Forging Market 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
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.
- 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
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