The global Forging market will register a 5.5% CAGR in terms of revenue, the global market size will reach US$ 96830 million by 2027.
Forging refers to a procedure of shaping the material by applying compressive force manually; by forging machines or with the use of power hammers. Forging procedure can be carried out on materials in either cold or hot state. These forged parts contain 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 business such as automotive, mining, and aerospace and many other applications. Forging activities find diverse use in many industries mostly 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. Traditionally, forging is regarded as the backbone of manufacturing. It is the key input in industries that support the country’s economic growth, such as industrial machinery, automotive, railways, electricity, construction and mining equipment, and general engineering. In upcoming years the automotive forging companies are anticipated to become "virtual enterprises", by using integrated electronic standards to interconnect with designers, suppliers, and customers in real-time to characterize and interchange data about the entire life cycle of forging products. One of the significant patterns for these proficiency gains has been the shift from conventional forging approaches to "smart manufacturing" techniques. Smart manufacturing can indicate a variation of methods. Here, it refers to selecting innovative modeling techniques while adjusting the current assembling procedure at a car manufacturing plant. Each main car maker depends on simulation prior to changing the assembling process.
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The market is segmented based on the type, applications, companies and regions.
By Type, the Forging Market has been segmented into
The end user’s industry application on Forging Market is,
Asia Pacific is expected 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 nation such as India as the manufacturing hub is propelling the growth of forging market in this region. Also, the burgeoning outsourcing of forging activity backed by government initiatives have contributed to the growth of forging market in this region. China, is the main producer of forging products in this region.
North America has witnessed a burgeoning progress in the global forging market. One of the main reasons behind the progress 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 expected to witness a significant growth in the global forging market. According to an article published by Euroforge, Germany is one of the main 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 worldwide forging market in this region.
North America
The Forging Market describes the factors driving the global growth opportunities in upcoming years and highlights market channels. In addition, the report analyzes market size and share, trends, by geographic region, end-use type and segment. It focuses extensively on revealing a detailed regional analysis. The Global Forging Market report also conducted a PESTEL analysis of the industry to study the main influencing factors and entry barriers of the industry.
Report Attributes | Report Details |
Forecast Period 2022 to 2027 CAGR | CAGR of 5.5% over the forecast period (2022-2027) |
By Type |
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By Application |
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By Companies | Nippon Steel & Sumitomo Metal, Aichi Steel, Thyssenkrupp, AAM, Bharat Forge, KOBELCO, WanXiang, FAW, Arconic, Mahindra Forgings Europe, Farinia, Longcheng Forging, Sinotruck, Dongfeng Forging, Jiangsu Pacific Precision Forging, Sypris Solutions, Ashok Leyland, Allegheny Technologies, VDM Metals, CITIC Heavy Industries and others. |
Regions Covered |
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Countries Covered |
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Base Year | 2022 |
Historical Year | 2017 to 2021 |
Forecast Year | 2022 to 2027 |
Number of Pages | 133 |
Customization Available | Yes, the report can be customized as per your needs |
What is the study period of this market?
The Forging Market is studied from 2017 - 2027.
What is the growth rate of Forging Market?
The Forging Market is growing at a CAGR of 5.5% over the next 5 years.
Who are the key players in Forging Market?
Nippon Steel & Sumitomo Metal, Aichi Steel, Thyssenkrupp, AAM, Bharat Forge, KOBELCO, WanXiang, FAW, Arconic, Mahindra Forgings Europe, Farinia, Longcheng Forging, Sinotruck, Dongfeng Forging, Jiangsu Pacific Precision Forging, Sypris Solutions, Ashok Leyland, Allegheny Technologies, VDM Metals, CITIC Heavy Industries and others.
What regions does this Forging Market report covers?
North America (the United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)
What are the significant types of Forging Market?
Closed Die Forgings, Open Die Forgings, Rolled Rings Forgings
What are the major end-use applications of the Forging Market?
Powertrain Components, Chassis Components, Transmission Parts, Other Parts
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SECONDARY RESEARCH
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PRIMARY RESEARCH
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MARKET ENGINEERING
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