Latest News - Forging Market in North America: Automotive is expected to lead the End-user segment during 2024-2028

The Forging Market in North America is being driven by Benefits of forging over casting

The Forging Market in North America is expected to grow at a CAGR of 4.36% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3865.6 million. In the realm of metal part manufacturing, additive processes such as three-dimensional (3D) printing have gained significant traction across various industries. Nevertheless, these techniques encounter challenges, including porosity and lack of fusion, which have been criticized by proponents of traditional manufacturing technologies. To bridge this technological gap, a groundbreaking machine integrating 3D printing, casting, and forging capabilities has been engineered. This innovative solution offers the advantages of all three technologies in a single platform, resulting in cost savings and heightened manufacturing efficiency. This new process presents a compelling alternative to selective laser melting and sintering by seamlessly merging 3D printing, casting, and forging into a unified process. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Automotive
  • Aerospace
  • Others
• Type
  • Closed die forging
  • Open die forging
  • Seamless rings
• Geography
  • North America
    • US
    • Canada
    • Mexico

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
• Increasing need for superior quality products
• Rising renewable energy applications

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

• Rising energy costs
• Lack of skilled workforce
• Stringent environmental regulations

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Market Scope in Forging Market in North America Research Report

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Research Analysis Overview

The forging market in North America is experiencing significant growth due to various factors, including recycling initiatives in the steel industry, rising mobility, and urbanization. With a focus on sustainability and reducing carbon emissions, the use of recycled raw materials in forging processes is becoming increasingly popular. The steel industry is a major consumer of forged products, with applications in various sectors such as aerospace, oil & gas, construction, and automotive. The aerospace industry requires forged parts with high impact resistance, ductility, and fatigue strength, making materials like titanium, aluminum, and magnesium popular choices. The construction sector also relies heavily on forged metal structures, with sizes and shapes ranging from large compressive forces to intricate designs. The mechanical properties of forged materials are crucial in ensuring the durability and safety of structures. The supply chain crisis in the raw materials sector has led to increased demand for local forging capabilities, reducing reliance on imports. Forging processes such as pressing, rolling, and hammering continue to evolve, with advancements in technology leading to improved efficiency and product quality. In conclusion, the forging market in North America is poised for growth, driven by the demand for sustainable materials, the need for high-performance components, and the ongoing urbanization and mobility trends. The market will continue to innovate and adapt to meet the evolving needs of various industries.

Market Research Overview

The North American forging market is a segment of Technavio's global diversified metals and mining market analysis, encompassing businesses involved in the production or extraction of a range of metals and minerals. This global market includes corporations engaged in the processing of 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 various alloys derived from these elements. The market size is determined by Technavio through the consolidated revenue generated by these entities and their diversified mining operations. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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