The Forging Presses Market is being driven by Benefits of forging over casting
The Forging Presses Market is expected to grow at a CAGR of 3.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 313.8 million. In the manufacturing industry, forging offers a cost-effective solution compared to casting and fabrication when evaluating the entire product lifecycle, which encompasses procurement and scrapping costs. The implementation of Computer-Aided Design (CAD) technology and advancements in forging techniques have further optimized costs and production time. A recent innovation, hybrid forging, combines the benefits of open die casting and closed die forging. This design approach offers added flexibility for low-volume production, where die costs are not justifiable. Hybrid forging delivers significant savings in both time and cost during the forging process by merging the advantages of open die casting's simplicity and closed die forging's net-shape capabilities.
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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:
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Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.2% |
Market growth 2024-2028 |
USD 313.8 million |
Market structure |
fragmentation |
YoY growth 2023-2024(%) |
3.06 |
Key countries |
China, India, US, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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.
The industrial machinery and supplies and components market encompasses businesses involved in the production of machinery and components, including forging presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio's market analysis, the global industrial machinery and supplies and components market size is determined by the consolidated revenue generated by manufacturers supplying equipment for industrial applications. Key growth drivers for this market include expanding industrial production in process and discrete industries, particularly in developing countries, leading to increased demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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