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

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

Hot forging is the most well-known forging process. It operates above a given metal’s recrystallization temperature throughout the whole process in order to allow the forging to keep its newly-defined shape after it cools down. This high-temperature process changes the grain structure of the workpiece by breaking it down into finer grains. Heating a metal above its recrystallization or plastic deformation temperature prevents strain hardening of the material.

Market Overview:

The latest research study on the global Hot Forging market finds that the global Hot Forging market reached a value of USD 53317.49 million in 2023. It’s expected that the market will achieve USD 73115.83 million by 2029, exhibiting a CAGR of 5.4% during the forecast period.

Opportunity and Drivers

The inherent advantages of hot forging contribute to market growth
The high temperatures during hot forging enable the highest possible levels of material deformation and obtain complex 3D geometries. Hot-forged parts have increased ductility, making them ideal for many configurations. And various finishing processes such as polishing, coating or painting can be carried out according to the specific needs of customers. This is because hot forging can create more complex shapes with higher ductility and customizable parts, which is aiding the growth of the market.

Improvement of hot forging die performance and service life

Currently, with the continuous development of the Hot Forging market, the market demand for molds with good performance and long service life is increasing. A large number of practical and advanced heat treatment technologies have been developed and applied in the market to improve the life of the mold substantial improvement. The improvement of the performance and service life of hot forging dies is one of the opportunities for industry development.

Region Overview:

In 2022, the share of the Hot Forging market in Asia-Pacific stood at 42.58%.

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.

Nippon Steel's integrated production system, from iron and steel making through forging, rolling, and heat treatment, to machining, together with the quality control implemented at each step in the process, leads to products of the highest quality and dimensional accuracy. Nippon Steel is equipped with two hot working lines for the manufacture of circular forgings: a die-forging line (9,000-ton line) and a ring-rolling line (4,000 ton line). Taking advantage of the special features of each line, Nippon Steel is able to produce forgings with minimum allowance for machining.

Allegheny Technologies is one of the major players operating in the Hot Forging market, holding a share of 2.84% in 2023.

Segmentation Overview:

By type, Carbon steel segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Automotive segment occupied the biggest share from 2018 to 2022.

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

Bruck GmbH
ELLWOOD Group Inc.
Allegheny Technologies
CIE Automotive India Limited
AVIC
NIPPON STEEL CORPORATION
Guizhou Aviation
Bharat Forge Ltd.
Shuo Hong International Supply Co., Ltd.
China First Heavy Industries

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

Carbon steel
Aluminum
Alloy Steel
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Hot 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)