Forging Market size to grow by 17.34 million t from 2022 to 2027, Advantages of forging over other fabrication techniques to drive the market growth - Technavio

NEW YORK, May 12, 2023 /PRNewswire/ -- The global forging market size is estimated to increase by USD 17.34 million t from 2022 to 2027. The market's growth momentum will progress at a CAGR of 5.82% during the forecast period. The advantages of forging over other fabrication techniques significantly drive the forging market growth. Forging makes a metal tough, ductile, and capable of withstanding fatigue and is widely used in end-user industries that require high-strength products. The advantages of forging over casting include the high strength of forged steel, cost-effectiveness, flexibility, and high tensile strength of forged products, and a cast iron part possesses only two-thirds of the yield strength of a forged steel part. Hence, the advantages of forging over casting will drive the demand for forging in these industries. Such factors will fuel the growth of the market during the forecast period. Discover some insights on the market size historic period (2017 to 2021) and Forecast period (2023-2027) before buying the full report -Request a sample report

Forging market – Vendor Analysis
Vendor Landscape - The global forging market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer forging in the market are Aichi Steel Corp., Ajax Tocco Magnethermic Corp., Alicon Castalloy Ltd., All Metals and Forge Group, Allegheny Technologies Inc., Aluminum Precision Products, American Axle and Manufacturing Holdings Inc., Asahi Forge Corp., Bharat Forge Ltd., Bruck GmbH, Consolidated Industries Inc., Farinia SA, Fountaintown Forge Inc., Larsen and Toubro Ltd., Mitsubishi Steel Mfg. Co. Ltd., Pacific Forge Inc., Patriot Forge Co., Scot Forge Co., Sumitomo Heavy Industries Ltd., and thyssenkrupp AG and others.

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• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Vendor Offerings -

• Aichi Steel Corp. - The company offers forged products such as eAXLE components, engine components, chassis components, transmission components, and driveline parts. 
• Ajax Tocco Magnethermic Corp. - The company offers forging technologies such as Cast brick or Open coil inductor technology and advanced solid-state power supplies ranging from 50 and 60 Hz to 450,000 Hz. 
• Alicon Castalloy Ltd. - The company offers various forging technologies such as gravity die casting, low-pressure die casting, and machine processing. 
• For details on the vendor and their offerings – Request a sample report

Forging Market - Segmentation Assessment

Segment Overview
This report extensively covers market segmentation by end-user (automotive and others), product (closed die forging, open die forging, and seamless rings), and geography (APAC, Europe, North America, South America, and Middle East and Africa). 

• The market share growth by the automotive segment will be significant for overall market growth during the forecast period. The demand for forging is rising in the automotive end-user segment. The automotive sector produces high-performance forged components for cars, trucks, and commercial automobiles. Automobile components such as suspension, steering, and transmission systems are manufactured by using forging. Hence, such factors impact the growth of the segment during the forecast period.

Geography Overview
By geography, the global forging market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global forging market.

• APAC is estimated to account for 67% of the global market growth during the forecast period. China is the world's largest car-manufacturing country. For instance, in 2021, more than 26 million cars were sold in the country. India has also witnessed robust year-over-year growth rates in recent years in terms of the production of passenger vehicles (PVs), commercial vehicles (CVs), three-wheelers, and two-wheelers. The high growth in the production of automobiles in the region is expected to drive the demand for forged parts and components during the forecast period, which, in turn, will drive the growth of the market in APAC. 

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Forging Market – Market Dynamics

Key Trends - 

• Developments in robotics to enhance forging operations are a major trend in the forging market growth. 
• Industries such as automotive, aerospace, and medical extensively use forging techniques for manufacturing components and parts.
• Automation helps to achieve high productivity while ensuring flexibility. It also enables quick changeover between batches and enhances production volume. 
• This results in improved manufacturing tolerances and product quality.
• Hence, developments in robotics will support market growth during the forecast period.

Major challenges - 

• The instability in variable costs is a major challenge that may impede the forging market growth. 
• This industry is dependent on large volumes of ferrous and non-ferrous raw materials such as steel, iron, and other alloys. 
• Fluctuations in raw material prices are a concern for the global forging market because they have a major impact on the overall revenue.
• The cost of these materials fluctuates due to scarcity and inflationary pressures and results in uncertainty in the vendors' profitability, thus restricting the market growth.
• Hence, such trends fuel the growth of the forging market during the forecast period.

Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of businesses, find some insights from a sample report!

What are the key data covered in this Forging Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the forging market between 2023 and 2027
• Precise estimation of the size of the forging market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the forging market across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of the forging market vendors

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Related Reports:

The forging market size in North America is expected to increase by USD 3.45 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.34%. Furthermore, this report extensively covers forging market segmentation in North America by end-user (automotive, aerospace, and others), type (closed die forging, open die forging, and seamless rings), and geography (US, Mexico, and Canada). The benefits of forging over casting are notably driving the forging market growth in North America.

The foundry and forging robots market has the potential to grow by USD 381.49 million during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 5.04%. Furthermore, this report extensively covers market segmentation by end-user (metal foundry industry, automotive industry, and semiconductor foundry industry) and geography (APAC, North America, Europe, South America, and MEA). The growing popularity of industrial robots in APAC is notably driving the foundry and forging robot market growth.

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Table of Contents: 

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (million t)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (million t)
• Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global forging market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global forging market 2017 - 2021 (million t)

• 4.2 End-user Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 (million t)

• 4.3 Product Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 (million t)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (million t)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (million t)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments 
• Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Automotive - Market size and forecast 2022-2027
• Exhibit 34: Chart on Automotive - Market size and forecast 2022-2027 (million t)
• Exhibit 35: Data Table on Automotive - Market size and forecast 2022-2027 (million t)
• Exhibit 36: Chart on Automotive - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Automotive - Year-over-year growth 2022-2027 (%)

• 6.4 Others - Market size and forecast 2022-2027
• Exhibit 38: Chart on Others - Market size and forecast 2022-2027 (million t)
• Exhibit 39: Data Table on Others - Market size and forecast 2022-2027 (million t)
• Exhibit 40: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by End-user 
• Exhibit 42: Market opportunity by End-user (million t)

7 Market Segmentation by Product

• 7.1 Market segments 
• Exhibit 43: Chart on Product - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Product - Market share 2022-2027 (%)

• 7.2 Comparison by Product 
• Exhibit 45: Chart on Comparison by Product
• Exhibit 46: Data Table on Comparison by Product

• 7.3 Closed die forging - Market size and forecast 2022-2027 
• Exhibit 47: Chart on Closed die forging - Market size and forecast 2022-2027 (million t)
• Exhibit 48: Data Table on Closed die forging - Market size and forecast 2022-2027 (million t)
• Exhibit 49: Chart on Closed die forging - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Closed die forging - Year-over-year growth 2022-2027 (%)

• 7.4 Open die forging - Market size and forecast 2022-2027
• Exhibit 51: Chart on Open die forging - Market size and forecast 2022-2027 (million t)
• Exhibit 52: Data Table on Open die forging - Market size and forecast 2022-2027 (million t)
• Exhibit 53: Chart on Open die forging - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Open die forging - Year-over-year growth 2022-2027 (%)

• 7.5 Seamless rings - Market size and forecast 2022-2027
• Exhibit 55: Chart on Seamless rings - Market size and forecast 2022-2027 (million t)
• Exhibit 56: Data Table on Seamless rings - Market size and forecast 2022-2027 (million t)
• Exhibit 57: Chart on Seamless rings - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Seamless rings - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Product 
• Exhibit 59: Market opportunity by Product (million t)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 61: Chart on Market share by geography 2022-2027 (%)
• Exhibit 62: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 63: Chart on Geographic comparison
• Exhibit 64: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 65: Chart on APAC - Market size and forecast 2022-2027 (million t)
• Exhibit 66: Data Table on APAC - Market size and forecast 2022-2027 (million t)
• Exhibit 67: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 69: Chart on Europe - Market size and forecast 2022-2027 (million t)
• Exhibit 70: Data Table on Europe - Market size and forecast 2022-2027 (million t)
• Exhibit 71: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 73: Chart on North America - Market size and forecast 2022-2027 (million t)
• Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 (million t)
• Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 77: Chart on South America - Market size and forecast 2022-2027 (million t)
• Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 (million t)
• Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 81: Chart on Middle East and Africa - Market size and forecast 2022-2027 (million t)
• Exhibit 82: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (million t)
• Exhibit 83: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 85: Chart on China - Market size and forecast 2022-2027 (million t)
• Exhibit 86: Data Table on China - Market size and forecast 2022-2027 (million t)
• Exhibit 87: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 Germany - Market size and forecast 2022-2027
• Exhibit 89: Chart on Germany - Market size and forecast 2022-2027 (million t)
• Exhibit 90: Data Table on Germany - Market size and forecast 2022-2027 (million t)
• Exhibit 91: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.10 US - Market size and forecast 2022-2027
• Exhibit 93: Chart on US - Market size and forecast 2022-2027 (million t)
• Exhibit 94: Data Table on US - Market size and forecast 2022-2027 (million t)
• Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.11 India - Market size and forecast 2022-2027
• Exhibit 97: Chart on India - Market size and forecast 2022-2027 (million t)
• Exhibit 98: Data Table on India - Market size and forecast 2022-2027 (million t)
• Exhibit 99: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.12 Italy - Market size and forecast 2022-2027
• Exhibit 101: Chart on Italy - Market size and forecast 2022-2027 (million t)
• Exhibit 102: Data Table on Italy - Market size and forecast 2022-2027 (million t)
• Exhibit 103: Chart on Italy - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Italy - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 105: Market opportunity by geography (million t)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 106: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 107: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 108: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 109: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 110: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 111: Matrix on vendor position and classification

• 12.3 Aichi Steel Corp. 
• Exhibit 112: Aichi Steel Corp. - Overview
• Exhibit 113: Aichi Steel Corp. - Business segments
• Exhibit 114: Aichi Steel Corp. - Key offerings
• Exhibit 115: Aichi Steel Corp. - Segment focus

• 12.4 Ajax Tocco Magnethermic Corp. 
• Exhibit 116: Ajax Tocco Magnethermic Corp. - Overview
• Exhibit 117: Ajax Tocco Magnethermic Corp. - Product / Service
• Exhibit 118: Ajax Tocco Magnethermic Corp. - Key offerings

• 12.5 Alicon Castalloy Ltd. 
• Exhibit 119: Alicon Castalloy Ltd. - Overview
• Exhibit 120: Alicon Castalloy Ltd. - Product / Service
• Exhibit 121: Alicon Castalloy Ltd. - Key offerings

• 12.6 All Metals and Forge Group 
• Exhibit 122: All Metals and Forge Group - Overview
• Exhibit 123: All Metals and Forge Group - Product / Service
• Exhibit 124: All Metals and Forge Group - Key offerings

• 12.7 Allegheny Technologies Inc. 
• Exhibit 125: Allegheny Technologies Inc. - Overview
• Exhibit 126: Allegheny Technologies Inc. - Business segments
• Exhibit 127: Allegheny Technologies Inc. - Key news
• Exhibit 128: Allegheny Technologies Inc. - Key offerings
• Exhibit 129: Allegheny Technologies Inc. - Segment focus

• 12.8 Aluminum Precision Products 
• Exhibit 130: Aluminum Precision Products - Overview
• Exhibit 131: Aluminum Precision Products - Product / Service
• Exhibit 132: Aluminum Precision Products - Key offerings

• 12.9 American Axle and Manufacturing Holdings Inc.
• Exhibit 133: American Axle and Manufacturing Holdings Inc. - Overview
• Exhibit 134: American Axle and Manufacturing Holdings Inc. - Business segments
• Exhibit 135: American Axle and Manufacturing Holdings Inc. - Key offerings
• Exhibit 136: American Axle and Manufacturing Holdings Inc. - Segment focus

• 12.10 Asahi Forge Corp. 
• Exhibit 137: Asahi Forge Corp. - Overview
• Exhibit 138: Asahi Forge Corp. - Product / Service
• Exhibit 139: Asahi Forge Corp. - Key offerings

• 12.11 Bharat Forge Ltd. 
• Exhibit 140: Bharat Forge Ltd. - Overview
• Exhibit 141: Bharat Forge Ltd. - Business segments
• Exhibit 142: Bharat Forge Ltd. - Key offerings
• Exhibit 143: Bharat Forge Ltd. - Segment focus

• 12.12 Bruck GmbH 
• Exhibit 144: Bruck GmbH - Overview
• Exhibit 145: Bruck GmbH - Product / Service
• Exhibit 146: Bruck GmbH - Key offerings

• 12.13 Consolidated Industries Inc. 
• Exhibit 147: Consolidated Industries Inc. - Overview
• Exhibit 148: Consolidated Industries Inc. - Product / Service
• Exhibit 149: Consolidated Industries Inc. - Key offerings

• 12.14 Farinia SA 
• Exhibit 150: Farinia SA - Overview
• Exhibit 151: Farinia SA - Product / Service
• Exhibit 152: Farinia SA - Key offerings

• 12.15 Fountaintown Forge Inc. 
• Exhibit 153: Fountaintown Forge Inc. - Overview
• Exhibit 154: Fountaintown Forge Inc. - Product / Service
• Exhibit 155: Fountaintown Forge Inc. - Key offerings

• 12.16 Larsen and Toubro Ltd. 
• Exhibit 156: Larsen and Toubro Ltd. - Overview
• Exhibit 157: Larsen and Toubro Ltd. - Business segments
• Exhibit 158: Larsen and Toubro Ltd. - Key news
• Exhibit 159: Larsen and Toubro Ltd. - Key offerings
• Exhibit 160: Larsen and Toubro Ltd. - Segment focus

• 12.17 Mitsubishi Steel Mfg. Co. Ltd. 
• Exhibit 161: Mitsubishi Steel Mfg. Co. Ltd. - Overview
• Exhibit 162: Mitsubishi Steel Mfg. Co. Ltd. - Business segments
• Exhibit 163: Mitsubishi Steel Mfg. Co. Ltd. - Key offerings
• Exhibit 164: Mitsubishi Steel Mfg. Co. Ltd. - Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 165: Inclusions checklist
• Exhibit 166: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 167: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 168: Research methodology
• Exhibit 169: Validation techniques employed for market sizing
• Exhibit 170: Information sources

• 13.5 List of abbreviations 
• Exhibit 171: List of abbreviations

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