Forging Market to Grow at a CAGR of 5.1% to reach US$ 100,404.83 million from 2020 to 2027

Forging Market to Grow at a CAGR of 5.1% to reach US$ 100,404.83 million from 2020 to 2027
Forging Market Forecast to 2027 – COVID-19 Impact and Global Analysis By Techniques (Closed Die Forging, Open Die Forging, and Seamless Forging), Materials (Nickel-Based Alloys, Titanium Alloys, Aluminum Alloys, Steel Alloys, and Others), and Industries (Automotive, Aerospace, Railway, Heavy Equipment, and Wind Power)

The forging market was valued at US$ 72,890.07 million in 2019 and it is projected to reach US$ 100,404.83 million by 2027; it is expected to grow at a CAGR of 5.1% from 2020 to 2027.

The global forging market is witnessing moderate growth owing to the significant demand from automotive and aerospace industries. The high growth of air passenger traffic has resulted in growth of the aerospace sector, which is boosting the manufacturing of forged aerospace parts. Also, rising focus of various governments on wind energy power generation has significantly increased the investments in wind energy projects. It has resulted in increased demand for wind energy forged components. However, high prices and availability of cheap substitutes are hindering the forging market to a certain extent. The forging market is segmented into techniques, materials, and industries. In terms of techniques, the closed die forging is estimated to hold over 70% of the global forging market share. Closed die forging is used for applications requiring high degree of precision, including automotive parts and forged fittings. Based on materials, the steel alloys segment held the largest market share in 2019. The dominance of the steel alloys segment can be attributed to low prices and easy availability of carbon steel. Additionally, high impact strength and improved ductility are boosting the segment growth. Based on industries, the automotive industry held the largest share. The forged automotive parts or components are stronger as compared to parts manufactured through casting or machining. Also, forged parts used in automotive require little or no machining, which helps automotive manufacturers in saving cost and time. The wind power segment is anticipated to witness the highest CAGR owing to increasing investments in wind power energy across the globe.

Some of the key players in this market include Alcoa Corporation, All Metals & Forge Group, CFS Machinery Co, Consolidated Industries, Farinia Group, Fountaintown Forge, Pacific Forge Incorporated, Patriot Forge Co, Precision Castparts Corp, Scot Forge

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This is a professional and in-depth study on the current state of the Forging Market with a basic overview of the industry including definitions, classifications, applications and industry chain structure. The Strategic Insights and Development plans are also discussed and manufacturing processes and cost structures analyzed. Forging Market import/export consumption, supply and demand figures and cost price and production value gross margins are also provided.

The segmentation in this research study has been finalized post in-depth secondary research and extensive primary research. In addition, the market is also segmented on the basis of technology offered by the leading participants in the industry in order to understand widely used market specific terminologies. Thus, we have incorporated the segments of the research and have finalized the market segmentation.

The Insight Partners Forging Market Research Report Scenario include:-

  • The report provides qualitative and quantitative trends of global Forging Market across type, type of products, service, and geography.
  • The report starts with the key takeaways (Chapter Two), highlighting the key trends and outlook of the global Forging Market.
  • Chapter Three provides the research methodology of the study.
  • Chapter Four further provides PEST analysis for each region.
  • Chapter Five highlights the key industry dynamics in the Forging Market, including factors that are driving the market, prevailing deterrent, potential opportunities as well as future trends. Impact analysis of these drivers and restraints is also covered in this section.
  • Chapter Six discusses the global Forging Market scenario, in terms of historical market revenues, and forecast till the year 2027.
  • Chapter Seven to ten discuss Forging Market segments by type, type of application, service, and geography across North America, Europe, Asia-Pacific, Middle East and Africa, South and Central America. They cover market revenue forecast, and factors driving and governing growth.
  • Chapter Eleven describes the industry landscape analysis. It provides detailed description of various business activities such as market initiatives, new developments, mergers and joint ventures globally along with a competitive landscape.
  • Chapter Twelve provides the detailed profiles of the key companies operating in the global Forging Market. The companies have been profiled on the basis of their key facts, business description, products and services, financial overview, SWOT analysis, and key developments.
  • Chapter Thirteen, i.e. the appendix is inclusive of a brief overview of the company, glossary of terms, contact information, and the disclaimer section.

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The report also covers a detailed chapter of the analysis on COVID-19 impact on this market at global and regional level in our final reports.

This research provides detailed information regarding the major factors influencing the growth of the  Forging Market in Global and Regional Level (drivers, restraints, opportunities, and challenges), forecast of the market size, in terms of value, market share by region and segment; regional market positions; segment and country opportunities for growth; New product developments, strengths and weaknesses, brand portfolio; Marketing and distribution strategies; challenges and threats from current competition and prospects; Key company profiles, SWOT, product portfolio and growth strategies.

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