The Forging Market is being driven by Advantages of forging over other fabrication techniques
The Forging Market is expected to grow at a CAGR of 6.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 44.7 billion. In the contemporary business landscape, forging techniques play a pivotal role in the manufacturing of components and parts for sectors including automotive, aerospace, and healthcare. To remain competitive, automation is essential for achieving optimal productivity and adaptability to varying lot sizes. Automated forging processes enable swift changeovers between batches, amplify production volumes, and enhance manufacturing precision and product quality. Recent innovations in robotics technology have brought about significant advantages for designers of high-volume forging lines. For instance, collision resistance is a notable feature, where robots are equipped with sensors to prevent contact with other machines while handling the workpiece, ensuring a safe and efficient production environment.
Get more information on Forging Market by requesting a sample report
The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
Rich Experience: 20+ years leading global market research, trusted insights across industries.
Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.
Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
233 |
|
Base year |
2024 |
|
Historic period |
2019-2023 |
|
Forecast period |
2025-2029 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.8% |
|
Market growth 2025-2029 |
USD 44.7 billion |
|
Market structure |
fragmentation |
|
YoY growth 2024-2025(%) |
6.5 |
|
Key countries |
China, India, Japan, US, South Korea, Australia, Italy, Germany, Canada, and France |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
The forging market encompasses various aspects, including the use of forging die materials, maintenance of forging presses, and prevention of defects. Strength-to-weight ratio and material selection are crucial in forging, while simulation software aids in optimizing the process. Die casting and CNC machining are alternative forging methods, and quality control ensures consistent production. Forging automation, process control, and safety procedures enhance efficiency and reduce costs. Thermal cycling, part geometry, energy efficiency, and material properties are essential considerations in forging. Tooling design, production yield, defect analysis, material degradation, and process parameters are key elements of forging industry standards. Wear resistance is a significant factor in forging tooling and component design.
The global diversified metals and mining industry encompasses businesses involved in the production or extraction of a range of metals and minerals, including non-ferrous metals such as lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium, as well as salt, borate, phosphate rock, and diversified mining operations. According to Technavio's market analysis, the industry's size is determined by the consolidated revenue generated by companies specializing in metal and mineral production and diversified mining operations. Two primary forging processes are utilized within the metals sector: open die forging and closed die forging. Open die forging involves shaping metal between two flat dies, while closed die forging employs dies with cavities that completely enclose the workpiece. Forging press capacity is a crucial factor influencing the efficiency and productivity of these processes.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
