   5.1 Introduction
      5.1.1 Key Market Trends & Growth Opportunities by Types
      5.1.2 Basis Point Share (BPS) Analysis by Types
      5.1.3 Absolute $ Opportunity Assessment by Types
   5.2 Forging Market Size Forecast by Types
      5.2.1 Impression die forging
      5.2.2 Cold forging
      5.2.3 Open die forging
      5.2.4 Seamless rolled ring forging
   5.3 Market Attractiveness Analysis by Types
Chapter 6 Global Forging Market Analysis and Forecast by Metals/Raw Materials
   6.1 Introduction
      6.1.1 Key Market Trends & Growth Opportunities by Metals/Raw Materials
      6.1.2 Basis Point Share (BPS) Analysis by Metals/Raw Materials
      6.1.3 Absolute $ Opportunity Assessment by Metals/Raw Materials
   6.2 Forging Market Size Forecast by Metals/Raw Materials
      6.2.1 Aluminium
      6.2.2 Magnesium
      6.2.3 Copper/Brass/Bronze
      6.2.4 Microalloy
      6.2.5 Special steel alloy
      6.2.6 Carbon and Stainless Steel
      6.2.7 Nickel based
      6.2.8 Titanium
      6.2.9 Refractory metals
      6.2.10 Zirconium
   6.3 Market Attractiveness Analysis by Metals/Raw Materials
Chapter 7 Global Forging Market Analysis and Forecast by Applications
   7.1 Introduction
      7.1.1 Key Market Trends & Growth Opportunities by Applications
      7.1.2 Basis Point Share (BPS) Analysis by Applications
      7.1.3 Absolute $ Opportunity Assessment by Applications
   7.2 Forging Market Size Forecast by Applications
      7.2.1 Automotive
         7.2.1.1 Light Commercial Vehicles
         7.2.1.2 Medium & Heavy Commercial Vehicles
      7.2.2 Aerospace
     7.2.3 Oil & Gas
      7.2.4 Agriculture
      7.2.5 Mining
      7.2.6 Construction
      7.2.7 Power Generation
      7.2.8 Machinery
      7.2.9 Hydraulic & other Machinery
      7.2.10 Ordnance
      7.2.11 Others
   7.3 Market Attractiveness Analysis by Applications
Chapter 8 Global Forging Market Analysis and Forecast by Region
   8.1 Introduction
      8.1.1 Key Market Trends & Growth Opportunities by Region
      8.1.2 Basis Point Share (BPS) Analysis by Region
      8.1.3 Absolute $ Opportunity Assessment by Region
   8.2 Forging Market Size Forecast by Region
      8.2.1 North America
      8.2.2 Europe
      8.2.3 Asia Pacific
      8.2.4 Latin America
      8.2.5 Middle East & Africa (MEA)
   8.3 Market Attractiveness Analysis by Region
Chapter 9 Coronavirus Disease (COVID-19) Impact
   9.1 Introduction
   9.2 Current & Future Impact Analysis
   9.3 Economic Impact Analysis
   9.4 Government Policies
   9.5 Investment Scenario
Chapter 10 North America Forging Analysis and Forecast
   10.1 Introduction
   10.2 North America Forging Market Size Forecast by Country
      10.2.1 U.S.
      10.2.2 Canada
   10.3 Basis Point Share (BPS) Analysis by Country
   10.4 Absolute $ Opportunity Assessment by Country
   10.5 Market Attractiveness Analysis by Country
   10.6 North America Forging Market Size Forecast by Types
      10.6.1 Impression die forging
      10.6.2 Cold forging
      10.6.3 Open die forging
      10.6.4 Seamless rolled ring forging
   10.7 Basis Point Share (BPS) Analysis by Types
   10.8 Absolute $ Opportunity Assessment by Types
   10.9 Market Attractiveness Analysis by Types
   10.10 North America Forging Market Size Forecast by Metals/Raw Materials
      10.10.1 Aluminium
      10.10.2 Magnesium
      10.10.3 Copper/Brass/Bronze
      10.10.4 Microalloy
      10.10.5 Special steel alloy
      10.10.6 Carbon and Stainless Steel
      10.10.7 Nickel based
      10.10.8 Titanium
      10.10.9 Refractory metals
      10.10.10 Zirconium
   10.11 Basis Point Share (BPS) Analysis by Metals/Raw Materials
   10.12 Absolute $ Opportunity Assessment by Metals/Raw Materials
   10.13 Market Attractiveness Analysis by Metals/Raw Materials
   10.14 North America Forging Market Size Forecast by Applications
      10.14.1 Automotive
         10.14.1.1 Light Commercial Vehicles
         10.14.1.2 Medium & Heavy Commercial Vehicles
      10.14.2 Aerospace
      10.14.3 Oil & Gas
      10.14.4 Agriculture
      10.14.5 Mining
      10.14.6 Construction
      10.14.7 Power Generation
      10.14.8 Machinery
      10.14.9 Hydraulic & other Machinery
      10.14.10 Ordnance
      10.14.11 Others
   10.15 Basis Point Share (BPS) Analysis by Applications
   10.16 Absolute $ Opportunity Assessment by Applications
   10.17 Market Attractiveness Analysis by Applications
Chapter 11 Europe Forging Analysis and Forecast
   11.1 Introduction
   11.2 Europe Forging Market Size Forecast by Country
      11.2.1 Germany
      11.2.2 France
      11.2.3 Italy
      11.2.4 U.K.
      11.2.5 Spain
      11.2.6 Russia
      11.2.7 Rest of Europe
   11.3 Basis Point Share (BPS) Analysis by Country
   11.4 Absolute $ Opportunity Assessment by Country
   11.5 Market Attractiveness Analysis by Country
   11.6 Europe Forging Market Size Forecast by Types
      11.6.1 Impression die forging
      11.6.2 Cold forging
      11.6.3 Open die forging
      11.6.4 Seamless rolled ring forging
   11.7 Basis Point Share (BPS) Analysis by Types
   11.8 Absolute $ Opportunity Assessment by Types
   11.9 Market Attractiveness Analysis by Types
   11.10 Europe Forging Market Size Forecast by Metals/Raw Materials
      11.10.1 Aluminium
      11.10.2 Magnesium
      11.10.3 Copper/Brass/Bronze
      11.10.4 Microalloy
      11.10.5 Special steel alloy
      11.10.6 Carbon and Stainless Steel
      11.10.7 Nickel based
      11.10.8 Titanium
      11.10.9 Refractory metals
      11.10.10 Zirconium
   11.11 Basis Point Share (BPS) Analysis by Metals/Raw Materials
   11.12 Absolute $ Opportunity Assessment by Metals/Raw Materials
   11.13 Market Attractiveness Analysis by Metals/Raw Materials
   11.14 Europe Forging Market Size Forecast by Applications
      11.14.1 Automotive
         11.14.1.1 Light Commercial Vehicles
         11.14.1.2 Medium & Heavy Commercial Vehicles
      11.14.2 Aerospace
      11.14.3 Oil & Gas
      11.14.4 Agriculture
      11.14.5 Mining
      11.14.6 Construction
      11.14.7 Power Generation
      11.14.8 Machinery
      11.14.9 Hydraulic & other Machinery
      11.14.10 Ordnance
      11.14.11 Others
   11.15 Basis Point Share (BPS) Analysis by Applications
   11.16 Absolute $ Opportunity Assessment by Applications
   11.17 Market Attractiveness Analysis by Applications
Chapter 12 Asia Pacific Forging Analysis and Forecast
   12.1 Introduction
   12.2 Asia Pacific Forging Market Size Forecast by Country
      12.2.1 China
      12.2.2 Japan
      12.2.3 South Korea
      12.2.4 India
      12.2.5 Australia
      12.2.6 South East Asia (SEA)
      12.2.7 Rest of Asia Pacific (APAC)
   12.3 Basis Point Share (BPS) Analysis by Country
   12.4 Absolute $ Opportunity Assessment by Country
   12.5 Market Attractiveness Analysis by Country
   12.6 Asia Pacific Forging Market Size Forecast by Types
      12.6.1 Impression die forging
      12.6.2 Cold forging
      12.6.3 Open die forging
      12.6.4 Seamless rolled ring forging
   12.7 Basis Point Share (BPS) Analysis by Types
   12.8 Absolute $ Opportunity Assessment by Types
   12.9 Market Attractiveness Analysis by Types
   12.10 Asia Pacific Forging Market Size Forecast by Metals/Raw Materials
      12.10.1 Aluminium
      12.10.2 Magnesium
      12.10.3 Copper/Brass/Bronze
      12.10.4 Microalloy
      12.10.5 Special steel alloy
      12.10.6 Carbon and Stainless Steel
      12.10.7 Nickel based
      12.10.8 Titanium
      12.10.9 Refractory metals
      12.10.10 Zirconium
   12.11 Basis Point Share (BPS) Analysis by Metals/Raw Materials
   12.12 Absolute $ Opportunity Assessment by Metals/Raw Materials
   12.13 Market Attractiveness Analysis by Metals/Raw Materials
   12.14 Asia Pacific Forging Market Size Forecast by Applications
      12.14.1 Automotive
         12.14.1.1 Light Commercial Vehicles
         12.14.1.2 Medium & Heavy Commercial Vehicles
      12.14.2 Aerospace
      12.14.3 Oil & Gas
      12.14.4 Agriculture
      12.14.5 Mining
      12.14.6 Construction
      12.14.7 Power Generation
      12.14.8 Machinery
      12.14.9 Hydraulic & other Machinery
      12.14.10 Ordnance
      12.14.11 Others
   12.15 Basis Point Share (BPS) Analysis by Applications
   12.16 Absolute $ Opportunity Assessment by Applications
   12.17 Market Attractiveness Analysis by Applications
Chapter 13 Latin America Forging Analysis and Forecast
   13.1 Introduction
   13.2 Latin America Forging Market Size Forecast by Country
      13.2.1 Brazil
      13.2.2 Mexico
      13.2.3 Rest of Latin America (LATAM)
   13.3 Basis Point Share (BPS) Analysis by Country
   13.4 Absolute $ Opportunity Assessment by Country
   13.5 Market Attractiveness Analysis by Country
   13.6 Latin America Forging Market Size Forecast by Types
      13.6.1 Impression die forging
      13.6.2 Cold forging
      13.6.3 Open die forging
      13.6.4 Seamless rolled ring forging
   13.7 Basis Point Share (BPS) Analysis by Types
   13.8 Absolute $ Opportunity Assessment by Types
   13.9 Market Attractiveness Analysis by Types
   13.10 Latin America Forging Market Size Forecast by Metals/Raw Materials
      13.10.1 Aluminium
      13.10.2 Magnesium
      13.10.3 Copper/Brass/Bronze
      13.10.4 Microalloy
      13.10.5 Special steel alloy
      13.10.6 Carbon and Stainless Steel
      13.10.7 Nickel based
      13.10.8 Titanium
      13.10.9 Refractory metals
      13.10.10 Zirconium
   13.11 Basis Point Share (BPS) Analysis by Metals/Raw Materials
   13.12 Absolute $ Opportunity Assessment by Metals/Raw Materials
   13.13 Market Attractiveness Analysis by Metals/Raw Materials
   13.14 Latin America Forging Market Size Forecast by Applications
      13.14.1 Automotive
         13.14.1.1 Light Commercial Vehicles
         13.14.1.2 Medium & Heavy Commercial Vehicles
      13.14.2 Aerospace
      13.14.3 Oil & Gas
      13.14.4 Agriculture
      13.14.5 Mining
      13.14.6 Construction
      13.14.7 Power Generation
      13.14.8 Machinery
      13.14.9 Hydraulic & other Machinery
      13.14.10 Ordnance
      13.14.11 Others
   13.15 Basis Point Share (BPS) Analysis by Applications
   13.16 Absolute $ Opportunity Assessment by Applications
   13.17 Market Attractiveness Analysis by Applications
Chapter 14 Middle East & Africa (MEA) Forging Analysis and Forecast
   14.1 Introduction
   14.2 Middle East & Africa (MEA) Forging Market Size Forecast by Country
      14.2.1 Saudi Arabia
      14.2.2 South Africa
      14.2.3 UAE
      14.2.4 Rest of Middle East & Africa (MEA)
   14.3 Basis Point Share (BPS) Analysis by Country
   14.4 Absolute $ Opportunity Assessment by Country
   14.5 Market Attractiveness Analysis by Country
   14.6 Middle East & Africa (MEA) Forging Market Size Forecast by Types
      14.6.1 Impression die forging
      14.6.2 Cold forging
      14.6.3 Open die forging
      14.6.4 Seamless rolled ring forging
   14.7 Basis Point Share (BPS) Analysis by Types
   14.8 Absolute $ Opportunity Assessment by Types
   14.9 Market Attractiveness Analysis by Types
   14.10 Middle East & Africa (MEA) Forging Market Size Forecast by Metals/Raw Materials
      14.10.1 Aluminium
      14.10.2 Magnesium
      14.10.3 Copper/Brass/Bronze
      14.10.4 Microalloy
      14.10.5 Special steel alloy
      14.10.6 Carbon and Stainless Steel
      14.10.7 Nickel based
      14.10.8 Titanium
      14.10.9 Refractory metals
      14.10.10 Zirconium
   14.11 Basis Point Share (BPS) Analysis by Metals/Raw Materials
   14.12 Absolute $ Opportunity Assessment by Metals/Raw Materials
   14.13 Market Attractiveness Analysis by Metals/Raw Materials
   14.14 Middle East & Africa (MEA) Forging Market Size Forecast by Applications
      14.14.1 Automotive
         14.14.1.1 Light Commercial Vehicles
         14.14.1.2 Medium & Heavy Commercial Vehicles
      14.14.2 Aerospace
      14.14.3 Oil & Gas
      14.14.4 Agriculture
      14.14.5 Mining
      14.14.6 Construction
      14.14.7 Power Generation
      14.14.8 Machinery
      14.14.9 Hydraulic & other Machinery
      14.14.10 Ordnance
      14.14.11 Others
   14.15 Basis Point Share (BPS) Analysis by Applications
   14.16 Absolute $ Opportunity Assessment by Applications
   14.17 Market Attractiveness Analysis by Applications
Chapter 15 Competition Landscape
   15.1 Forging Market: Competitive Dashboard
   15.2 Global Forging Market: Market Share Analysis, 2019
   15.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
      15.3.1 Bharat Forge Limited
      15.3.2 ELLWOOD Group Inc
      15.3.3 Kalyani Forge Ltd.
      15.3.4 KITZ Corporation
      15.3.5 Precision Castparts Corp
      15.3.6 Nippon Steel & Sumitomo Metal
      15.3.7 Thyssenkrupp AG
      15.3.8 VDM Metals Gmbh
      15.3.9 Allegheny Technologies Incorporated
      15.3.10 Precision Castparts Corp
      15.3.11 American Axle & Manufacturing, Inc
      15.3.12 Aubert & Duval S.A
      15.3.13 Arconic Inc
      15.3.14 Sypris Solutions
      15.3.15 Lucchini RS S.p.A

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FAQ Section

Some frequently asked questions about this report!

1. Who are the major players operating in the market?

Major Manufactures 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, and others.

2. Which is the base year calculated in the global Forging Market report and what is analysis period?

The base year considered for the global Forging market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.

3. What is the impact of COVID-19 on the overall market during year 2019 -2020?

The market is expected to witness slow growth with decline in terms of demand during 2019-2020 owing to the negative impact of COVID-19 pandemic on the Forging market.

4. What is the criteria used for selecting company profile?

Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.

5. What are the key applications driving the market growth?

Automotive, Aerospace, Oil & Gas, Agriculture, Mining, Construction, Power Generation, Machinery, Hydraulic & other Machinery, Ordnance are few of the key applications driving the market growth.

6. What are the factors driving the growth of Forging market?

The demand for forged metal parts is rising with the growing commercial and passenger vehicles industry around the globe. Moreover, the production of commercial aircraft is rising due to the increase in population and trade. Besides, the nuclear power industry uses forged metal parts for rectors, nuclear waste storage, and raw material & waste transport. These are few of the driving factors of forging market.