Forging Market - Growth, Trends And Forecast (2022 - 2027) By Types, By Application, By Regions and By Key Players: Nippon Steel & Sumitomo Metal, Aichi Steel, Thyssenkrupp, AAM

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 Market Overview

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.

Industry News and Developments

(May 16, 2022) The Association for Accessible Medicines (AAM) and its Board of Directors announced the promotion of Craig Burton to Senior Vice President, Policy & Strategic Alliances, effective May 30, 2022. He will also become the Executive Director of the Biosimilars Council, which is the preeminent voice advocating in Washington and the states for policies to improve access to more affordable alternatives to expensive biologic medicines.

What are the major Applications, Types and Regions for the Forging Market?

The market is segmented based on the type, applications, companies and regions.

By Type, the Forging Market has been segmented into 

• Closed Die Forgings


• Open Die Forgings


• Rolled Rings Forgings

The end user’s industry application on Forging Market is, 

• Powertrain Components


• Chassis Components


• Transmission Parts


• Other Parts

Forging Market Regional Analysis

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

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  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East & Africa
  
  
  • Latin 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.

What is our Forging Market report scope?

Key Takeaways from this Evaluate Forging Report

• Evaluate Forging market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, end use applications and by different industry verticals.


• Understand the different dynamics influencing the market - key driving factors, challenges and hidden opportunities.


• Get in-depth insights on your competitor's performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.


• Analyze the sales and distribution channels across key geographies to improve top-line revenues.


• Understand the industry supply chain with a deep dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.


• Get a quick outlook on the Forging market entropy - M&A's, deals, partnerships, and product launches of all key players for the past 4 years.


• Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.

Frequently Asked Questions

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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