Forging Presses Market Size to grow by USD 313.8 million between 2024-2028
According to a research report “ Forging Presses Market” by Application (Automotive, Aerospace, Others) Type (Hydraulic, Mechanical, 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 313.8 million, at a CAGR of 3.2% during the forecast period. In the forging process, metals undergo significant internal modifications, assuming the desired shape for manufactured components. Heated metal is subjected to controlled mechanical forces, resulting in parts with uniform grain size and optimal flow characteristics. This refines the forged metal, eliminating porosity and enhancing its metallurgical and mechanical properties. Forged parts exhibit superior directional strength, structural integrity, and the ability to withstand extreme loads, impacts, and stresses. The uniform grain flow imparted by forging makes the material tough, ductile, and resilient against fatigue..
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By Application, the Automotive segment is projected to dominate the market size in 2024
In the automotive sector, the production of high-quality forged components for commercial and passenger vehicles, such as wing roots, spars and hinges, bulkheads, engine mounts, and various other parts, is on the rise. This trend is driven by the increasing demand for superior automotive performance and safety features. Consequently, the requirement for metal forging processes, which are essential for shaping metal components through the application of immense pressure, has escalated. Forging presses, which are integral to this process, are therefore experiencing a surge in automotive applications.
By Type, Hydraulic segment is expected to hold the largest market size for the year 2024
In the global forging presses market, hydraulic forging presses represent a significant segment due to their efficiency and versatility. These presses harness hydraulic power to generate substantial compressive forces, enabling the shaping and formation of diverse metal materials. Their robust construction allows them to endure high pressures, making them indispensable for various forging applications. Hydraulic forging presses offer numerous advantages for manufacturers. Their adaptability is noteworthy, as they can be employed in both cold and hot forging processes. This flexibility empowers businesses to cost-effectively produce an extensive range of forgings, from intricate small parts to large-scale components.
APAC is forecasted to hold the largest market size by region in 2024
The Forging Presses Market represents a significant business opportunity for manufacturers and suppliers. These presses, utilized in shaping and forming metal components, exhibit robust demand across industries such as automotive, aerospace, and construction. Key market drivers include increasing industrialization, growing infrastructure development, and the ongoing trend towards lightweighting in various sectors. Market participants must stay abreast of technological advancements and cost-effective production methods to remain competitive.
The Forging Presses 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:
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Research Analysis Overview
The Forging Presses Market encompasses a wide range of machinery and equipment used in the construction, aerospace and defense, railway, automotive, and other end use industries for the production of forging components. These components are typically made from materials such as stainless steel and alloy steel, which require controlled conditions of compressive forces, temperature, and pressure for optimal material strength. Forging presses utilize innovative techniques such as pressing, rolling, hammering, and automation systems to shape metal through metal forming. Hot forging and cold forging are two primary processes, with hot forging using high temperatures to increase material ductility and cold forging using lower temperatures to maintain the material's original strength. Forging presses come in various types, including hydraulic and mechanical pressure, and can be used to shape sheet metal and other materials. The ram and dies used in these presses are specifically designed to create the desired shape and size of forging components. With the increasing demand for precision and automation in manufacturing processes, the forging presses market is expected to grow significantly in the coming years.
Market Research Overview
The Forging Presses Market encompasses a wide range of industrial machinery used for manufacturing forged metal products from mining equipment to commercial vehicles and aerospace components. This market includes both medium and small installation forging presses, catering to the diverse needs of various industries. The market comprises ring forging, open die, and closed die forging presses, used for shaping carbon steel, aluminum, and other alloys like nickel-based alloys, titanium, and magnesium. The market's competitiveness is driven by key players like Sansera, Bharat Forge, and others, focusing on efficiency, research and development, and innovation. The automotive sector, with its high automotive production volume, is a significant end-use industry, along with aerospace and defense, power, agriculture, non-automotive, and others. The forging process involves various techniques like pressing, rolling, and hammering, which apply compressive forces to shape metal under controlled conditions. The market is witnessing electrification and automation systems, enhancing precision and reducing worker safety concerns. Regional studies indicate market expansion, segmentation, collaborations, mergers, and acquisitions among market participants. End-use industries like aerospace, oil & gas, construction, railway, automotive, and others, require forging components made of stainless steel, alloy steel, and material strength forged under controlled conditions. The semiconductor chip shortage and demand shock have affected the forging presses market, but the market is expected to recover with continued industrial development and growth in end-use industries. The aerospace industry, for instance, demands forged components for fuselage, aviation industry, and other applications, making it a significant contributor to the market.
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