Forging Market in North America Size to grow by USD 4022.08 million between 2023-2027
According to a research report “ Forging Market in North America” by End-user (Automotive, Aerospace, Others) Type (Closed die forging, Open die forging, Seamless rings) Geography (North America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 4022.08 million, at a CAGR of 4.71% during the forecast period. In the forging process, metals undergo transformation through mechanical working at elevated temperatures. This results in the metal taking the desired shape and achieving optimized grain size and flow characteristics. The refined forged metal exhibits enhanced metallurgical and mechanical properties, including superior directional strength, high structural integrity, and improved resistance to fatigue. Forged parts are renowned for their ability to withstand significant impact, load, or stress, making them an ideal choice for industries requiring high-performance components. The uniform grain flow achieved during forging imparts toughness, ductility, and enduring capabilities to the final product.
Browse market data tables, figures, and in-depth TOC on “Forging Market in North America” by End-user (Automotive, Aerospace, Others) Type (Closed die forging, Open die forging, Seamless rings) Geography (North America) Global Forecast to 2027. Download Free Sample
By End-user, the Automotive segment is projected to dominate the market size in 2024
In the North American forging market, impression die forging is a process utilized to manufacture closed-die forged parts. This technique employs an impression die, which compresses the workpiece metal to conform to the desired shape within the die cavity. The metal's flow is restricted by the cavities, resulting in the forged part retaining the exact dimensions and shape of the mold. This process induces changes in the metal's grain structure through controlled deformation. A distinguishing characteristic of closed die forging is the formation of a flash around the forged part, which is later trimmed off. Impression die forging delivers components with superior mechanical properties and dimensional accuracy.
By Type, Closed die forging segment is expected to hold the largest market size for the year 2024
In the North American automotive market, forging is an essential process for manufacturing robust and lightweight components that meet the industry's stringent requirements. Forged parts exhibit superior mechanical properties, including high strength, durability, and precision, making them indispensable for enhancing vehicle safety, performance, and efficiency. With a focus on reducing emissions and improving fuel efficiency, forged components offer a favorable strength-to-weight ratio, enabling the replacement of heavier cast or welded parts. Additionally, forged components exhibit superior resistance to wear, corrosion, and extreme temperatures, contributing significantly to vehicle longevity and overall performance, particularly in high-performance and sports cars.
North America is forecasted to hold the largest market size by region in 2024
The North American forging market is projected to expand significantly over the forecast period, driven by the surging demand for forged products in key industries, including automotive, aerospace, energy, and construction. The automotive sector, a major consumer of forged components, is undergoing a transformation with the emergence of electric and hybrid vehicles, leading to an increased need for specialized, high-strength, and lightweight forged parts. The aerospace and defense industries, which prioritize safety and performance, are also significant consumers of forged components. These industries' robust growth is expected to fuel the market's expansion, with a focus on producing high-quality, durable, and customized forged components to meet their specific requirements.
The Forging Market in North America 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 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 experiencing significant growth due to the increasing demand for metros and high-speed trains, as well as the rising consumer activity in the transportation and tourism sectors. This trend is driven by global megatrends such as urbanization, population growth, and the need for clean energy and fuel-efficient transportation. In the railways sector, capital expenditure spending on infrastructure projects is leading to increased demand for forged steel components, including alloy steel and carbon steel, used in casting and alternative processes. Forging is also crucial in the production of lightweight and corrosion-resistant materials, such as titanium alloys, used in aircraft components, landing gear, engine components, and airframe structures. The aerospace industry, in particular, is driving the demand for titanium and aluminum manufacturing, with a focus on reducing CO emissions and addressing climate change. The supply chain crisis in the oil & gas, construction, and mechanical equipment industries is also leading to increased demand for forged parts, as these industries seek to improve impact resistance, ductility, and fatigue properties in their products. Forging is also used in the production of empty spaces, such as those found in stainless steel, high-quality metal parts, and various sizes and shapes. The forging market is expected to continue growing as the demand for forged parts in various industries increases, driven by the need for high-performance materials and the desire to reduce weight and improve fuel efficiency.
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