Global Forging Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Forging Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Forging is a manufacturing process involving the shaping of a metal through hammering, pressing, or rolling. These compressive forces are delivered with a hammer or die. Forging is often categorized according to the temperature at which it is performed—cold, warm, or hot forging.

Market Overview:

The latest research study on the global Forging market finds that the global Forging market reached a value of USD 86756.0 million in 2023. It’s expected that the market will achieve USD 120853.83 million by 2029, exhibiting a CAGR of 5.68% during the forecast period.

Drivers


Wide range of applications for Forging
Forging is one of the most mainstream metal-forming processes. Compared with castings, forging can improve the structure and mechanical properties of the metal and ensure the continuity of the metal fiber structure, thereby ensuring that the parts have good mechanical properties and long service life. Forged forgings have the characteristics of high load-bearing, long life, and strong adaptability to harsh working conditions, and can be widely used in wind power, automobiles, aerospace, engineering machinery, ships, pressure vessels, nuclear power, and other industries. In aviation, for example, high strength-to-weight ratios and structural reliability improve aircraft performance, range, and payload capabilities. Forgings are used in helicopters, commercial aircraft, supersonic military aircraft, etc. Among aircraft components, forged components include bulkheads, hinges, engine mounts, brackets, beams, shafts, landing gear cylinders, structures, arresting hooks, and many other components. Currently, with the continuous expansion of the military aircraft and civil aircraft markets, the market demand for Forging products continues to increase. In the automotive field, many parts are forged parts, including forgings for car bodies, car compartments, engines, front and rear axles, frames, and gearboxes. For the forging industry, the wide application of forging is one of the driving factors driving market development.

Automation and intelligent development

For the forging industry, labor cost is one of the most important costs in production. Forging operations have shortcomings such as high temperature, dust, noise, and vibration that are currently difficult to overcome, which seriously endanger the health of operators. Based on occupational health and safety management enablement, automated forging production lines have become an inevitable trend in the development of the industry. At present, the development of the forging industry is facing the problems of increasing labor costs and labor shortages. Automation and intelligent development play a key role in solving the labor problem in the forging industry. For example, some tasks that once required humans can now be accomplished through the use of robotics. By automating forging operations, productivity increases significantly, depending on the type of product being forged. With the development of automation and intelligent technology, the application of industrial robots is becoming more and more common, the technology is becoming more and more mature, and its adaptability to forging operating conditions has also been greatly improved, providing good conditions for the upgrading of forging automation. Automation and intelligent development are opportunities and trends for industry development.

Region Overview:

In 2022, the share of the Forging market in Asia-Pacific stood at 43.59%.

Company Overview:

Allegheny Technologies provides forgings for many different market applications, including aerospace, defense, oil and gas, electrical energy and many other industrial markets. The company's forging facilities in the United States and Europe offer a broad range of forging technologies - from closed die forging to hot die forging to isothermal and ring forging - with a variety of size and weight capabilities to meet the most demanding requirements. Materials range from carbon and alloy steels to nickel/cobalt alloys, powder metals, titanium and other specialty metals. Allegheny Technologies' isothermal forging capability in Cudahy, Wisconsin features three isothermal presses, including one of the world's largest isothermal presses. The unique design of this strain-controlled, high-tonnage press, rated at 12,500 tons, allows it to forge larger-diameter, close tolerance forgings required for today's high-efficiency jet engines. Patented SuperCooler™ technology enables the company to produce highly sophisticated components that have differing mechanical properties in different parts of the same piece for greater resistance to fatigue and temperature effects.

China First Heavy Industries has built a world-class large-scale cast and forged steel base, with world-leading manufacturing resources and process technology. It strives to develop new materials represented by large-scale casting and forgings, and vigorously develops new materials, new processes, etc., in ships, ultra-supercritical thermal power units and large hydropower casting and forgings, large forged steel support rolls and work rolls, large nickel-based forgings and other key casting and forging process new materials, and aerospace and other key components represented by nickel-based fine-grained bar forgings. In-depth research on technology and high-temperature alloy materials has become a world brand.

Allegheny Technologies is one of the major players operating in the Forging market, holding a share of 2.28% in 2023.

Segmentation Overview:

By type, Hot Forging segment accounted for the largest share of market in 2022.

Application Overview:

The market's largest segment by application is the segment Automotive, with a market share of 42.60% in 2022.

Key Companies in the global Forging market covered in Chapter 3:

Thyssenkrupp
WanXiang
CIE Automotive India Limited
Jiangsu Pacific Precision Forging
CITIC Heavy Industries
Allegheny Technologies
Wuxi Paike New Materials
Farinia Group
Aichi Steel
AVIC
China First Heavy Industries
Bharat Forge Limited
Dongfeng Forging
Nippon Steel
Longcheng Forging
Sypris Solutions
Guizhou Aviation

In Chapter 4 and Chapter 14.2, on the basis of types, the Forging market from 2019 to 2030 is primarily split into:

Hot Forging
Cold Forging
Warm Forging

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Forging market from 2019 to 2030 covers:

Aerospace & Defense
Power Generation
Agriculture
Machinery manufacturing
Automotive
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)