Sustainable Energy Is Fastest Growing Segment Fueling The Growth Of Forging Market

 

The global Forging Market is estimated to be valued at US$ 81.12 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Forging is a manufacturing process that involves compressing or shaping a soft metal between two dies. This process improves the quality of the metal allowing it to withstand high amounts of stress and pressure. It is commonly used for powertrain components in automotive and components in energy sectors.

Market key trends:

Growing demand for sustainable energy sources like wind and solar power has increased the demand for forged components in wind turbine and solar panel manufacturing. Forged components are well-suited for sustainable energy applications due to their high strength, durability and cost-effectiveness. They allow wind turbine shafts, gears and other critical components to withstand heavy loads and harsh operating conditions over long lifespan. Use of forged components in sustainable energy infrastructure helps reduce costs and accelerate clean energy adoption.

Segment Analysis

The forging market is segmented into forgings and closed die forgings. Among these, the closed die forgings segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is due to the high demand for closed die forgings from the automotive and aerospace industries. The complex geometries of parts required by these industries are best achieved through closed die forging process.

Key Takeaways

The global forging market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period 2023 to 2030, due to increasing demand from automotive and aerospace industries. Regional analysis shows that Asia Pacific dominates the forging market currently, accounting for around 40% of the global share in 2023. Growth in this region can be attributed to presence of some of the fastest growing economies like China and India coupled with rising manufacturing activities. North America is also expected to grow at a significant rate during the forecast period owing to revival of aerospace industry in the region.

Key players operating in the forging market are 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., Scot Forge, and others. The global forging market size for 2023 is US$ 81.12 Bn.

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