Forging Market Size In North America is set to grow by USD 3.86 billion from 2024-2028, Benefits of forging over casting boost the market, Technavio

NEW YORK, July 23, 2024 /PRNewswire/ -- The forging market size in North America is estimated to grow by USD 3.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.36%  during the forecast period. Benefits of forging over casting is driving market growth, with a trend towards development of all in one 3D printing, casting, and forging technique. However, rising energy costs  poses a challenge. Key market players include Ajax Tocco Magnethermic Corp., Alcoa Corp., Allegheny Technologies Inc., Aluminum Precision Products, American Axle and Manufacturing Holdings Inc., Asahi Forge Corp., Bharat Forge Ltd., Bula Forge and Machine Inc., ELLWOOD Group Inc., FRISA INDUSTRIAS SA de CV, Patriot Forge Co., Precision Castparts Corp., Scot Forge Co., Sumitomo Corp., Sypris Solutions Inc., and thyssenkrupp AG.

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Market Driver

The forging market in North America is witnessing significant advancements with the introduction of a new combined 3D printing, casting, and forging machine. This innovative technology presents an alternative to traditional manufacturing methods, such as selective laser melting and sintering, by merging 3D printing, casting, and forging into a single process. The benefits of this all-in-one technology include enhanced manufacturing efficiency, reduced costs, and improved product lifecycle. Traditional manufacturing techniques, particularly forging, face challenges such as high energy consumption and the need for large machinery. This new technology addresses these issues by eliminating the need for separate casting and forging processes, resulting in an 80% increase in efficiency compared to selective laser melting 3D printing. Additionally, the use of this technology enables the production of thin-walled metal components while reducing equipment costs and excess material. A significant drawback of conventional manufacturing technology is the inability to directly process cast metals into high-performance parts, requiring forging. However, this new technology eliminates the need for forging large components, resulting in substantial cost savings and energy reduction. Moreover, a recent development in China has led to the creation of a new technology using a metal wire, which reduces material costs by 90% compared to additive manufacturing powders. The parts produced using this technology have been verified to be more stable than those made using conventional techniques. This technological advancement is expected to further disrupt the forging market in North America and beyond. 

The North American metal forging market is experiencing significant growth, particularly in sectors like automotive parts and aircraft components. This trend is driven by population growth, increased transportation & tourism, and the demand for fuel-efficient aircraft. Lightweight titanium alloys, known for their high strength-to-weight ratio, low fuel consumption, and resistance to freezing, corrosion, and cracks, are popular choices. Casting using alternative processes, such as carbon steel and alloy steel, is also on the rise. Key industries include energy, infrastructure, transportation, and clean energy sectors, with a focus on high-speed trains, metros, and EVs. The metal-forming process, which uses compressive forces through hammering, rolling, and pressing in controlled conditions, ensures the production of high-quality metal parts, including airframe structures, engine components, and landing gear. 

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Market Challenges

• The forging market in North America may experience challenges due to rising energy costs during the forecast period. Energy is a significant expense in forging, directly impacting production costs, profitability, and competitiveness. As energy costs increase, forging companies may face higher operational expenses, which can influence pricing strategies and profit margins. In a competitive industry, this cost advantage may be eroded, affecting companies' ability to compete on price. Profit margins may be squeezed, necessitating absorption of the cost increase without passing it entirely onto customers. Companies may invest in energy-efficient technologies and equipment to reduce consumption and improve efficiency, balancing the need to maintain customer relationships and market share. Overall, rising energy costs pose a challenge to the growth of the forging market in North America.
• The North American metal forging market faces several challenges in the metal-forming process. Compressive forces from hammering, rolling, and pressing require controlled conditions to maintain the desired metal structure and composition. Cold temperatures can lead to cracks and empty spaces, while warm and hot temperatures can affect mechanical properties like fatigue, ductility, and impact resistance. Manufacturing high-quality metal parts from stainless steel, titanium, aluminum, magnesium, and other materials demands precision and consistency. The supply chain crisis in aluminum and titanium manufacturing can impact availability and pricing. Global megatrends like urbanization, rising mobility, climate change, and CO emissions drive demand for forged steel in construction, oil & gas, aerospace, and other industries. Mechanical equipment and raw materials must meet stringent specifications for shapes, sizes, and finishes. The steel industry responds with recycling initiatives and the development of nickel-containing austenitic grades to address these challenges. Forging processes must adapt to meet the evolving needs of customers while maintaining efficiency and cost-effectiveness.

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Segment Overview 

This forging market in North America report extensively covers market segmentation by  

1. End-user 
• 1.1 Automotive
• 1.2 Aerospace
• 1.3 Others
2. Type 
• 2.1 Closed die forging
• 2.2 Open die forging
• 2.3 Seamless rings
3. Geography 
• 3.1 North America

1.1 Automotive-  The North American forging market is a significant sector, with key players producing various types of forged components. These include automotive, construction, and industrial equipment manufacturers. Demand for forged products is driven by their durability, strength, and cost-effectiveness. Market growth is supported by increasing infrastructure investments and automotive production in the region. Key players focus on innovation and efficiency to meet customer requirements and maintain competitiveness.

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Learn and explore more about Technavio's in-depth research reports

The global Metal Forging Market is experiencing robust growth, driven by increasing demand from the automotive and aerospace sectors. Concurrently, the global Forging Presses Market is expanding, fueled by technological advancements and the need for high-quality forged components. Meanwhile, the global Atomic Layer Deposition Market is on the rise, with applications in semiconductor manufacturing and nanotechnology, highlighting its importance in producing thin, uniform coatings. These markets are expected to continue their upward trajectory, propelled by innovations and the evolving industrial landscape.

Research Analysis

The forging market in North America is driven by the metal-forming processes, including compressive forces applied through hammering, rolling, and pressing, to shape and alter the mechanical properties of various metals. Stainless steel, titanium, aluminum, and magnesium are popular materials used due to their desirable mechanical properties such as fatigue resistance, ductility, and impact resistance. The construction, oil & gas, and aerospace industries are significant end-users, with shapes and sizes varying based on specific application requirements. Raw materials' availability and supply chain crises can impact market dynamics. Urbanization, rising mobility, and climate change are key trends influencing the market's growth. The steel industry's evolution, including recycling initiatives, also plays a crucial role.

Market Research Overview

The metal forging market in North America is driven by the metal-forming process, which involves applying compressive forces to shape and alter the structure of metals. Forging processes include hammering, rolling, and pressing, which are carried out under controlled conditions to ensure high-quality metal parts. Stainless steel, titanium, aluminum, magnesium, and other materials are commonly used in forging due to their mechanical properties such as fatigue resistance, ductility, and impact resistance. Forging is used in various industries including construction, oil & gas, aerospace, and automotive. The supply chain for metal forging in North America is impacted by global megatrends such as urbanization, rising mobility, climate change, and the shift towards clean energy. The demand for lightweight materials like aluminum and titanium alloys is increasing due to their low fuel consumption and high weight-to-strength ratio. Forging processes are used to create a wide range of shapes and sizes, from simple parts to complex components. Raw materials used in forging include steel, nickel-containing austenitic grades, and other alloys. The forging industry faces challenges such as cracks, empty spaces, and the need for precise control over conditions like temperature (cold, warm, or hot) to ensure consistent quality. Forging is an essential process in the production of high-quality metal parts for various industries. It is used to create components for aircraft, automotive parts, and engine components, among others. The market for metal forging in North America is expected to grow due to increasing consumer activity, capital expenditure spending, and infrastructure development in sectors such as transportation, energy, and railways. However, the industry also faces challenges such as the supply chain crisis, casting as an alternative process, and the need to address issues like freezing, corrosion, and CO emissions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Automotive
• Aerospace
• Others
• Type
• Closed Die Forging
• Open Die Forging
• Seamless Rings
• Geography
• North America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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