BURLINGAME, Calif., March 27, 2024 /PRNewswire/ -- Coherent Market Insights published a report, titled, the global forging market size is estimated to grow from $80.4 Billion in 2023 and is forecast to reach a value of $114.80 Billion by 2031 at a CAGR of 7.4% between 2024 and 2031. The Forging Market is driven by two main factors. Firstly, the increasing demand for lightweight and fuel-efficient vehicles is boosting the demand for forged components in the automotive industry. With stringent regulations regarding emissions and fuel efficiency, automakers are incorporating lightweight materials to reduce the overall weight of vehicles. Forged components, such as crankshafts, connecting rods, and gears, offer high strength-to-weight ratio, durability, and better performance, making them ideal for modern vehicles. This trend is expected to drive the growth of the Forging Market.
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Secondly, the growing construction industry is also a major driver for the Forging Market. The construction sector requires heavy machinery and equipment that require components with high strength and durability. Forged components can withstand extreme stress and provide superior performance, making them suitable for construction equipment. As the construction industry expands, the demand for forged components is expected to increase significantly.
Market Trends:
Two key trends are shaping the Forging Market. Firstly, the adoption of advanced forging techniques and technologies is gaining traction. Forging companies are investing in research and development to improve the manufacturing process and develop innovative forging techniques. The incorporation of computer-controlled forging processes, such as precision forging and isothermal forging, allows for the production of complex-shaped and high-quality forged components. This trend is expected to enhance the capabilities of forging industry and offer more opportunities for growth.
Secondly, there is a growing focus on sustainability and environmental conservation in the Forging Market. Forging companies are adopting eco-friendly practices and embracing sustainable manufacturing processes. The use of renewable energy sources, such as wind and solar power, in forging operations is being explored to reduce greenhouse gas emissions. Additionally, efforts are being made to recycle and reuse waste material generated during the forging process. This trend is expected to drive the market towards more sustainable and eco-friendly
Market Opportunities:
The automotive industry is witnessing a significant shift towards lightweight and fuel-efficient vehicles, which has created a lucrative opportunity for the forging market. Open die forging, a dominating subsegment in the market, offers advantages such as better material properties and improved mechanical strength, making it an ideal choice for manufacturing automotive components. With the rising consumer demand for fuel efficiency and stringent government regulations on carbon emissions, automotive manufacturers are increasingly relying on open die forging to produce lightweight components that enhance fuel economy. This presents a substantial growth opportunity for the forging market.
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The construction industry is experiencing a boom in emerging economies, leading to a surge in demand for heavy machinery and equipment. Closed die forging, another key segment in the forging market, is extensively used in manufacturing high-strength and durable components for construction machinery. As emerging economies continue to invest in infrastructure development projects, such as road construction, residential and commercial buildings, and bridges, the demand for construction equipment is expected to rise. This, in turn, will drive the demand for closed die forging, creating a favorable market opportunity.
Key Developments:
In September 2019, Bharat Forge America Inc. invested $56 million for setting up a new forging and machining facility in the North Carolina, US. This investment has been made by the company with the objective of focusing on investments in lightweight materials. This investment would also help the company in creating a global manufacturing footprint spanning Europe, Asia and United States.
In Sep 2019, American axle manufacturing Inc. announced that it would sell its iron casting business to a private equity firm in New York for an amount of $245 million. In addition to this, the company has also declared that it would retain its forging operation in Mexico.
Market Takeaways:
Forging Market is anticipated to witness a CAGR of 7.6% during the forecast period 2023-2030, owing to the growing demand for lightweight and fuel-efficient automotive components and increasing infrastructure development projects in emerging economies.
On the basis of type, the open die forging segment is expected to hold a dominant position. This is because open die forging offers better material properties and improved mechanical strength, making it ideal for manufacturing automotive components.
In terms of end-use industry, the automotive sector is expected to dominate. The lightweight and fuel-efficient properties offered by open die forging make it an attractive choice for automotive manufacturers.
North America is expected to hold a dominant position in the forging market over the forecast period. The region has a well-established automotive industry, which is driving the demand for forging in this region.
Key players operating in the forging market include Bharat Forge Limited, Alcoa, Precision Castparts, ATI Ladish Forging, HHI forging, and American Axle & Manufacturing Holdings. These players have a strong presence in the market and are focusing on product innovation and technological advancements to gain a competitive edge.
In conclusion, the forging market is witnessing significant growth opportunities due to the increasing demand for lightweight and fuel-efficient automotive components and the rising infrastructure development projects in emerging economies. The open die forging segment, dominated by the automotive industry, is expected to hold a dominant position. North America is likely to be the leading region in the market. Key players such as Bharat Forge Limited and Alcoa are actively participating in the market and investing in research and development to stay ahead of the competition. Overall, the forging market is poised for substantial growth in the coming years.
Read complete market research report, " Forging Market, By Type, End-Use Industry, and Raw Material, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Detailed Segmentation:
On the basis of type:
- Open Die Forging
- Closed Die Forging
- Seamless Forging
- Roll Forging
- Upset Forging
- Precision Die Forging
- Rotary Forging
- Others
On the basis of end-use industry:
- Automotive
- Mining
- Construction
- Aerospace and Defense
- Agriculture
- Power
- Oil & Gas
- Others
On the basis of order:
- Custom Forging
- Catalogue Forging
- Others
On the basis of raw material:
- Aluminum
- Magnesium
- Stainless Steel
- Titanium
- Beryllium
- Brass
- Copper
- Bronze
- Zirconium
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- CC Countries
- Rest of Middle East & Africa
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