Authored By: Sarah
15 Jul 2024

 Forging Market Size to grow by USD 40.4 billion between 2024-2028

According to a research report “ Forging Market” by End-user (Closed die forging, Open die forging, Seamless rings) Product (Automotive, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 40.4 billion, at a CAGR of  6.61% during the forecast period. In the process of forging, metals undergo a transformation involving the manipulation of their internal grain structures under controlled conditions. This metamorphosis occurs as a result of mechanical working on the heated metal, leading to the creation of products with uniform grain size and improved flow characteristics. The subsequent refinement of the forged metal significantly minimizes porosity, resulting in a final product with superior mechanical and metallurgical properties. Additionally, the enhanced structural integrity of forged parts ensures optimal performance under field conditions. These properties include directional strength, load sustainability, resistance to stress and impact, and the ability to withstand fatigue. Forging imparts toughness, ductility, and uniform grain flow to the metal, thereby increasing its overall durability and reliability.

Browse market data tables, figures, and in-depth TOC on “Forging Market” by End-user (Closed die forging, Open die forging, Seamless rings) Product (Automotive, Others) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By End-user, the Closed die forging segment is projected to dominate the market size in 2024

In the automotive industry, there is a growing need for metal forging due to the increased demand for high-performance components in cars, trucks, and commercial vehicles. Forged parts are essential for ensuring the safety and durability of automobile structures. Key components such as kingpins, wheel spindles, axle beams and shafts, torsion bars, idler arms, and ball studs are manufactured using forging techniques. These components are subjected to significant stress and shock, making forged metal the preferred choice for their production. The automotive sector encompasses passenger cars, light commercial vehicles, heavy commercial vehicles, and other types of automobiles, all of which benefit from the strength and reliability offered by forged metal parts.

By Product, Automotive  segment is expected to hold the largest market size for the year 2024

In the realm of metalworking, closed die forging or impression die forging is a process that involves the use of an impression die to compress and shape the workpiece. The impression die, characterized by its cavities, restricts the metal's flow within the die mold during plastic compression. Consequently, the forged metal part assumes the exact dimensions and contours of the die cavity. This technique results in alterations to the metal's grain structure, enabling the controlled deformation necessary to achieve the desired grain pattern. Numerous industry players are strategically expanding their closed die forging businesses, recognizing its potential for producing high-quality, precision components.

APAC is forecasted to hold the largest market size by region in 2024

In the dynamic business landscape, Forging Market plays a pivotal role as a key supplier of high-quality forged components. Our offerings cater to diverse industries, ensuring optimal performance and durability. Leveraging advanced technologies and expert craftsmanship, we deliver customized solutions, enhancing our clients' competitive edge. Our commitment to quality and innovation sets us apart, making us a trusted partner in the global forging industry.

The Forging Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Aichi Steel Corp.
  • Ajax Tocco Magnethermic Corp.
  • Alicon Castalloy Ltd.
  • All Metals and Forge Group
  • Allegheny Technologies Inc.
  • Aluminum Precision Products
  • American Axle and Manufacturing Holdings Inc.
  • Asahi Forge Corp.
  • Bharat Forge Ltd.
  • Bruck GmbH
  • Consolidated Industries Inc.
  • Farinia SA
  • Fountaintown Forge Inc.
  • Larsen and Toubro Ltd.
  • Mitsubishi Steel Mfg. Co. Ltd.
  • Pacific Forge Inc.
  • Patriot Forge Co.
  • Scot Forge Co.
  • Sumitomo Heavy Industries Ltd.
  • thyssenkrupp AG
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The forging market encompasses a wide range of industries, including electric vehicle components, commercial aircraft production, and commercial and passenger vehicles. Key components in this market include electric vehicle batteries, Aluminum castings, and forged steel and nickel-based alloys. Forged steel and lightweight forged aluminum are essential for automotive applications due to their high material strength and ability to withstand the extreme temperatures and stresses encountered in various driving conditions. Metal forming processes such as pressing, rolling, and hammering use compressive forces to shape metal parts. In the case of forging, the metal is heated to a malleable temperature and then shaped using hammer blows or presses. This process is ideal for creating complex shapes and components with high strength and durability. Raw materials such as aluminum, titanium, steel, and stainless steel are used in forging processes. The metal composition and structure are critical factors in determining the suitability of a material for forging. For example, aluminum and titanium are often used in aerospace applications due to their lightweight properties and ability to withstand extreme temperatures. However, forging processes can also present challenges. Empty spaces and cracks in the metal can weaken the final product, making it essential to maintain precise control over the metal composition and forming process. Hot, warm, and cold temperatures can also affect the metal's properties, requiring careful consideration during the forging process. Overall, the forging market continues to grow as demand for strong, lightweight metal parts increases in various industries.

Market Research Overview

The forging market encompasses a wide range of industries, including aviation, railway, electric vehicles, and mechanical equipment. Aviation components, such as aircraft landing gear and engine parts, are often made using forged steel or nickel-based alloys for their high strength and durability. In the railway sector, forged steel components are used for tracks, wheels, and other critical parts. Electric vehicles also rely on forged metal components, particularly in the manufacturing of lightweight forged aluminum or magnesium parts for improved fuel efficiency and reduced carbon emissions. The aerospace and railways industries, along with commercial vehicles and passenger vehicles, are major consumers of forged steel, alloy steel, and carbon steel. The forging process involves the application of compressive forces to shape metal, either through open die forging or closed die forging. Forging is used to produce various components, including hardware apparatuses, automotive parts, and heavy equipment components. Material selection is crucial in forging, with considerations given to material composition, structure, and the specific application's temperature range. Recycling initiatives in the steel industry have led to the increased use of forged metal components, reducing carbon emissions and contributing to a more sustainable manufacturing process. Forged metal components, such as titanium alloys, are used in the airframe structure and engine components of commercial aircraft production, as well as in the manufacturing of titanium and aluminum. Forging processes, including pressing, rolling, and hammering, are essential in various industries, including material handling facilities, mines, and construction sites. The lightweight nature of forged metal components, such as aluminum and titanium, is a significant advantage in reducing fuel consumption and addressing climate change concerns. The mechanical properties of forged metal, including ductility, fatigue resistance, and material strength, make them ideal for various applications.

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Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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