Forging Market Size Share Trends Industry Forecast 2026
Updated on Dec 11, 2020
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Forging refers to a process of shaping the material by applying compressive force manually; by forging machines or with the use of power hammers. Forging process can be carried out on materials in either cold or hot state. These forged parts include bolts, connecting rods, turbine shafts, crane hooks, hand tools, gears, and other components used in machine manufacturing. These products offer toughness, strength, stress, and are reliable end-use industry such as automotive, mining, and aerospace and various other applications.
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Forging activities find diverse use in many industries mainly in automotive, aerospace, and oil and gas industries which in turn boosting the forging market and is also anticipated to drive this market over the forecast period.
The closed die forging segment (impression die forging) is the dominant segment in the global forging market and is anticipated have a continuous growth over the forecast period. This is due to its high dimensional accuracy and fine surface finishing. The aerospace and automotive industry are the biggest end users of the closed die forging method.
The automotive segment is accounted to have the largest share in the global forging market. Low fuel rates and interest rates are the key factors driving the growth of automotive industry of the forging market. Similarly, custom forging is witnessed as the dominant segment amongst the order types owing to its immense use in submarines, refineries, space crafts, missiles, pressure vessels, offshore rigs, scientist research equipment, and some others.
Global Forging Market Outlook
Asia Pacific is projected to be the dominant region in the global forging market having the largest market share in the world followed by North America. Development in infrastructure, advancement in automotive and construction industries in the emerging economies and recognition of the emerging country such as India as the manufacturing hub is propelling the growth of forging market in this region. Moreover, the burgeoning outsourcing of forging activity backed by government initiatives have contributed to the growth of forging market in this region. China, is the key producer of forging products in this region.
North America has witnessed a burgeoning growth in the global forging market. One of the main reasons behind the growth is due to the increasing demand for rolled ring forging which is ruling the aerospace industry of this region. According to the Forging Industry Association, forging appears in the 20% of products which represents the GDP of U.S.
Europe is anticipated to witness a significant growth in the global forging market. According to an article published by Euroforge, Germany is one of the major players in this industry accounting for 48% of the forging production. Tata Steel and ThyssenKrupp AG agreed to merge their steel operations to emerge as the continent’s number 2 steelmaker. Environmental and government regulations have given significant pace to global forging market in this region.
Key Players in the Global Forging Market
Key players operating in the global forging market include Bharat Forge Limited., Alcoa, Precision Castparts, ATI Ladish Forging, HHI forging, American Axle & Manufacturing Holdings, Ellwood Group, FRISA, and Scot Forge.
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Forging Market: 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.
- In March 2018, Allegheny Technologies Inc.’s announced that its Ladish plant in Cudahy will undergo an expansion with a capital of $95 million. Under the expansion plan, the Cudahy plant will be adding fourth iso-thermal press to the forging operations and therefore would add more heat-treating capacity. The expansion would qualify for the aerospace related production.