The global forging market reached a value of USD 72.65 billion in 2021. The industry is projected to grow at a CAGR of around 5.5% in the forecast period of 2022-2027 to reach a value of USD 100.17 billion by 2027.
The forging industry report comprehensively analyses the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The international forging market is observing constant growth due to its considerable demand from the automotive and aerospace industries with the automotive section holding the maximum share in the market. China is the highest category spender by region which is driving the demand for the forging industry.
The treating or processing methodology, which is conventionally used for metals, in which these are hammered, pressed, or rolled, most commonly with a hammer or die is called forging. A few of the usual metals that go through the forging process are carbon steel, stainless steel, aluminium, copper, and brass. This mechanical procedure has been popularly adopted in the manufacturing industries, owing to the increase in the demand for metals with elevated dependability and mechanical and guiding force, usually in applications that need exhaustion endurance. Throughout the past years, alloys have also been considered useful materials after they undergo the forging process. Innovations introduced in metalworking technology, with their rising cost-effectiveness are further driving the market. The global forging industry report comprises segments based on end-user (automotive and aerospace, machine tool industry, construction, energy (oil and gas) agricultural and construction machinery, railway, mining machinery, and medical) and region (the United States, Germany, China, Japan, and India).
China has been the major market for the forging industry and is estimated to grow swiftly in the upcoming years. The nation is the biggest consumer and manufacturer of forged metals. Furthermore, China exports a huge volume of forged commodities to American and European markets. Leading organisations in the country are aiming more at their output capabilities to fulfil the increasing demand for forged products. These kinds of investments suggest a rising necessity for metal forging from end-use industries. Moreover, development in the market is encouraging key players to invest, hence propelling further growth of the market.
There has been a moderate development of the global forging market because of the substantial demand from the automotive and aerospace industries. The heavy growth of air passenger traffic has led to the rise of the aerospace sector, which is improving the production of aerospace forged components. A lesser rate of fuel and interest are the main reasons propelling the growth of the automotive industry segment of the forging market. Likewise, custom forging is the major segment among the order types due to its vast utilisation in submarines, refineries, space crafts, missiles, pressure vessels, offshore rigs, and scientist research equipment, among others. In addition, the increasing emphasis of several governments on wind energy power production has notably increased the investments in wind energy ventures. This has in turn expanded the demand for wind energy forged products.
Nevertheless, owing to elevated prices and the accessibility of low-cost alternatives are hampering the forging market at a certain level.
The global forging oil industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by forging oil providing and utilising regions across the globe, such as contract terms, engagement models, and buyer and supplier negotiation levers, among others.
The mechanical procedure of smoothing and defining the material by utilising compressive force, physically, by using forging machines, or with hammering is called forging. Additionally, the forging methodology can be performed on materials in both cold and hot conditions. These forged components consist of bolts, connecting rods, turbine shafts, crane hooks, hand tools, gears, and other parts that are utilised in the production of machines. Moreover, these forged commodities provide strength, power, weight, and dependability in the end-use industries including automotive, mining, aerospace, and numerous other functions. Furthermore, there are four major methods to forge a component comprising die forging, cold forging, open die forgings, and seamless rolled ring forging.
Owing to the rapidly developing end-user section, there has been a rise in the demand for intricate and innovative commodities. With the introduction of the automated closed die forging mechanism, the interest of equipment suppliers has moved toward the creation of new and innovative equipment and methodology. Moreover, these newly introduced machines efficiently forge extra-large size nickel and titanium-based alloy parts. In addition, both economic and market environments around the globe are also related to the progress of the forging market and they are projected to offer developmental prospects in the future ahead. Oil and gas, shipbuilding, and construction equipment among other end-user industries are witnessing considerable growth. This has created a massive demand for low-cost producing countries like India and China, for closed die forged products. The effect of this driver is higher in advanced countries, and this is likely to continue in the upcoming years.
The key zones in the industry are the United States, Germany, China, Japan, and India.
The forging market is very competitive, and organisations are involved in implementing tactical projects and initiatives, such as capability expansions and collaborations, and acquisitions, to consolidate their existence and place in the industry. For example, Liberty Steel group approached to procure the steel activities of Thyssenkrupp Europe in October 2020. To support and maintain the accomplishment in the metal producing market, forging companies are aiming to offer lean, resilient, flexible, and adaptable forging mechanisms.
1. Executive Summary
2. Forgings Market Snapshot
2.1. Forgings Market Outlook
2.2. Forgings Industry Analysis by End User
2.2.1. Automotive & Aerospace
2.2.2. Machine Tool Industry
2.2.4. Energy (Oil & Gas) Agricultural and Construction Machinery
2.2.6. Mining Machinery
2.3. Country Overview
3. Impact of Recent Events
4. Forgings Value Chain Analysis
5. Forgings Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Forgings Cost Structure
9. Forgings Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Forgings Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Feedstock Market Analysis
13.1. Market Overview
13.2. Price Analysis
14. Industry Best Practices
14.1. Sourcing Strategy
14.2. Procurement Model
14.3. Contract Structure
14.4. Negotiation Levers
14.5. Pricing Model
14.6. Key Factors Influencing the Quotation
15. Key Supplier Analysis
15.1. Alcoa Corporation
15.2. Bharat Forge Limited
15.3. Nippon Steel Corporation
15.4. ATI Company
15.5. ThyssenKrupp AG
In 2021, the global attained a value of USD 72.65 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 5.5%.
The substantial demand for forged parts or products from the automotive and aerospace industries is driving the global forging market.
The major regions in the industry are the United States, Germany, China, Japan, and India.
Some of the leading players in the industry are Alcoa Corporation, Bharat Forge Limited, Nippon Steel Corporation, ATI Company, and ThyssenKrupp AG.
The global forging market reached a value of USD 72.65 billion in 2021 and is projected to grow at a CAGR of around 5.5% in the forecast period of 2022-2027. The international forging market is observing constant growth due to its considerable demand from the automotive and aerospace industries with the automotive section holding the maximum share in the market. China has been the major market for the forging industry and is estimated to grow swiftly in the upcoming years. The nation is the biggest consumer and manufacturer of forged metals. Some of the leading players in the industry are Alcoa Corporation, Bharat Forge Limited, Nippon Steel Corporation, ATI Company, and ThyssenKrupp AG.
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