According to a report by Value Market Research, the Global Forging Market is anticipated to reach USD 107,788.1 MN by 2024 with a CAGR of 7.0 percent till 2024. Some of the major factors driving this growth have been the rising demand from the end-use industries
such as aerospace, automotive, oil and gas among others for bolts, connecting rods, high-pressure valves, flanges and other fitting materials. Forging market
today is classified on the basis of type, company type, raw material, and application.
Also, forging is further classified according to the temperature at which it is performed, i.e., cold forging, warm forging, or hot forging. And in order to meet the high demand all across the world, the automotive segment holds the major share of the market because of the rapid leap in the industry today. As the forging industry is a key link between critical manufacturing segments - metal suppliers and end user industries, it has unique value among manufacturing processes. "Around 75 per cent of input for the forging industry is steel and the steel price directly affects the forging industry," says Asheet Pasricha, Director, Association Of Indian Forging Industry (AIFI) and Joint MD of Trinity Engineers.
Today, with significant increase in demand, the forgers are faced with producing an increasing number of variants of aluminum forgings, increasingly complex parts, high steel costs, and sagging prices. As the number of automated lines will increase across all products, this demands forging of very different parts with a single forging line at a high degree of automation and with a competitive cost/performance ratio.
Emerging Trends in the Forging Industry
The forging market has been further growing in valuation due to the burgeoning demand for forged metals. This is further supported by the advances made in metal working techniques, along with its growing cost-effectiveness. Moreover, with the technological advancements, it has significantly helped in enhancing the efficiency of the production lines.
Furthermore, the high dimensional accuracy and fine surface finishing has made the closed die forging segment one of the dominant segments in the global forging market. It is anticipated to witness a significant rise in the demand across industries. Also, custom forging is also trending due to its immense use in submarines, refineries, space crafts, missiles, pressure vessels, offshore rigs, scientist research equipment, to name a few.
Challenges Lingering in the Forging Process Today
However, quality forging depends on various aspects such as selection of forging machine, characteristics and common applications of forging among others. There are many players in the market that are still utilizing traditional approaches towards forging which fails to meet the standards of today. Lack of knowledge across advancements in technologies and machineries is still restraining the market innovation.