Forging Market Growing at 5.1% CAGR to 2027

According to our latest market study on "Forging Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Techniques, Materials, and Industries," the market was valued at US$ 72,890.07 million in 2019 and is projected to reach US$ 100,404.83 million by 2027; it is expected to grow at a CAGR of 5.1% from 2020 to 2027.

In the forging industry, automation allows rapid increase in the production volumes and switching between batches, along with bringing improvements in product quality. Recent developments in robotics present several advantages for designers of high-volume forging lines. The adoption of forging techniques is high among end-user industries, such as the automotive, medical, and aerospace. The adoption of automation is increasing at a high rate with growing competition among companies and rising need of increased productivity. With advancements in robotics, the integration of automation technologies with forging processes and equipment would gain pace in the coming years. Further, developments in robotic software to uplift the performance of object-handling tasks would improve forging process efficiency. Thus, developments in robotics are among the major trends emerging in the forging market.

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Forging Market - Company Profiles

Alcoa Corporation
All Metals & Forge Group
CFS Machinery Co., Ltd
Consolidated Industries, Inc.
Farinia Group
Fountaintown Forge, Inc.
Pacific Forge Incorporated
Patriot Forge Co.
Precision Castparts Corp.
Scot Forge

Geographically, APAC led the forging market in 2019 owing to rising foreign investment in the region's developing economies. For instance, India's Mahindra & Mahindra announced its collaboration with REE Automotive in September 2020 for the development and growth of commercial electric vehicles. Similarly, in February 2020, Singapore's aerospace industry announced that it would receive investments worth US$ 360 million over a five-year period. Further, China led the APAC forging market in 2019 owing to a large number of forged products exported by China to American and European markets. However, in the recent years, forging small and medium enterprises (SMEs) have been negatively affected by the high cost of machinery and low profit margin. The forging market is segmented into techniques, materials, and industries. In terms of techniques, the closed die forging is estimated to hold over 70% of the global forging market share. Closed die forging is used for applications requiring high degree of precision, including automotive parts and forged fittings. Based on materials, the steel alloys segment held the largest market share in 2019. The dominance of the steel alloys segment can be attributed to low prices and easy availability of carbon steel. Additionally, high impact strength and improved ductility are boosting the segment 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, forged parts used in automotive require little or no machining, which helps automotive manufacturers in saving cost and time. The wind power segment is anticipated to witness the highest CAGR owing to increasing investments in wind power energy across the globe.

The latest research report on the "Forging Market - Industry Analysis, Market Size, Opportunities and Forecast, 2021 - 2027" provides a comprehensive assessment of the Forging market for the forecast period from 2021 to 2027. The investigative report provides a detailed analysis of the impact of COVID-19 on various segments in the Forging market based on product type, application, and end-use across numerous countries around the world. Further, the report also provides insights into market developments, trends, supply and demand changes across various regions across the globe. Thereby, the report provides a holistic view on the Forging Market in order to help decision makers with various strategic insights and future outlook. The Forging market is expected to witness continued growth during the forecast period from 2021 to 2027.

This is a professional and in-depth study on the current state of the Forging Market with a basic overview of the industry including definitions, classifications, applications and industry chain structure. The Strategic Insights and Development plans are also discussed and manufacturing processes and cost structures analyzed. Forging Market import/export consumption, supply and demand figures and cost price and production value gross margins are also provided.

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Impact of COVID-19 Pandemic on Forging Market
The emergence and rapid spread of the novel coronavirus has adversely affected numerous developed and developing countries across the world. The continuous surge in the count of COVID-19 patients is threatening several industries worldwide. Moreover, it is becoming apparent with the COVID-19 pandemic spreading across the US that few can escape its scope, presenting significant challenges to all industries. This had temporarily closed down all production plants across all industries and has affected the supply chain and logistics industry of the country adversely. Owing to nationwide lockdown across major economies, such as the US and Canada, the supply chain of major techniques of forging was adversely affected, thereby impacted the manufacturing of the same.

The report segments the global Forging Market based on application, type, service, technology, and region. Each chapter under this segmentation allows readers to grasp the nitty-gritty of the market. A magnified look at the segment-based analysis is aimed at giving the readers a closer look at the opportunities and threats in the market. It also addresses political scenarios that are expected to impact the market in both small and big ways. The report on the global Forging Market examines changing regulatory scenarios to make accurate projections about potential investments. It also evaluates the risk for new entrants and the intensity of the competitive rivalry.

The report focuses on global major leading Forging Market players providing information such as company profiles, product picture and specification, capacity, production, price, cost, revenue and contact information. Upstream raw materials and equipment and downstream demand analysis is also carried out.

The report segments the global forging market as follows:

By Techniques
Closed Die Forging
Open Die Forging
Seamless Forging

By Materials
Nickel-Based Alloys
Titanium Alloys
Aluminum Alloys
Steel Alloys
Others

By Industries
Automotive
Aerospace
Railway
Heavy Equipment
Wind Power

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Reasons to Buy
• Highlights key business priorities to assist companies realign their business strategies.
• Features key findings and crucial progressive industry trends in the global Forging market, thereby allowing players to develop effective long-term strategies.
• Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
• Scrutinizes in-depth market trends as well as key market drivers and restraints.
• Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

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