The forging market size is projected to reach US$ 124.7 billion by 2031 from US$ 78.1 billion in 2023. The market is expected to register a CAGR of 6% during 2023–2031. A rise in investment toward renewable energy generation and increased demand from the aerospace, automotive, and construction industries are a few factors driving the forging market.
Forging Market Analysis
The global forging market is growing modestly owing to the increasing demand from the automotive and aerospace industries. The rising air passenger traffic has resulted in the expansion of the aerospace sector, boosting the manufacturing of forged aerospace parts. Also, various governments across the globe are increasingly investing in wind energy projects, which is surging the demand for wind energy forged components. However, the availability of cheap substitutes and high costs are restraining the forging market expansion to a certain extent.
Forging Market Overview
With the mounting population and industrialization, the demand for energy is rising at the global level. The rise in energy consumption has boosted the need for investment in power generation plants and infrastructure development, further driving the demand for forged components such as fitting, flanges, valves, studs, vessels, and nuts. The forging industry has achieved a significant place in the global industrial economy by producing components with unique advantages that are difficult to duplicate. The strength, reliability, and durability of forged components have made them the preferred choice in a variety of industrial applications where fatigue life and fracture toughness are critical to the safety of people and equipment.
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Forging Market: Strategic Insights
Market Size Value in US$ 72,890.07 Million in 2019 Market Size Value by US$ 100,404.83 Million by 2027 Growth rate CAGR of 5.1% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Forging Market: Strategic Insights
| Market Size Value in | US$ 72,890.07 Million in 2019 |
| Market Size Value by | US$ 100,404.83 Million by 2027 |
| Growth rate | CAGR of 5.1% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Forging Market Drivers and Opportunities
Increasing Demand for Forged Steel in Automotive Industry
The durability, reliability, and strength of steel forgings make it a preferred choice in the automotive industry. Stainless steel, alloy, and carbon steel are among the extensively used steel types in the automotive industry for producing various components such as connecting rods, control arms, rocker arms, crankshafts, camshafts, tie rod ends, and steering knuckles. The steel forging process can produce automotive parts with near-net shapes, requiring no further machining through the closed die method, thus saving both money and time. Also, the closed die forging method can be used to customize all kinds of automotive components made from steel alloys, such as ASTM4140 steel and AISI 1045 steel. The closed die steel forging techniques are mostly used for manufacturing automotive parts for various commercial and passenger vehicles and lightweight steel forgings for electric vehicles (EVs). Thus, the growing use of forged steel in the automotive industry is driving the forging market.
Improving Economic Conditions and Technological Advancements in Forging Equipment and Process
In the fast-developing industries, the demand for complex and innovative forged products is rising. The automated closed die forging process has drawn the attention of equipment suppliers toward the development of new forging equipment and forging processes. In commercial aerospace applications, these new forging machines are able to forge extra-large nickel- and titanium-based alloy parts. Currently, automation in the industry has a moderate positive impact on the growth of the closed-die forging market, but it is expected to increase during the forecast period.
The companies operating in this market are engaged in providing lean, resilient, flexible, and adaptable forging processes to sustain the rising competition in the metal forming market. Further, end-use industries such as oil & gas, shipbuilding, automotive, power generation, aerospace, and construction are experiencing significant growth in nations such as India and China for closed-die forged products. Thus, improving economic conditions and constant technological innovations in forging techniques are expected to provide opportunities in the forging market during the forecast period.
Forging Market Report Segmentation Analysis
The key segments that contributed to the derivation of the forging market analysis are technique, material, and industry.
- Based on technique, the forging market has been divided into closed-die forging, open-die forging, and seamless forging. The closed die forging segment held the largest market share in 2023.
- Based on material, the forging market has been divided into nickel-based alloys, titanium alloys, aluminum alloys, steel alloys, and others. The steel alloys segment held the largest market share in 2023.
- By industry, the market is segmented into automotive, aerospace, railway, heavy equipment, and wind power. The automotive segment dominated the market in 2023.
Forging Market Share Analysis by Geography
The geographic scope of the forging market report is mainly classified into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
Asia Pacific dominated the forging market in 2023. The Asia Pacific forging market is segmented into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. The rising demand for metal-forged components from applications including railway, construction, power generation, aerospace, and automotive is anticipated to fuel the forging market growth during the forecast period. China is the key consumer and manufacturer of metal forgings in Asia Pacific. China is exporting a large number of forged products to American and European countries. The presence of various associations in China working for the growth of the forging process is one of the major factors contributing to the growth of the forging market.Moreover, due to market and government pressure, China’s forging industry is striving to produce forgings with higher precision, higher efficiency, more pervasive digitalization, lighter weight, and lower energy consumption. Many excellent achievements have been observed recently in forging-machinery R&D and manufacturing, application of simulation, IT application and especially precision forging.
Forging Market Report Scope
Forging Market News and Recent Developments
The forging market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the forging market are listed below:
- In April 2024, Ramkrishna Forgings signed a supply agreement with the largest passenger EV manufacturer in the US. Through this deal, the company will supply powertrain components and debut as a supplier in the US EV market.
- In February 2024, US Forged Rings announced an investment of US$ 700 million in the offshore wind industry for the construction of a tower fabrication facility and a steel forging plant. Through this development, the company will strengthen its position in the market.
Forging Market Report Coverage and Deliverables
The “Forging Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Forging market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Forging market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Forging market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the forging market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Techniques , Materials , and Industries
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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