Forging tools such as hammers, presses, and various dies are used to manually or mechanically shape the heated metal. Forged components offer better mechanical properties compared to other manufacturing processes. They find extensive application in the automotive, aerospace, oil and gas, construction, and hardware industries.
The global Forging Market is estimated to be valued at US$ 81.12 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global Forging market has witnessed steady growth over the past few years due factors such as increasing demand for forged components in the automotive industry and shift towards customized tools. Custom forged tools allow manufacturers to produce components with better precision and tolerance levels as compared to standard shapes. This provides flexibility to design parts specific to customer requirements. Moreover, customized forged parts enhance performance and reduce weight of finished products. Growing trend of modular vehicle designs is likely to propel demand for customized forged components in the coming years.
Market key trends:
One of the key trends fueling growth of the Global forging market size is the shift towards customized tools. Earlier, forging was limited to standard shapes where forgings were produced based on commonly used designs and sizes. However, with technological advancements, forging equipment and processes are now capable of producing highly customized parts. The forging industry is witnessing increasing demand for tailored components from end-use sectors such as automotive and aerospace. Custom forged tools help manufactures achieve near net shape of the finished product which further eliminates or reduces machining requirements. They also improve design flexibility. Ongoing transition towards customized tools is expected to remain a major trend in the Global Forging Market during the forecast period.
Segment Analysis
The global forging market is dominated by the automotive segment. The automotive industry constitutes a major share in global forging demand. This is because auto components like crankshafts, connecting rods, axles, driveshafts, and steering knuckles are made from forged parts. Forged parts provide more strength and durability over cast and machined counterparts, making the process ideal for load-bearing auto components. The second major segment is the industrial machinery segment, which includes forging for hinges, agriculture equipment, and earth moving equipment. These segments are expected to grow at a higher rate due to rising construction activity and industrialization globally.
Key Takeaways
The global forging market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 81.12 Billion by 2024 with a CAGR of 12%.
Regional analysis: Asia Pacific region accounts for the largest share in global forging market currently. This is mainly due to presence of major automotive hubs in countries like China, India, and Japan. The automotive industry in APAC region is growing at a fast pace with countries pushing for manufacturing capabilities. The region is expected to continue its dominance in the forging market during the forecast period as well with a projected growth rate exceeding 13%.
Europe and North America are other major regions in the global forging market. With strong presence of machinery as well as automotive OEMs, these regions have sizable demand for high quality forged components. However, their growth rate is expected to be lower than APAC region over the forecast period.
Key players: Key players operating in the forging market include Canfield Scientific, Inc., ILLUCO, HEINE Optotechnik GmbH & Co. KG, Tejco Vision, 3Gen, FotoFinder Systems, Caliber Imaging and Diagnosis, Firefly Global, Bio-Therapeutic, AMD Global Telemedicine, Rudolf Riester GmbH, and Barco. These companies are focusing on capacity expansions as well as adoption of new technologies like 3D printing and automation to tap into the projected high growth in demand. The forging market is expected to witness increased consolidation activities among these players over the coming years.
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