The forging market share in North America will post an incremental growth of USD 3.45 billion, progressing at a CAGR of 4.34% during the forecast period. The benefits of forging overcasting will offer immense growth opportunities to market vendors. The forging market in North America is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Forging Market in North America by End-user, Type, and Geography - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The forging market in North America is segmented by end-user (automotive, aerospace, and others), type (closed die forging, open die forging, and seamless rings), and geography (US, Mexico, and Canada).
The growth of the forging market size in North America by the automotive segment will be significant during the forecast period. The automotive sector is expected to record steady production activities, during the forecast period, due to augmented demand. The growth of the segment is attributed to the increasing manufacturing of auto parts.
54% of the market's growth will originate from the US during the forecast period. The manufacturing sector in North America is showing signs of growth as the government of the US is focusing on bringing back manufacturing jobs. US, Mexico, and Canada are the key markets for forging in North America.
The benefits of forging over casting will directly influence the forging market in North America. In addition, the development of all-in-one 3D printing, casting, and forging techniques are the major forging market in North America trends that will positively impact the market growth. However, factors such as the growing popularity of the latest casting technologies will hamper the forging market growth in North America.
The market is fragmented due to the presence of several players. Some of the major forging market vendors in North America are Alcoa Corp., Allegheny Technologies Inc., Aluminum Precision Products, American Axle and Manufacturing Inc., Asahi Forge Corp., Berkshire Hathaway Inc., ELLWOOD Group Inc., FRISA INDUSTRIAS SA de CV, Park-Ohio Holdings Corp., and Scot Forge Co.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the forging market in North America forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the forging market share in North America.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the forging market in North America.
Forging industry growth across North America.