The global forging market is witnessing moderate growth attributed to the significant demand from automotive and aerospace industries. The high growth air passenger traffic has resulted in growth of aerospace sector, which is boosting the manufacturing of forged aerospace parts. Also, increasing focus of various government on wind energy power generation has significantly increased the investments in wind energy projects. It has resulted in increased demand for wind energy forged components. However, high prices and availability of cheap substitutes is hindering the forging market to a certain extent.
The forging market is segmented into techniques, materials, and industries. By techniques, the closed die forging is estimated to hold over 70% of the global forging market share. Closed doe forging is used for applications requiring high degree of precision, including automotive parts and forged fittings. Based on materials, steel alloys held the largest market share in 2019. The dominance of steel alloys segment is owing to the low prices and easy availability of carbon steel. Additionally, high impact strength and improved ductility is boosting its growth. Based on industries, the automotive industry held the largest share. The forged automotive parts or components are stronger as compared to parts manufactured through casting or machining. Also, since forged parts used in automotive require little or no machining that helps automotive manufacturers in saving cost and time. Wind power industry is anticipated to witness higher CAGR owing to increasing investments in wind power energy across the globe.
Alcoa Corporation, All Metals & Forge Group, Farinia Group, Pacific Forge Incorporated, and Precision Castparts Corp. are some of the key market players operating in the global forging market. The listing of key players is derived by considering multiple factors such as overall revenue, current forging product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the forging ecosystems which were studies analyzed during the course of this market research study, such as, CFS Machinery Co.,Ltd; Consolidated Industries, Inc.; Fountaintown Forge, Inc.; Patriot Forge Co.; and Scot Forge among others. Further, in August 2020, Berkshire Hathaway Inc. had announced a $9.8 billion write-down for its Precision Castparts Corp. division. Precision Castparts Corp. aircraft components business has been ruined by the COVID-19 pandemic, forcing the company to reduce its workforce by 10,000 this year. Moreover, Precision Castparts Corp. had reported a $78 million pre-tax loss in the second quarter of this year, compared with earnings of $481 million in 2019. In December 2019, Scot Forge had been recognized again as one of America’s safest companies by EHS Today Magazine. This is the second time that the Scot Forge had received America’s Safest Company award.
Alcoa Corporation, All Metals & Forge Group, Farinia Group, Pacific Forge Incorporated, and Precision Castparts Corp. – Prominent Market Participants in Forging Market
Most of the market initiatives were observed in North American and Europe region, which have a high potential of market-related products, solutions, and services. Few of the important market initiatives from the industry are mentioned below:
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Year |
News |
Country |
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2020 |
Setforge (a business division of Farinia Group) had implemented an innovative waste heat recovery system due to the production of unwanted residual heat in the air. During forging operations, heating of billets, or heat treatment, Setforge facilities produce residual heat that is not used directly for the production of parts. Therefore, Setforge had decided to collaborate with the company EcoGreenEnergy in order to develop solutions for the recovery of waste heat. |
Europe |
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2019 |
Patriot Forge Co. highly depends on its cooling towers to optimize bath temperatures for quenching forgings and cooling its hydraulic systems. The new advanced HDPE cooling towers, manufactured by Delta Cooling Towers are impervious to corrosive environments and require lower amounts of expensive water treatment chemicals as well as less downtime for repair or replacement. |
North America |
