by Forging is a manufacturing process involving the shaping of metal through hammering or pressing, where a piece of softened metal is shaped by hammering or pressing to form parts of complex curved shapes suitable for many industrial applications. Forging process offers advantages such as high strength, uniformity in properties, smooth surface finish and close dimensional tolerance within complex shapes. The increasing automation in manufacturing sector is driving demand for forged components from industries such as automotive, oil & gas, aerospace, construction, agriculture, and others.
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
Increasing automation in manufacturing sector is one of the key trends propelling growth of the global forging market. Automation helps in improving productivity, reducing production costs, ensuring uniformity in production and minimizing human errors. Forging companies are increasingly automating their processes to reduce costs and improve productivity which is driving demand for automated forging machines. For instance, systems with integrated robots can load and unload dies automatically, reducing labor costs and improving throughput significantly. Many forging companies have deployed automated systems for trimming, shearing, drilling, tapping and deburring operations to improve production efficiency. Growing popularity of automated forging technologies is expected to create significant opportunities for players operating in the forging market during the forecast period.
SWOT Analysis
Strength: Forging market has wide applications across various end-use industries like automotive, aerospace, oil and gas, construction etc. It offers customers the ability to manufacture complex shapes that would be difficult through other manufacturing processes.
Weakness: Forging requires large amount of capital investment in setting up facilities and operating heavy machinery. Skilled labor is also required to operate complex machinery which increases cost of production.
Opportunity: Growing demand for lightweight components from automotive industry presents an opportunity for forged products. Also the demand for forged parts is expected to rise from renewable energy sector like wind and solar.
Threats: Fluctuations in raw material prices like steel and aluminum poses a threat. Substitutes like casting and machining can replace forging for certain applications if they provide cost benefits.
Key Takeaways
The Global Forging Market Size is expected to witness high growth. 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.
Regional analysis comprises- The Asia Pacific region currently dominates the forging market with China, Japan, and India being the major countries. Factors such as growing automotive production, infrastructural development and increasing export of forged components are driving the market growth in the region.
Key players operating in the forging 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.
The forging market players are focusing on adopting digital technologies like 3D printing and AI to optimize production processes. They are also expanding their existing facilities as well as building new plants across Middle East and Latin American regions to cater to the increasing demand. Strategic partnerships and collaborations with OEMs is another area of focus for the forging companies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
