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 conditi...