Forging Market Size, Trends and Growth Analysis by 2027

The global forging market was valued at approximately US$ 72,890.07 million in 2019 and is anticipated to grow to US$ 100,404.83 million by 2027, reflecting a compound annual growth rate (CAGR) of 5.1% from 2020 to 2027.

Several factors are propelling the growth of the forging market, particularly the increasing utilization of forged steel within the automotive sector. The inherent advantages of forging compared to other manufacturing methods are also significant contributors to this upward trend. However, the presence of less expensive alternative manufacturing processes poses a challenge to the expansion of the forging market. Despite these obstacles, advancements in forging technology and processes, along with improving economic conditions, are expected to significantly enhance market growth during the forecast period.

The benefits associated with the forging process are a key driver of market expansion. Forging leads to the structural alteration of metals, where heated materials undergo mechanical changes to produce desired components under controlled conditions. This process results in uniform grain size and flow characteristics, refining the properties of the forged metals and minimizing porosity. Consequently, the final products exhibit superior metallurgical and mechanical properties, along with enhanced directional strength. Additionally, forging techniques improve structural integrity, ensuring optimal performance of each part or component in real-world applications. The process also enhances the ductility and toughness of metals, enabling them to endure fatigue while maintaining consistent grain flow.

The outbreak of the novel coronavirus has had a detrimental impact on numerous economies worldwide, both developed and developing. The ongoing rise in COVID-19 cases has posed significant challenges across various industries. The pandemic's reach has been extensive, affecting production capabilities and supply chains globally. In the United States, for instance, the pandemic has led to the temporary closure of production facilities across multiple sectors, severely disrupting logistics and supply chains. The nationwide lockdowns in major economies, including the US and Canada, have particularly hindered the supply chain for key forging techniques, thereby affecting manufacturing processes.

The forging market can be categorized based on techniques, materials, and industries. In terms of techniques, the market is divided into closed die forging, open die forging, and seamless forging. The closed die forging segment held a substantial share of the market in 2019. When considering materials, the market is segmented into nickel-based alloys, titanium alloys, aluminum alloys, steel alloys, and others, with steel alloys representing a significant portion of the market in 2019. Furthermore, the market is segmented by industry, including automotive, aerospace, railway, heavy equipment, and wind power, where the automotive sector accounted for a notable share in 2019.

The overall size of the forging market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aids in providing an overview and forecast for the forging market across all segments. Additionally, the research encompasses a comprehensive overview and forecast for the global forging market segmented by five major regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America. To further validate the data and gain deeper analytical insights, primary interviews were conducted with industry participants and experts. These participants typically include industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders in the forging sector.

Key players in the global forging market include 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., and Scot Forge.