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The forging market is estimated to grow at a CAGR of 5.82% between 2022 and 2027. The size of the market is forecasted to increase by 17.34 million tons. The growth of the market depends on several factors, including the advantages of forging over other fabrication techniques, the advent of new hybrid forging techniques, and technological innovations.
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). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
Parent Market Analysis
The reports categorize the global forging market as a part of the global diversified metals and mining market, which covers companies engaged in the production or extraction of metals and minerals such as non-ferrous metals (except bauxite), salt and borate, phosphate rock, and diversified metal mining operations. Technavio calculates the global diversified metals and mining market size based on the combined revenue generated by companies engaged in the production or extraction of metals and minerals and diversified mining operations. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Forging Market: Key Drivers, Trends, Challenges, and Customer Landscape
The advantages of forging over other fabrication techniques are notably driving the market growth, although factors such as instability in variable costs may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Forging Market Driver
The advantages of forging over other fabrication techniques are notably driving the forging market growth. Forging makes a metal tough, ductile, and capable of withstanding fatigue. It 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.
A cast iron part possesses only two-thirds of the yield strength of a forged steel part. Hence, various industries such as automotive, aerospace, mining, and power prefer to use high-strength steel components. Therefore, 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.
Significant Forging Market Trend
Developments in robotics to enhance forging operations are a key trend influencing the forging market growth. Industries such as automotive, aerospace, and medical extensively use forging techniques for manufacturing components and parts. Automation helps in achieving high productivity while ensuring flexibility. It enables quick changeover between batches, enhances production volume, and results in improved manufacturing tolerances and product quality.
Recent advances in robotics have helped designers with high-volume forging lines. Robots use sensors to interact with other machines and ensure collision resistance. They also have a high range of motion. Developers have made robots specifically designed for pick-and-place applications. This results in high-speed and high-volume production in forging lines. Therefore, developments in robotics will support market growth during the forecast period.
Major Forging Market Challenge
The instability in variable costs may impede the forging market growth. The forging 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, as they have a major impact on the overall revenue. The cost of these materials fluctuates because of scarcity and inflationary pressures and results in uncertainty in the vendors'' profitability, thus restricting the market growth.
The forging industry also needs skilled laborers to operate and carry out the forging process efficiently. However, as the wages of skilled have been laborers rising globally, various industries are outsourcing their manufacturing operations to regions with a low-cost workforce. Rising labor costs affect the overall profit margin of vendors. Vendors are compelled to increase the selling price of forged parts to offset this. As a result, they face competition from vendors that employ low-cost labor, especially in developing economies. These factors will hinder the growth of the market during the forecast period.
Key Forging Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
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