by Forging is a manufacturing process involving the shaping of metal using localized compressive forces. Forgings are widely used across automotive, oil and gas, construction, and agriculture industries due to their high tensile strength and ability to withstand harsh operating conditions. Forging is also commonly applied in railways for manufacturing axles and crankshafts.
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.
Market key trends:
The rising demand for forged components from the automotive industry has been a key growth driver for the global forging market. Forged components find widespread application in vehicles for manufacturing critical parts including engine crankshafts, connecting rods, drive shafts, axles, and transmission systems. The growing automotive production supported by surging vehicle ownership, especially in developing economies is fueling the need for forged components. Increasing use of lightweight materials in automotive manufacturing to comply with stringent fuel-efficiency and emission norms has further augmented the demand for forged aluminum and alloy parts over the last few years.
SWOT Analysis
Strength: Forging caters to a wide range of industries like automotive, construction, aerospace, etc. Forging process helps improve strength and durability of components.
Weakness: Forging requires high capital investments in dies, hammers, and presses. Forging process is labor intensive and time consuming.
Opportunity: Rising demand for forged components from automotive and aerospace industries due to focus on improving fuel efficiency and passenger safety. Growth in renewable energy sources to boost demand for forged parts in wind turbines.
Threats: Volatility in raw material prices can significantly impact profit margins. Increased adoption of 3D printing and additive manufacturing may deter demand for forged components.
Key Takeaways
The Global Forging Market Size is expected to witness high growth.
Regional analysis: Asia Pacific region will be highest due to presence of major automotive hubs like China, India, Japan and South Korea. Heavy investments are being made by forging companies to expand capacities and capabilities in these regions.
Key players operating in the forging market are Can-Eng Furnaces International Limited, Nippon Steel Corporation, JSW, Larsen & Toubro Limited, Precision Castparts Corp, Scot Forge Company, China First Heavy Industries, Bharat Forge Limited, Eramet SA, and Allegheny Technologies Incorporated. The focus is on developing new forgings and alloys to address sustainability and emission norms. Companies are investing in R&D to reduce production time through advanced forging technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
