About Forging
Forging is a process of giving a desired shape to a metal piece by heating and hammering. This process can create parts that are stronger than those manufactured by any other metalworking process. Owing to this forgings are almost always used where reliability and human safety are critical. Furthermore, forging machines are now capable of making parts ranging in size of a bolt to a turbine rotor. Moreover, most of forging operations are carried out hot, although certain metals may be cold-forged
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 9.8% |
The competitive landscape of the forging industry is also being shaped by a number of external factors, such as the rise of globalization and the increasing demand for lightweight materials. Globalization has made it easier for companies to source materials and labor from around the world, which has put pressure on domestic forging companies to reduce their costs Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Forging market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
American Axle & Manufacturing Holdings (United States), Ellwood Group (United States), Precision Castparts (United States), Frisa (Mexico), ATI (Spain), Kovarna Alper (Czech Republic), Sumitomo (Japan), Scot Forge (United States), ThyssenKrupp (Germany) and Bharat Forge Limited (India) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Sypris Solutions (United States), Hilton Metal Forging Ltd. (India) and HHI Forging (United States).
Segmentation Overview
AMA Research has segmented the market of Global Forging market by Type (Open Die, Closed Die and Rolled Rings), Application (Automotive Industry, Aerospace Industry, Oil and Gas Industry and Others) and Region.
On the basis of Type, Closed Die are dominating the market in the year 2023 where as Open Die stood as second largest market share.
On the basis of application, Automotive Industry segment is dominating the market in the year 2023 where as Aerospace Industry segment stood as second largest market .On the basis of geography, the market of Forging has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Asia Pacific, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Order, the sub-segment i.e. Captive Forging will boost the Forging market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Integration of Internet of Things (IoT) With Forging Technology
Market Growth Drivers:
Increasing Demand for High-Strength Metal Components and Cost-Effective Method of Metal Forming
Challenges:
Stringent Environmental Rules & Regulations and Industry Faces a Number of Research and Technical Challenges Involving Materials, Energy, and Forging Technology
Restraints:
Increasing Gap on Skilled Labor and Limited Availability of Some Materials
Opportunities:
Rising Automotive and Construction Industries in the Developing Economies
Market Leaders and their expansionary development strategies
In november 2023, Tsuyo Manufacturing Private Limited agreement with Suzhou LvKON Transmission Technology Co., Ltd. The partnership aims to introduce product solutions like Direct Drive Motor (DM), Transmission Electric Drive (TED), Integrated Starting and Generating Motor (IM), Continuous Electric Drive (CED), and Super Transmission Bridge (STEA) in 2024 for BEVs.
In March 2023, RTFKT and Nike launch a new sneaker lookbook and announce the upcoming forging event. Individuals wishing to order the limited-edition phygital sneakers can now purchase the corresponding NFTs. The release blurs the lines between the physical and digital worlds and might excite both sneakerheads and tech enthusiasts.
EPA promulgated the Iron and Steel (I&S) Effluent Guidelines and Standards (40 CFR Part 420) in 1974, and amended the regulation in 1976, 1982, 1984, 2002 and 2005. The regulation covers any facility that is engaged in iron or steel manufacturing, forming, and finishing, including coke manufacturing. EPA estimates there are 254 iron and steel facilities discharging directly to surface waters or indirectly through publicly owned treatment works (POTWs)
Key Target Audience
Forging Service Providers, Suppliers of Forging Subcomponents, Wholesalers, Distributors, and Retailers of Forging Products, Automotive Industry, Aerospace Industry, Oil and Gas Industry, Governmental Bodies and Research Firms
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.