Latest News- Forging Presses Market: Automotive is expected to lead the Application segment during 2024-2028

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. 

Get more information on Forging Presses Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Automotive
  • Aerospace
  • Others
• Type
  • Hydraulic
  • Mechanical
  • Others
• Geography
  • APAC
    • China
    • India
  • Europe
    • Germany
    • UK
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Benefits of forging over casting
• Use of servo press in forging machines
• Growing demand for renewable energy equipment

However, the market also witnesses some limitations, which are as follows:

• Lack of skilled labor in manufacturing sector
• Increase in variable costs
• Intense competition among vendors

Benefits of Buying Global Forging Presses Market Research Report by Technavio

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 in Forging Presses Market Research Report

Find out which segment is leading the market by accessing the free PDF report

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