The demand for forged parts has increased as a result of an increase in automotive and aerospace manufacturing facilities as well as expanding building activity. Forging market expansion is largely being driven by the benefits of forging over other production techniques. Metals that have undergone forging become brittle, ductile, and fatigue-resistant. In end-user industries where high-strength goods are necessary, it is commonly used. Forging has several benefits over casting, including high strength of forged steel, cost efficiency, flexibility, and high tensile strength of forged objects. According to estimates, the worldwide forging market is dominated by the automobile sector. The rise of the automotive sector in the forging market is primarily being driven by low gasoline and financing rates. Similar to how custom forging is seen as the dominating order type due to its extensive use in submarines, refineries, spacecraft, missiles, pressure vessels, offshore rigs, scientific research equipment, and other things. One major trend impacting the growth of the forging market is the advancement of robotics to improve forging processes.
Coherent Market Insights estimates that the global Forging Market had a 2019 market value of USD 71,027.8 Million and is anticipated to grow at a CAGR of 4.8% to reach USD 95,843.4 Million by 2027.
Leading Companies in the Forging Industry:
1. Bharat Forge Limited
The company was founded in 1961 and is based in Pune. An Indian global corporation called Bharat Forge Limited works in the forging, automotive, energy, building and mining, railroads, marine, aerospace, and defense sectors. Bharat Forge declared in May 2021 that it will increase its ownership of KSSL from 51% to 100%.
2. Alcoa
The company was started in 1888 and is located in Pittsburgh, Pennsylvania, United States. Alcoa is a significant manufacturer of manufactured aluminum, primary aluminum, and alumina. Alcoa announced Portland Aluminium Joint Venture certification for the Aluminium Stewardship Initiative in May 2023. Alcoa increased the availability of non-metallurgical grade alumina under its EcoSourceTM Low-Carbon Alumina brand in April 2023.
3. Precision Castparts
The firm was founded in 1953 and is based in Portland, Oregon, United States. Metal parts are produced and offered for sale by Precision Castparts Corp. The business sells forgings, fittings, clad goods, and extruded pipe. Investment castings, forgings, and fasteners are all services offered by Precision Castparts Corp. (PCC), a maker of complex metal products and components.
4. ATI Ladish Forging
The company was started in 1905 and is based in United States. The business offers services for machining and finishing, destructive and non-destructive testing, and heat treatment processing. It provides forgings for compressor and turbine discs, shafts, and spools that are isothermal, hot-die, closed-die, and large ring rolled.
5. HHI forging
The firm was started in 2005 and is located in Royal Oak, Michigan, United States. Machining and forging are the primary specialties of HHI Forging, LLC. The automobile sector is the target market for the company's products. In the automotive industry, HHI Group Holdings produces forged parts for wheel end and power train applications.
6. FRISA
The business was started in 1971 and is based in Protexa Industrial, Mexico. FRISA is a market-leading producer of open die forgings and seamless rolled rings across a variety of industrial sectors. A wide range of industrial markets are served by the Frisa maker of continuous rolled rings and open die forgings. Frisa hired Danieli for a new large bar mill in October 2022.
7. Scot Forge
The company was started in 1893 and is based in Illinois, United States. The company Scot Forge offers rolled ring forging and open-die forging solutions. The business serves the markets for heavy industrial equipment, aircraft, defense, infrastructure, mining, and power generation, among others.
Definition: Forging is the process of manually applying compressive force to the material, using forging machines, or using power hammers. Materials can be used in the forging process in either a cold or a hot state.
