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The forging market size is forecast to increase by USD 40.4 billion, at a CAGR of 6.61% between 2023 and 2028. The market is experiencing significant growth, driven by the advantages of forging over other fabrication techniques, such as improved mechanical properties, enhanced dimensional accuracy, and reduced material waste. Another trend influencing the market is the integration of robotics and automation in forging operations, which increases efficiency, reduces labor costs, and improves product quality. However, instability in variable costs, including raw materials and energy prices, poses a challenge to market growth. Despite these challenges, the market is expected to continue expanding due to the increasing demand for forged components in various industries, including automotive, aerospace, and construction equipment.
Metal forging is a metal forming process that involves shaping and structuring metal parts using compressive forces. This process is achieved through various techniques such as hammering, rolling, and pressing. The metal composition and structure are crucial factors in the forging process, with cold temperatures used for brittle metals like stainless steel and warm or hot temperatures for more ductile metals like aluminum and nickel-based alloys. Forging is widely used in the production of metal parts for various industries, including passenger vehicles, commercial vehicles, and commercial aircraft production. Steel, titanium, and aluminum are common raw materials used in forging.
The material's strength is enhanced during the forging process, reducing the likelihood of cracks and empty spaces. Forged steel, including lightweight forged steel, is a popular choice for manufacturing components due to its high strength-to-weight ratio. In contrast, aluminum castings are preferred for their lightweight properties. Electric vehicle components also benefit from forging, with the process used to create intricate and complex parts. Overall, the market continues to grow due to the increasing demand for high-strength and lightweight metal parts in various industries.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The closed die forging segment is estimated to witness significant growth during the forecast period. The metal forming process, including techniques such as hammering, rolling, and pressing, shapes raw metal materials into desired components through the application of compressive forces. In closed die forging, an impression die is utilized to restrict metal flow and create a part with precise dimensions and shape. This process significantly impacts the metal structure and composition, altering mechanical properties like fatigue resistance, ductility, and material strength. Manufacturers of stainless steel, titanium, aluminum, magnesium, and other metals are increasingly focusing on forging processes to produce high-quality, forged metal components. Climate change initiatives and concerns over CO2 and carbon emissions have led the steel industry to explore sustainable forging methods.
For instance, aluminum manufacturing and titanium manufacturing employ closed die forging to create lightweight, strong parts for aircraft structures, engine components, and landing gear. The lightweight nature of these forged metal components reduces fuel consumption, making them essential for the aviation sector's future. Cold, warm, and hot temperatures play a crucial role in the forging process, affecting the metal's behavior and the resulting mechanical properties. Proper control of temperatures ensures the desired grain structure and prevents cracks and empty spaces, ensuring the longevity and reliability of forged metal parts. By focusing on innovation and technological advancements, companies are expanding their forging businesses, catering to the growing demand for sustainable, high-performance metal parts in various industries.
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The closed die forging segment was valued at USD 60.30 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 67% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Closed die forging and open die forging are essential processes in manufacturing industries, particularly for producing components used in construction sites, mines, and material handling facilities. These industries rely heavily on heavy equipment, which requires components made from carbon steel and alloy steel. The casting process is also crucial in producing various components, including aluminum castings, for the automotive industry and hardware apparatuses. In the aerospace and railway sectors, forged steel and nickel-based alloys are commonly used for producing lightweight forged steel components, such as aviation components and railway components. The automotive industry also utilizes forged steel and lightweight forged steel for manufacturing mechanical equipment and electric vehicle components.
The forging process offers several advantages over casting, including improved mechanical properties, better dimensional accuracy, and enhanced surface finish. Open die forging is suitable for producing large and complex shapes, while closed die forging is ideal for producing smaller and more intricate parts. In summary, the forging industry plays a vital role in manufacturing various components used in heavy industries, automotive, aerospace, and railways. The selection of appropriate materials, such as carbon steel, alloy steel, nickel-based alloys, and aluminum, is crucial in ensuring the durability and functionality of the final products. The forging process, whether closed die or open die, offers several advantages and is a critical step in producing high-quality components for various industries.
Our forging market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Advantages of forging over other fabrication techniques is the key driver of the market. The metal forming process, which includes compressive forces applied through hammering, rolling, and pressing, results in the internal modification of metal structures. Controlled heating of raw materials such as steel, stainless steel, titanium, aluminum, and magnesium leads to the refinement of their grains, minimizing porosity and enhancing mechanical properties. Forged metal components exhibit superior directional strength, structural integrity, and resistance to fatigue, making them ideal for various applications. These properties ensure optimal performance under extreme conditions, whether in cold or warm temperatures. Forged metal parts are renowned for their ability to sustain heavy loads, stress, and impact. The forging process imparts uniformity to the grain flow, making the final product more ductile and capable of withstanding various environmental stresses.
In today's context, sustainable forging practices play a crucial role in reducing carbon emissions and addressing climate change in industries like aluminum manufacturing and titanium manufacturing. The lightweight nature of forged metal parts in airframe structures, engine components, and landing gear contributes to fuel consumption reduction in aircraft manufacturing.
Developments in robotics to enhance forging operations is the upcoming trend in the market. The metal forming process plays a crucial role in the manufacturing industry, particularly in sectors such as automotive, aerospace, and medical. Forging techniques, which include compressive processes like hammering, rolling, and pressing, are essential for shaping metal structures with specific material compositions. These techniques are employed to create metal parts from raw materials like steel, stainless steel, titanium, aluminum, and magnesium. Forging processes can be carried out at various temperatures, including cold, warm, and hot, to optimize the mechanical properties of the final product. Cold temperatures enhance material strength, while warm and hot temperatures improve ductility. However, extreme temperatures require careful handling to prevent cracks and empty spaces in the final product.
In the context of sustainability, forging is an essential process in industries with high CO2 and carbon emissions, such as the steel industry. Recycling initiatives and the use of electric vehicles are some of the steps being taken to reduce the environmental impact of forging. For instance, forged metal components are increasingly being used in aircraft manufacturing, including airframe structures, engine components, and landing gear, due to their lightweight nature and improved fuel consumption. Titanium alloys, in particular, are popular for their high strength-to-weight ratio and resistance to fatigue. Advancements in robotics have revolutionized the forging industry by enabling automation and increasing productivity.
Collision resistance technology, for example, allows robots to interact with other machines without contact, ensuring a safer and more efficient production process. These advancements are particularly beneficial for high-volume forging lines in industries like aluminum manufacturing and titanium manufacturing. Overall, forging remains a vital process in creating strong, durable metal parts for various industries, with ongoing research and development aimed at improving its sustainability and efficiency.
Instability in variable costs is a key challenge affecting the market growth. The forging industry relies heavily on the availability and affordability of raw materials, including steel, iron, and various alloys such as stainless steel, titanium, aluminum, and magnesium. The metal forming process, which includes compressive forces applied through hammering, rolling, and pressing, alters the metal structure and enhances its mechanical properties, such as material strength, ductility, and resistance to fatigue. The forging process can be carried out at different temperatures, including cold, warm, and hot, depending on the specific metal composition and desired outcomes. For instance, cold temperatures are often used for forging aluminum manufacturing to achieve greater strength and dimensional accuracy, while hot temperatures are utilized in titanium manufacturing for its lightweight nature and improved formability.
Moreover, climate change and sustainability have become critical concerns for various industries, including the steel industry. Recycling initiatives and the shift towards electric vehicles have led to a reduction in CO2 and carbon emissions. Forged metal components, including airframe structures, engine components, and landing gear, are essential in the aviation sector and are increasingly being made from sustainable forged metal, contributing to the reduction of fuel consumption and overall carbon footprint. The wages of skilled laborers have been increasing globally, making it necessary for industries to explore alternative manufacturing destinations. While countries like Germany offer advanced technology and skilled labor, their high wages make them less attractive for outsourcing.
In contrast, regions like China, with a large workforce and lower labor costs, have become popular manufacturing hubs for various industries, including the forging industry. In conclusion, the forging industry's growth is dependent on the availability and affordability of raw materials and skilled labor. With the increasing focus on sustainability and reducing carbon emissions, the industry is adapting to new technologies and practices, such as recycling initiatives and the use of sustainable forged metal. The wages of skilled laborers and the shift towards electric vehicles are also influencing the industry's manufacturing locations, making it essential for companies to stay informed about global trends and market dynamics.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aichi Steel Corp. - The company offers forged products such as eAXLE components, engine components, chassis components, transmission components, and driveline parts.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The metal forming process is a crucial aspect of manufacturing metal parts for various industries, including aerospace and automotive. This process involves applying compressive forces to metal structures using techniques such as hammering, rolling, and pressing. The metal composition and temperature play significant roles in the forming process. Cold temperatures increase the metal's hardness, making it suitable for forming thin, intricate parts. Warm temperatures, on the other hand, make the metal more malleable, allowing for easier shaping. Metals like stainless steel, titanium, aluminum, magnesium, and steel are commonly used in forging due to their mechanical properties. Forged metal components offer improved material strength, ductility, and resistance to fatigue.
In the aerospace industry, forged metal parts are used in manufacturing aircraft structures, engine components, aerospace engine and landing gear. The lightweight nature of aluminum and titanium alloys reduces fuel consumption, making them essential in the production of electric vehicles. The forging industry is taking steps towards sustainability, with recycling initiatives and reducing carbon emissions becoming a priority. The steel industry is focusing on reducing CO2 emissions by implementing more efficient production processes and using renewable energy sources. Climate change concerns have led to increased demand for sustainable forged metal components, particularly in the aerospace sector, where lightweight materials are essential for reducing fuel consumption and improving overall efficiency.
Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.61% |
Market growth 2024-2028 |
USD 40.4 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.35 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 67% |
Key countries |
China, Germany, US, India, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aichi Steel Corp., Ajax Tocco Magnethermic Corp., Alicon Castalloy Ltd., All Metals and Forge Group, Allegheny Technologies Inc., Aluminum Precision Products, American Axle and Manufacturing Holdings Inc., Asahi Forge Corp., Bharat Forge Ltd., Bruck GmbH, Consolidated Industries Inc., Farinia SA, Fountaintown Forge Inc., Larsen and Toubro Ltd., Mitsubishi Steel Mfg. Co. Ltd., Pacific Forge Inc., Patriot Forge Co., Scot Forge Co., Sumitomo Heavy Industries Ltd., and thyssenkrupp AG |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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