According to the report, the global Forging market was valued at USD 57.42 billion in 2015 and is expected to reach USD 86.90 billion in 2021, growing at a CAGR of 7.2% between 2016 and 2021.
Forging is a process of controlled deformation of metal into a particular form by applying compressive forces. The forging process is advanced to casting process. In forging the parts formed have more defined grain patterns, less porosity, and denser microstructures which makes parts much stronger than a casting process. Every metal are forgeable, but each will have a forge ability rating from high to low or poor. The most forgeable materials are aluminum, copper, and magnesium. The fundamental types of forging process are open-die forging and impression or closed die forming. Forged metal components find in various applications in automotive, aerospace, construction, oil and gas, agriculture, shipbuilding, steel, bearing and power industries.
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The global market for forging is expected to grow at a significant rate owing to growing automotive and aerospace industry worldwide. The aerospace industry is one of the top end-users in the forging market, as forged components are featured heavily to create commercial and defense aircraft. Furthermore, cost effective method of metal forming can boost the market growth in the upcoming years. However, availability of alternate metal forming processes is expected to be a restraining factor for the forging market in the near future.
The forging market is segmented based on product, application, and geography. On the basis of product, the forging market is classified into rolled rings, open die and impression die. In 2015, the impression die segment was the dominant product segment in the forging market. Impression-die forging methodology is also commonly termed as closed die forging. Closed die forging method is extensively used in commercial forging processes owing to its extreme accuracy. Automotive and aerospace, especially the commercial aviation segment, are the two major end-users of impression die forging method.
On the basis of application, the forging industry is bifurcated into automotive, aerospace, oil and gas, and other applications. Growth in the automotive industry plays an essential role in boosting the demand for forged parts as it is the largest revenue contributor to the global forging market. The automotive sector is the leading application segment for this market, and it is expected to grow at a significant rate within the forecast period. Forged parts parameters such as reliability, strength, and economic viability have increased its importance in these industries.
Geographically, in 2015 forging market was dominated by Asia Pacific followed by Europe. The growth in the Asia-Pacific region is mainly attributed to growing demand for infrastructural development in emerging countries and the emergence of India as manufacturing hub for the automotive industry would propel the growth of the market in this region.
The global forging market is highly fragmented because of the presence of various small and large players. The providers in this market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion. Recent trends suggest that major vendors are investing in R&D to explore avenues in the non-automotive sector to increase the market revenue. Key players in this market are Alcoa, American Axle & Manufacturing Holdings, Precision Castparts, Ellwood Group, ATI Ladish Forging, FRISA, General Dynamics Ordnance & Tactical Systems, HHI Forging, Scot Forge, Sumitomo, Sypris Solutions, ThyssenKrupp and Bharat Forge Limited.