Forging is a manufacturing process involving the shaping of metal using localized compressive forces. Parts made through forging are stronger and more durable as the metal fibers are compressed and aligned in the direction of the applied force. The forging process is widely used in the automotive industry for manufacturing components like crankshafts, connecting rods, transmission parts, and engine components owing to its ability to produce complex shapes and superior mechanical properties.
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 increasing demand for forged components from the automotive industry is one of the key factors driving the growth of the Global forging market size. In the automotive sector, forged parts are gaining popularity as they enhance the performance, durability and efficiency of vehicles. With the rising global vehicle production and sales, the demand for forged automotive components is also increasing steadily. According to the International Organization of Motor Vehicle Manufacturers, worldwide vehicle sales reached over 94 million units in 2021, exhibiting a rise of over 4% as compared to 2020 sales. This rising automotive production is expected to propel the demand for forged components over the forecast period, thereby augmenting the growth of the forging market.
SWOT Analysis
Strength: Forging has strong mechanical properties that make forged components suitable for high-stress applications like automotive and aerospace parts. Forging provides dimensional accuracy and material consistency.
Weakness: Forging requires high capital investments in die design and manufacturing equipment. Changes in design often require new dies, resulting in high fixed costs. Forged products have thick cross-sections that add weight.
Opportunity: Growing demand for stronger, safer, and more durable components in automotive and aerospace industries is driving the need for robust forged parts. Development of new aluminum alloys is expanding forging into new lightweight applications.
Threats: Alternative manufacturing methods like casting and machining from billet stock threaten some low-volume forging applications. Economic slowdowns negatively impact the automotive and machinery industries that are major consumers of forged products.
Key Takeaways
The global forging market is expected to witness high growth over the forecast period supported by increasing demand from automotive and aerospace industries. The automotive industry accounted for the largest share of the forging market in 2023 and is expected to continue its dominance through 2030 with growing vehicle production worldwide. 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.
Europe currently dominates the global forging market due to presence of leading automotive manufacturers in countries like Germany. Asia Pacific is expected to be the fastest growing market for forgings due to expanding manufacturing sectors and automotive production centers in China and India. Major forging companies are setting up new facilities or expanding capacities in Asia to capitalize on the market potential.
Key players operating in the forging market are 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. Forging manufacturers are focusing on development of advanced forging technologies to produce complex net-shape components and cater to the evolving needs of automakers and aircraft manufacturers. Global alliances and acquisitions are helping major players enhance product portfolios and geographical presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
