by The global Forging Market is estimated to be valued at US$ 74.36 Bn in 2021 and is expected to exhibit a CAGR of 7.7% over the forecast period 2022-2030.
- A) Market Overview:
Forging is a manufacturing process in which metal is shaped by applying compressive forces. It is widely used in various industries such as automotive, construction, aerospace, oil and gas, and power generation. Forged components offer superior strength, reliability, and performance compared to other metal shaping methods. They are used in critical applications that require high resistance to fatigue and impact, making forging a preferred choice in industries.
- B) Market Dynamics:
1) Driver 1: Increasing demand from the automotive industry
The automotive industry is a major consumer of forged components. With the increasing production of automobiles and the demand for lightweight and durable components, the demand for forging is expected to witness significant growth. Forged components such as crankshafts, connecting rods, suspension system components, and gears are widely used in automobiles to enhance performance and safety.
2) Driver 2: Growth in the construction industry
The construction industry is another major driver for the forging market. The demand for forged components such as structural connectors, anchor bolts, and lifting hardware is increasing due to the growth in infrastructure development and urbanization. Forged components offer high strength and reliability, making them suitable for demanding construction applications.
- C) SWOT Analysis:
Strength:
1) Superior strength and durability: Forged components offer higher strength and durability compared to other metal shaping methods.
2) Wide application range: Forging is used in various industries such as automotive, construction, aerospace, and power generation.
Weakness:
1) High initial investment: Setting up forging facilities requires substantial investment in equipment and infrastructure.
2) Limited design flexibility: Forging processes have limitations when it comes to complex shapes and intricate designs.
Opportunity:
1) Growing renewable energy sector: The increasing demand for renewable energy sources such as wind power and solar energy is expected to create new opportunities for the forging market.
2) Technological advancements: Advancements in forging technologies, such as the use of computer-aided design and simulation, can improve the efficiency and precision of the forging process.
Threats:
1) Intense competition: The market is highly competitive with the presence of key players and regional manufacturers.
2) Substitution by alternative methods: In some applications, forging can be substituted by other metal shaping methods such as casting or machining.
- D) Key Takeaways:
– The global Forging Market is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period, due to increasing demand from the automotive and construction industries.
– The Asia Pacific region is expected to be the fastest-growing and dominating region in the global forging market, driven by the rapid growth of automotive and construction sectors in countries like China and India.
– Key players operating in the global forging for market include Bharat Forge Limited., Alcoa, Precision Castparts, ATI Ladish Forging, HHI Forging, American Axle & Manufacturing Holdings, Ellwood Group, FRISA, and Scot Forge. These players focus on strategic initiatives such as mergers and acquisitions, product innovations, and partnerships to strengthen their market presence globally.
The global Forging Market is poised for significant growth due to increasing demand from the automotive and construction industries. The strength and durability of forged components make them ideal for high-performance applications in various sectors. However, the market faces challenges from intense competition and potential substitution by alternative methods. Regional analysis indicates that the Asia Pacific region will be the fastest-growing market due to the booming automotive and construction sectors. Key players in the market are actively engaging in strategic initiatives to stay competitive and expand their market share.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
