Forging Market - Global Industry Analysis

Forging Market Product (Seamless Rings, Closed Die Forging, and Open Die Forging), Application (Chassis Components, Powertrain Components, Transmission Parts, and Other Parts), and End-User (Automotive, Aerospace, Oil & Gas, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026

Published Date: 11-Dec-2020 Category: Heavy Industry Report Format : PDF Pages: 110 Report Code: ZMR-459 Status : Published

According to the report published by Zion Market Research, global demand for forging market was valued at approximately USD 39000 Million in 2019, and is expected to generate revenue of around USD 57000 Million by end of 2026, growing at a CAGR of around 5.3% between 2020 and 2026.

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Description

Global Forging Market: Overview

Forging is a manufacturing process that includes the shaping of metal using localized compressive forces. The blows are either delivered with a die or a hammer. Forging is usually classified according to the temperature at which it is performed. The classification involves hot forging (a type of hot working), cold forging (a type of cold working), or warm forging. For the latter two, the metal is heated, generally in a forge. In weight, forged parts can range from less than a kilogram to hundreds of metric tons. Since the industrial revolution, forged parts are extensively utilised in machines and mechanisms wherever a component requires high strength. Henceforth, such forgings generally require further processing like machining to achieve a finished part. Currently, forging is a major worldwide industry.

Global Forging Market: Growth Factors

Rising end-use industries such as aerospace, automotive, oil & gas, and others are augmenting the target market growth. In addition, increasing demand of high-pressure valves, connecting rods, flanges, bolts, and other fitting materials in end-use industries is propelling the target market growth. Furthermore, vigorous demand of high strength materials in the application sector is enhancing the target market growth. Moreover, the advantage of forging over other fabrication techniques is driving the target market growth. Additionally, forging results in the modification of internal gains metals which is fuelling the global forging market. Furthermore, forged arts have enhanced structural integrity, which ensures optimum performance by component or part under field conditions. This factor has been augmenting the target market growth. Also, forging makes the metal ductile, tough, as well as capable of withstanding fatigue while also imparts uniformity to the grain flow. This is anticipated to propel the target market growth over the forecast period. However, availability of alternate metal forming processes is likely to harm the forging market over the forecast period.

Global Forging Market: Segmentation

The Forging market is fragmented based on product, application, and end-user. By product, the market is divided into seamless rings, closed die forging, and open die forging. Among these, closed die category is anticipated to dominate the product segment in terms of revenue due to the finish of products that are obtained using this process. On the basis of application, the forging market includes chassis components, powertrain components, transmission parts, and other parts. Among these categories, powertrain components category is expected to lead the application segment over the forecast period owing to the growth of the automobile industry to cater to the high demand for automobiles. The end-user segment of the forging market is classified into automotive, aerospace, oil and gas, and others.

Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Global Forging Market: Regional Analysis

Asia Pacific is predicted to display the prominent growth amongst other key regions. Development of automotive industries is an important factor driving the region in terms of target market growth. In addition, developing economies of the region are major consumers of forged metal. This is another factor propelling the target market growth.

Global Forging Market: Competitive Players

Some main participants of the Forging market are American Axle & Manufacturing Inc., Alcoa Corp., Bharat Forge Ltd., Bruck GmbH, Allegheny Technologies Inc., Thyssenkrupp AG, Ellwood Group, Aichi Steel Corp., Nippon Steel Corp., Sumitomo Electric Industries Ltd., Arconic Inc., HHI Forging, Precision Castparts, General Dynamics Ordnance & Tactical Systems, Scot Forge, and Sypris Solutions, and others.

Forging Market: Regional Segment Analysis

North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa

Table Of Content

Chapter No. 1 : Preface
- 1.1. Report Description
Chapter No. 2 : Research Methodology
- 2.1. Market Research Process
- 2.2. Secondary Research
- 2.3. Data Modeling
  - 2.3.1. Company Share Analysis Model
  - 2.3.2. Revenue-Based Models
- 2.4. Primary Research
- 2.5. Research Limitation
Chapter No. 3 : Executive Summary
- 3.1. Global Forging Market, Vulume (Kilo Tons) and Revenue (USD Million), 2016 - 2026
- 3.2. Global Forging Market: Snapshot
Chapter No. 4 : Forging Market – Industry Analysis
- 4.1. Introduction and Market Overview:
- 4.2. Market Drivers
  - 4.2.1. Growing demand from aerospace & defense industry
  - 4.2.2. Growing automotive industry
- 4.3. Restraints
  - 4.3.1. Rising cost of raw materials
- 4.4. Opportunities
  - 4.4.1. Increase in offshore spending and potential of new oilfield discovery
- 4.5. Porter’s Five Forces Analysis
- 4.6. Key Mandates & Regulations
- 4.7. SWOT Analysis
Chapter No. 5 : Investment Proposition Analysis
- 5.1. Forging Market Attractiveness, By Product
- 5.2. Forging Market Attractiveness, By Application
- 5.3. Forging Market Attractiveness, By End-User
- 5.4. Forging Market Attractiveness, By Region
- 5.5. Forging Market Attractiveness, By Country
Chapter No. 6 : Competitive Landscape
- 6.1. Company Market Share (%), 2016
- 6.2. Company Market Share (%), 2017
- 6.3. Company Market Share (%), 2018
- 6.4. Company Market Share (%), 2019
- 6.5. Company (Y-o-Y) Growth 2016-19 (%)
- 6.6. Strategic Development
  - 6.6.1. Acquisitions & Mergers
  - 6.6.2. New Product Launch
  - 6.6.3. Agreements, Partnerships, Cullaborations, and Joint Ventures
  - 6.6.4. Research and Development, and Regional Expansion
Chapter No. 7 : Forging Market – Product Segment Analysis
- 7.1. Global Forging Market: by Product
  - 7.1.1. Global Forging Market Revenue Share (%), by Product, 2019 & 2026
  - 7.1.2. Global Forging Market by Seamless Rings, Vulume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
  - 7.1.3. Global Forging Market by Closed Die Forging, Vulume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
  - 7.1.4. Global Forging Market by Open Die Forging, Vulume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
  - 7.1.5. Global Forging Market Analysis/ Overview – By Product
    - 7.1.5.1. Seamless Rings – Overview/ Analysis
    - 7.1.5.2. Closed Die Forging – Overview/ Analysis
    - 7.1.5.3. Open Die Forging – Overview/ Analysis
Chapter No. 8 : Forging Market – Application Segment Analysis
- 8.1. Global Forging Market: by Application
  - 8.1.1. Global Forging Market Revenue Share (%), by Application, 2019 & 2026
  - 8.1.2. Global Forging Market by Chassis Components, Vulume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
  - 8.1.3. Global Forging Market by Powertrain Components, Vulume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
  - 8.1.4. Global Forging Market by Transmission Parts, Vulume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
  - 8.1.5. Global Forging Market by Other Parts, Vulume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
  - 8.1.6. Global Forging Market Analysis/ Overview – By Application
    - 8.1.6.1. Chassis Components – Overview/ Analysis
    - 8.1.6.2. Powertrain Components – Overview/ Analysis
    - 8.1.6.3. Transmission Parts – Overview/ Analysis
    - 8.1.6.4. Other Parts – Overview/ Analysis
Chapter No. 9 : Forging Market – End-User Segment Analysis
- 9.1. Global Forging Market: by End-User
  - 9.1.1. Global Forging Market Revenue Share (%), by End-User, 2019 & 2026
  - 9.1.2. Global Forging Market by Automotive, Vulume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
  - 9.1.3. Global Forging Market by Aerospace, Vulume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
  - 9.1.4. Global Forging Market by Oil & Gas, Vulume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
  - 9.1.5. Global Forging Market by Others, Vulume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
  - 9.1.6. Global Forging Market Analysis/ Overview – By End-User
    - 9.1.6.1. Automotive – Overview/ Analysis
    - 9.1.6.2. Aerospace – Overview/ Analysis
    - 9.1.6.3. Oil & Gas – Overview/ Analysis
    - 9.1.6.4. Others – Overview/ Analysis
Chapter No. 10 : Forging Market – Regional Analysis
- 10.1. Global Forging Market: Regional Overview
  - 10.1.1. Global Forging Market (USD Million) (Kilo Tons) 2016 – 2026
  - 10.1.1. Global Forging Market Revenue (USD Million) 2016 – 2026
- 10.2. North America Forging Market
  - 10.2.1. Overview
  - 10.2.2. North America Forging Market, (Kilo Tons) (USD Million) 2016 - 2026
  - 10.2.3. North America Forging Market, Vulume (Kilo Tons) by Product, 2016 – 2026
  - 10.2.4. North America Forging Market Revenue (USD Million) by Product, 2016 – 2026
  - 10.2.5. North America Forging Market, Vulume (Kilo Tons) by Application, 2016 – 2026
  - 10.2.6. North America Forging Market Revenue (USD Million) by Application, 2016 – 2026
  - 10.2.7. North America Forging Market, Vulume (Kilo Tons) by End-User, 2016 – 2026
  - 10.2.8. North America Forging Market Revenue (USD Million) by End-User, 2016 – 2026
  - 10.2.9. U.S.
  - 10.2.10. Canada
- 10.3. Europe Forging Market
  - 10.3.1. Overview
  - 10.3.2. Europe Forging Market, (Kilo Tons) (USD Million) 2016 - 2026
  - 10.3.3. Europe Forging Market, Vulume (Kilo Tons) by Product, 2016 – 2026
  - 10.3.4. Europe Forging Market Revenue (USD Million) by Product, 2016 – 2026
  - 10.3.5. Europe Forging Market, Vulume (Kilo Tons) by Application, 2016 – 2026
  - 10.3.6. Europe Forging Market Revenue (USD Million) by Application, 2016 – 2026
  - 10.3.7. Europe Forging Market, Vulume (Kilo Tons) by End-User, 2016 – 2026
  - 10.3.8. Europe Forging Market Revenue (USD Million) by End-User, 2016 – 2026
  - 10.3.9. Germany
  - 10.3.10. France
  - 10.3.11. U.K.
  - 10.3.12. Italy
  - 10.3.13. Spain
  - 10.3.14. Rest of Europe
- 10.4. Asia Pacific Forging Market
  - 10.4.1. Overview
  - 10.4.2. Asia Pacific Forging Market, (Kilo Tons) (USD Million) 2016 - 2026
  - 10.4.3. Asia Pacific Forging Market, Vulume (Kilo Tons) by Product, 2016 – 2026
  - 10.4.4. Asia Pacific Forging Market Revenue (USD Million) by Product, 2016 – 2026
  - 10.4.5. Asia Pacific Forging Market, Vulume (Kilo Tons) by Application, 2016 – 2026
  - 10.4.6. Asia Pacific Forging Market Revenue (USD Million) by Application, 2016 – 2026
  - 10.4.7. Asia Pacific Forging Market, Vulume (Kilo Tons) by End-User, 2016 – 2026
  - 10.4.8. Asia Pacific Forging Market Revenue (USD Million) by End-User, 2016 – 2026
  - 10.4.9. China
  - 10.4.10. Japan
  - 10.4.11. India
  - 10.4.12. South Korea
  - 10.4.13. South-East Asia
  - 10.4.14. Rest of Asia Pacific
- 10.5. Latin America Forging Market
  - 10.5.1. Overview
  - 10.5.2. Latin America Forging Market, (Kilo Tons) (USD Million) 2016 - 2026
  - 10.5.3. Latin America Forging Market, Vulume (Kilo Tons) by Product, 2016 – 2026
  - 10.5.4. Latin America Forging Market Revenue (USD Million) by Product, 2016 – 2026
  - 10.5.5. Latin America Forging Market, Vulume (Kilo Tons) by Application, 2016 – 2026
  - 10.5.6. Latin America Forging Market Revenue (USD Million) by Application, 2016 – 2026
  - 10.5.7. Latin America Forging Market, Vulume (Kilo Tons) by End-User, 2016 – 2026
  - 10.5.8. Latin America Forging Market Revenue (USD Million) by End-User, 2016 – 2026
  - 10.5.9. Brazil
  - 10.5.10. Mexico
  - 10.5.11. Rest of Latin America
- 10.6. The Middle-East and Africa Forging Market
  - 10.6.1. Overview
  - 10.6.2. The Middle-East and Africa Forging Market, (Kilo Tons) (USD Million) 2016 - 2026
  - 10.6.3. The Middle-East and Africa Forging Market, Vulume (Kilo Tons) by Product, 2016 – 2026
  - 10.6.4. The Middle-East and Africa Forging Market Revenue (USD Million) by Product, 2016 – 2026
  - 10.6.5. The Middle-East and Africa Forging Market, Vulume (Kilo Tons) by Application, 2016 – 2026
  - 10.6.6. The Middle-East and Africa Forging Market Revenue (USD Million) by Application, 2016 – 2026
  - 10.6.7. The Middle-East and Africa Forging Market, Vulume (Kilo Tons) by End-User, 2016 – 2026
  - 10.6.8. The Middle-East and Africa Forging Market Revenue (USD Million) by End-User, 2016 – 2026
  - 10.6.9. GCC Countries
  - 10.6.10. South Africa
  - 10.6.11. Rest of Middle-East Africa
Chapter No. 11 : Company Profiles
- 11.1. American Axle & Manufacturing Inc.
- 11.2. Alcoa Corp.
- 11.3. Bharat Forge Ltd.
- 11.4. Bruck GmbH
- 11.5. Allegheny Technulogies Inc.
- 11.6. Thyssenkrupp AG
- 11.7. Ellwood Group
- 11.8. Aichi Steel Corp.
- 11.9. Nippon Steel Corp.
- 11.10. Sumitomo Electric Industries Ltd.
- 11.11. Arconic Inc.
- 11.12. HHI Forging
- 11.13. Precision Castparts
- 11.14. General Dynamics Ordnance & Tactical Systems
- 11.15. Scot Forge
- 11.16. Sypris Sulutions
- 11.17. Others
Chapter No. 12 : Forging Market – Premium Insights
- 12.1. Premium Insights from Primary Respondents
  - 12.1.1. Primary Respondent 1
  - 12.1.2. Primary Respondent 2
  - 12.1.3. Primary Respondent 3
  - 12.1.4. Primary Respondent 4

Table Of Figures

List of Figures

FIG NO. 1 Research Methodology
FIG NO. 2 Market Research Process
FIG NO. 3 Secondary Research
FIG NO. 4 Company Share Analysis Model
FIG NO. 5 Revenue Based Model
FIG NO. 6 Primary Research
FIG NO. 7 Global Forging Market, Volume (Kilo Tons) and Revenue (USD Million), 2016 - 2026
FIG NO. 8 Porter’s Five Forces Analysis for Global Forging Market
FIG NO. 9 Global Forging Market Revenue Share (%) by Product, 2019 & 2026
FIG NO. 10 Global Forging Market by Seamless Rings, Volume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
FIG NO. 11 Global Forging Market by Closed Die Forging, Volume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
FIG NO. 12 Global Forging Market by Open Die Forging, Volume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
FIG NO. 13 Global Forging Market Revenue Share (%) by Product, 2019 & 2026
FIG NO. 14 Global Forging Market by Chassis Components, Volume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
FIG NO. 15 Global Forging Market by Powertrain Components, Volume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
FIG NO. 16 Global Forging Market by Transmission Parts, Volume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
FIG NO. 17 Global Forging Market by Other Parts, Volume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
FIG NO. 18 Global Forging Market Revenue Share (%) by Product, 2019 & 2026
FIG NO. 19 Global Forging Market by Automotive, Volume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
FIG NO. 20 Global Forging Market by Aerospace, Volume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
FIG NO. 21 Global Forging Market by Oil & Gas, Volume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
FIG NO. 22 Global Forging Market by Others, Volume (Kilo Tons) and Revenue (USD Million), 2016 – 2026
FIG NO. 23 North America Forging Market, (Kilo Tons), (USD Million) 2016 - 2026
FIG NO. 24 Europe Forging Market, (Kilo Tons), (USD Million) 2016 - 2026
FIG NO. 25 Asia Pacific Forging Market, (Kilo Tons), (USD Million) 2016 - 2026
FIG NO. 26 Latin America Forging Market, (Kilo Tons), (USD Million) 2016 - 2026
FIG NO. 27 The Middle-East and Africa Forging Market, (Kilo Tons), (USD Million) 2016 - 2026

Table Of Tables

List of Tables

TABLE 1 Global Forging Market: Snapshot
TABLE 2 Drivers of the Forging Market: Impact Analysis
TABLE 3 Restraints for the Forging Market: Impact Analysis
TABLE 4 Global Forging Market Revenue (USD Million) (Kilo Tons), 2016 – 2026
TABLE 5 Global Forging Market Revenue (USD Million), 2016 – 2026
TABLE 6 North America Forging Market, Volume (Kilo Tons) by Product, 2016 – 2026
TABLE 7 North America Forging Market Revenue (USD Million) by Product, 2016 – 2026
TABLE 8 North America Forging Market, Volume (Kilo Tons) by Application, 2016 – 2026
TABLE 9 North America Forging Market Revenue (USD Million) by Application, 2016 – 2026
TABLE 10 North America Forging Market, Volume (Kilo Tons) by End-User, 2016 – 2026
TABLE 11 North America Forging Market Revenue (USD Million) by End-User, 2016 – 2026
TABLE 12 Europe Forging Market, Volume (Kilo Tons) by Product, 2016 – 2026
TABLE 13 Europe Forging Market Revenue (USD Million) by Product, 2016 – 2026
TABLE 14 Europe Forging Market, Volume (Kilo Tons) by Application, 2016 – 2026
TABLE 15 Europe Forging Market Revenue (USD Million) by Application, 2016 – 2026
TABLE 16 Europe Forging Market, Volume (Kilo Tons) by End-User, 2016 – 2026
TABLE 17 Europe Forging Market Revenue (USD Million) by End-User, 2016 – 2026
TABLE 18 Asia Pacific Forging Market, Volume (Kilo Tons) by Product, 2016 – 2026
TABLE 19 Asia Pacific Forging Market Revenue (USD Million) by Product, 2016 – 2026
TABLE 20 Asia Pacific Forging Market, Volume (Kilo Tons) by Application, 2016 – 2026
TABLE 21 Asia Pacific Forging Market Revenue (USD Million) by Application, 2016 – 2026
TABLE 22 Asia Pacific Forging Market, Volume (Kilo Tons) by End-User, 2016 – 2026
TABLE 23 Asia Pacific Forging Market Revenue (USD Million) by End-User, 2016 – 2026
TABLE 24 Latin America Forging Market, Volume (Kilo Tons) by Product, 2016 – 2026
TABLE 25 Latin America Forging Market Revenue (USD Million) by Product, 2016 – 2026
TABLE 26 Latin America Forging Market, Volume (Kilo Tons) by Application, 2016 – 2026
TABLE 27 Latin America Forging Market Revenue (USD Million) by Application, 2016 – 2026
TABLE 28 Latin America Forging Market, Volume (Kilo Tons) by End-User, 2016 – 2026
TABLE 29 Latin America Forging Market Revenue (USD Million) by End-User, 2016 – 2026
TABLE 30 The Middle-East and Africa Forging Market, Volume (Kilo Tons) by Product, 2016 – 2026
TABLE 31 The Middle-East and Africa Forging Market Revenue (USD Million) by Product, 2016 – 2026
TABLE 32 The Middle-East and Africa Forging Market, Volume (Kilo Tons) by Application, 2016 – 2026
TABLE 33 The Middle-East and Africa Forging Market Revenue (USD Million) by Application, 2016 – 2026
TABLE 34 The Middle-East and Africa Forging Market, Volume (Kilo Tons) by End-User, 2016 – 2026
TABLE 35 The Middle-East and Africa Forging Market Revenue (USD Million) by End-User, 2016 – 2026

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Forging market. Zion Research has collected and analyzed key data belong to the global Forging market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Forging across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Forging industry. Primary research makes up the major source of data collection and validation.

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
Helps in validating and strengthening the secondary research findings
Further, develops the analysis team’s expertise and market understanding
Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
Purchasing managers, technical personnel, distributors and resellers
Outside experts: Investment bankers, valuation experts and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
IDC and other relevant magazines
Internal and external proprietary databases, and relevant patent and regulatory databases
National government documents, statistical databases and market reports

News articles, press releases and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Forging market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

Demographic data: Population split by segments
Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
Industry indicators: Expenditure, technology stage and infrastructure, sector growth and facilities
Data is then cross-checked by an expert panel.

Free Analysis

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.

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.