by Forging Market, Forging Market Demand, Forging Market Forecast, Forging Market Values, Forging Market Analysis, Forging Market Outlook, Forging, lightweight materials, automotive, aerospace, construction, material waste
The global Forging Market is estimated to be valued at US$ 77.88 Bn in 2022 and is expected to exhibit a CAGR of 4.70% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Forging is a manufacturing process involving shaping metal using localized compressive forces. The process provides superior strength and durability to the final product, making it popular in industries such as automotive, aerospace, and construction. Additionally, the increasing demand for lightweight materials with high strength, such as aluminum and titanium, is boosting the market growth. Forged components offer better performance, weight reduction, and increased fuel efficiency, driving their demand in the automotive industry. Moreover, the construction industry’s growth and infrastructure development projects further contribute to the market’s expansion.
Market key trends:
The key trend in the forging market is the adoption of advanced technologies, such as additive manufacturing and automation, to enhance the production process. Additive manufacturing allows for the production of complex-shaped components with reduced material waste and increased design flexibility. Furthermore, the automation of forging processes improves efficiency and eliminates human error, leading to enhanced production rates and cost-effectiveness. The integration of robotics and artificial intelligence in forging facilities also improves workplace safety and reduces labor-intensive tasks. With the constant focus on innovation and technological advancements, the adoption of these trends is expected to drive market growth in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the forging market is low, as it requires significant capital investment and expertise to establish a forging facility. Additionally, existing players have strong brand recognition and established customer relationships, making it difficult for new entrants to gain market share.
Bargaining power of buyers: The bargaining power of buyers in the forging market is moderate. While buyers have the option to choose from a range of suppliers, the high switching costs and the criticality of forgings in various industries limit their power to negotiate prices.
Bargaining power of suppliers: The bargaining power of suppliers in the forging market is moderate. The market is highly fragmented, with several suppliers competing for contracts. However, suppliers with advanced manufacturing capabilities and strong relationships with customers are able to exert more influence in terms of pricing and terms.
Threat of new substitutes: The threat of new substitutes in the forging market is low. Forgings offer superior strength, durability, and reliability compared to other manufacturing techniques like casting or welding. These unique properties make forgings essential in industries such as automotive, aerospace, and oil and gas.
Competitive rivalry: The competitive rivalry in the forging market is high. There are several key players operating in the market, each striving to gain a larger market share. This competition drives innovation, cost optimization, and customer service improvement in the industry.
Key Takeaways
The Global Forging Market Size is expected to witness high growth, exhibiting a CAGR of 4.70% over the forecast period. This growth can be attributed to the increasing demand for forged products in industries such as automotive, aerospace, and construction. The superior strength, durability, and cost-effectiveness of forgings compared to other manufacturing techniques are driving their adoption in various applications.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the forging market. The region is witnessing rapid industrialization, particularly in countries like China and India, which is driving the demand for forged products. Additionally, the presence of a large number of automotive and construction industries in the region further fuels the growth of the forging market.
Key players operating in the forging market include Bharat Forge Limited, Alcoa, Precision Castparts, ATI Ladish Forging, HHI Forging, American Axle & Manufacturing Holdings, Ellwood Group, FRISA, and Scot Forge. These players have a strong market presence and focus on continuous innovation and technological advancements to stay competitive in the market.
In conclusion, the global forging market is set to experience significant growth in the coming years, driven by increased demand from various industries and the expansion of industrialization in emerging economies. The key players in the market will continue to invest in R&D and strategic partnerships to maintain their market position and capitalize on the growing opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
