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According to our LPI (LP Information) latest study, the global Forging market size was valued at US$ 80220 million in 2023. With growing demand in downstream market, the Forging is forecast to a readjusted size of US$ 116670 million by 2030 with a CAGR of 5.5% during review period.
The research report highlights the growth potential of the global Forging market. Forging are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Forging. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Forging market.
Forging is a manufacturing process involving the shaping of metal using localized compressive forces. The blows are delivered with a hammer (often a power hammer) or a die. Forging is often classified according to the temperature at which it is performed: cold forging (a type of cold working), warm forging, or hot forging (a type of hot working). For the latter two, the metal is heated, usually in a forge. Forged parts can range in weight from less than a kilogram to hundreds of metric tons. Forging has been done by smiths for millennia; the traditional products were kitchenware, hardware, hand tools, edged weapons, cymbals, and jewellery. Since the Industrial Revolution, forged parts are widely used in mechanisms and machines wherever a component requires high strength; such forgings usually require further processing (such as machining) to achieve a finished part. Today, forging is a major worldwide industry.
Global Forging key players include Precision Castparts Corp, Arconic, Thyssenkrupp, KOBELCO, Nippon Steel & Sumitomo Metal, etc. Global top five manufacturers hold a share about 15%. China is the largest market, with a share about 30%, followed by Europe, with a share about 25 percent. In terms of product, Closed Die Forgings is the largest segment, with a share about 80%. And in terms of application, the largest application is Automotive, followed by General Industrial, Aerospace, Agricultural, etc.
Key Features:
The report on Forging market reflects various aspects and provide valuable insights into the industry.
Market Size and Growth: The research report provide an overview of the current size and growth of the Forging market. It may include historical data, market Segmentation by Type (e.g., Closed Die Forgings, Open Die Forgings), and regional breakdowns.
Market Drivers and Challenges: The report can identify and analyse the factors driving the growth of the Forging market, such as government regulations, environmental concerns, technological advancements, and changing consumer preferences. It can also highlight the challenges faced by the industry, including infrastructure limitations, range anxiety, and high upfront costs.
Competitive Landscape: The research report provides analysis of the competitive landscape within the Forging market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market.
Technological Developments: The research report can delve into the latest technological developments in the Forging industry. This include advancements in Forging technology, Forging new entrants, Forging new investment, and other innovations that are shaping the future of Forging.
Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the Forging market. It includes factors influencing customer ' purchasing decisions, preferences for Forging product.
Government Policies and Incentives: The research report analyse the impact of government policies and incentives on the Forging market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting Forging market. The report also evaluates the effectiveness of these policies in driving market growth.
Environmental Impact and Sustainability: The research report assess the environmental impact and sustainability aspects of the Forging market.
Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provide market forecasts and outlook for the Forging industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.
Recommendations and Opportunities: The report conclude with recommendations for industry stakeholders, policymakers, and investors. It highlights potential opportunities for market players to capitalize on emerging trends, overcome challenges, and contribute to the growth and development of the Forging market.
Market Segmentation:
Forging market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.
Segmentation by type
- Closed Die Forgings
- Open Die Forgings
- Rolled Rings Forgings
Segmentation by application
- Automotive
- Aerospace
- Agricultural
- General Industrial
- Other
This report also splits the market by region:
- Americas
- - United States
- - Canada
- - Mexico
- - Brazil
- APAC
- - China
- - Japan
- - Korea
- - Southeast Asia
- - India
- - Australia
- Europe
- - Germany
- - France
- - UK
- - Italy
- - Russia
- Middle East & Africa
- - Egypt
- - South Africa
- - Israel
- - Turkey
- - GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
- Nippon Steel & Sumitomo Metal
- Aichi Steel
- Thyssenkrupp
- AAM
- Bharat Forge
- KOBELCO
- WanXiang
- FAW
- Arconic
- Mahindra Forgings Europe
- Farinia
- Longcheng Forging
- Sinotruck
- Dongfeng Forging
- Jiangsu Pacific Precision Forging
- Sypris Solutions
- Ashok Leyland
- Allegheny Technologies
- VDM Metals
- CITIC Heavy Industries
Key Questions Addressed in this Report
What is the 10-year outlook for the global Forging market?
What factors are driving Forging market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Forging market opportunities vary by end market size?
How does Forging break out type, application?