The forging market involves manufacturing metal components by compressing or hammering raw metal stock between dies to shape the metal according to the required design. Forging techniques offer distinct advantages over other metalworking processes such as casting and machining including improved material properties, tighter tolerances, and lower costs for high-volume production. Forged components find extensive usage in safety-critical applications across automotive, aerospace, construction, oil & gas, and mining industries.
The Global Forging Market is estimated to be valued at US$ 105 billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the forging market are Nippon Steel Corporation, China First Heavy Industries, Elliott Group, Bharat Forge Limited, Arconic, Thyssenkrupp AG, Allegheny Technologies, Bruck GmbH, Precision Castparts Corp., and Japan Casting & Forging Corp.
Key opportunities: Growing demand from the booming electric vehicles market offers significant opportunities for forging manufacturers. Additionally, advancements in 3D metal printing technologies enable forging of complex, net-shape components that were previously difficult or impossible to produce through conventional forging, expanding addressable applications.
Technological advancements: The integration of robotics, internet of things (IoT), and digital simulations is enabling smarter forging processes with reduced turnaround times and improved part consistency. Additive manufacturing technologies are allowing complex geometries to be forged through 3D printing, reducing waste.
Market drivers
One of the key drivers for the Forging Market Demand is the rising demand from the automotive industry. As vehicles increasingly utilize high-strength forged components to meet stringent emissions and fuel efficiency norms, forging production is growing. Other major driver is the increasing investments by countries worldwide to develop domestic heavy industries such as construction, mining, aerospace and defense manufacturing sectors, driving the need for forged components. Recovery in commercial airline traffic post-pandemic is also fueling the demand.
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