The forging market was valued at US$ 72,890.07 million in 2019 and it is projected to reach US$ 100,404.83 million by 2027; it is expected to grow at a CAGR of 5.1% from 2020 to 2027.
Increasing use of forged steel in the automotive industry and advantage of forging over other fabrication techniques are driving the global forging market. However, availability of cheaper alternative processes is hampering the growth of the global forging market. Despite limitations, innovations in forging equipment & process and improving economic conditions are among the major factors anticipated to bolster the growth of the forging market during the forecast period.
Benefit of the forging process over other fabrication techniques is fueling the forging market growth. The forging process results in the structural modification of metals. The heated metals change mechanically to make the desired products under controlled conditions, which have uniform grain size and flow characteristics. This results in the refinement of forged metals and reduction of porosity. As a consequence, the obtained final product has superior metallurgical and mechanical characteristics as well as improved directional strength. Further, forging techniques also enhance structural integrity, which ensures optimum performance under field conditions per part or component. The forging process makes the metal ductile and tough, and imparts it a capability to withstand fatigue, while providing the grain flow with uniformity.
The emergence and rapid spread of the novel coronavirus has adversely affected numerous developed and developing countries across the world. The continuous surge in the count of COVID-19 patients is threatening several industries worldwide. It is becoming apparent with the COVID-19 pandemic spreading across the US that few can escape its scope, presenting significant challenges to all industries. This had temporarily closed down all production plants across all industries and has affected the supply chain and logistics industry of the country adversely. Owing to nationwide lockdown across major economies, such as the US and Canada, the supply chain of major techniques of forging was adversely affected, thereby impacted the manufacturing of the same.
The forging market is segmented into techniques, materials, and industries. Based on techniques, the forging market is further segmented into closed die forging, open die forging, and seamless forging. In 2019, the closed die forging segment accounted for a significant share in the global forging market. Based on materials, the forging market is further segmented into nickel-based alloys, titanium alloys, aluminum alloys, steel alloys, and others. In 2019, the steel alloys segment accounted for a significant share in the global forging market. Based on industries, the forging market is further segmented into automotive, aerospace, railway, heavy equipment, and wind power. In 2019, the automotive segment accounted for a significant share in the global forging market.
The overall forging market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the forging market with respect to all the segments. It also provides the overview and forecast for the global forging market based on all the segmentation provided with respect to five major regions North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the forging market.
Major players operating in the global forging market include Alcoa Corporation; All Metals & Forge Group; CFS Machinery Co., Ltd; Consolidated Industries, Inc.; Farinia Group; Fountaintown Forge, Inc.; Pacific Forge Incorporated; Patriot Forge Co.; Precision Castparts Corp.; and Scot Forge.