July 18, 2024

Automotive Component Forging Is The Largest Segment Driving The Growth Of Forging Market

The global Forging Market is estimated to be valued at US$ 81.12 Bn or Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Forging is a manufacturing process involving the shaping of metal using localized compressive forces. Forged parts have consistent and reliable material properties that make them suitable for critical applications where safety and durability are paramount. Forgings are commonly used in automotive components, oil & gas equipment, aerospace components, construction equipment, and other industrial applications.

Market key trends:

Adoption of new forging techniques: Emerging forging technologies such as flash welding forging and induction welding forging are gaining popularity among forging manufacturers. Flash welding forging combines flash welding with closed-die forging to reduce material wastage and production time. Induction welding forging uses induction heating to join metal parts and eliminates the need for additional welding. These new techniques help manufacturers reduce costs and improve production efficiency.

Market key trends:

One of the key trends in the forging market is the growing adoption of forging processes for manufacturing complex parts and components that require high strength and durability. Forging allows shaping heated metal by applying compressive forces into dies, resulting in a part that exhibits uniform microstructure and fatigue resistance. It is a cost-effective way to fabricate high-precision parts with intricate geometries. This has driven forging demand across industries such as automotive and aerospace.

SWOT Analysis

Strengths: Forging provides dimensional stability, fatigue resistance and strength for part requirements in automotive and aerospace industries. The process enables near-net or full-density shaping of metal, reducing need for additional machining.
Weaknesses: Forging requires high initial investments in specialized die and equipment. The process emits noise and requires filtering of emissions.
Opportunities: Growing demand for forged components in electric vehicles anddevelopment of new aluminum and titanium alloys present growth opportunities. Adoption of 3D printing of dies can lower tooling costs.
Threats: Substitution threat from machining and casting depending on part design andvolumes. Rising raw material prices may increase component costs.

Key Takeaways

The global forging market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing demand from the automotive industry. The automotive sector is a major consumer of forged components owing to stringent safety and efficiency norms.

Regionally, Asia Pacific dominated the global forging market in 2023 with over 35% share, led by China, India, and Japan. This was attributed to presence of a robust automotive manufacturing base and machine building industry. Europe and North America are other major markets for forging.

Key players operating in the forging market are 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., Scot Forge, and others.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it