Forging refers to the manufacturing process where compressive forces are applied to hot molten metal to mold it into desired shape and size. The compressive forces applied include hammering, pressing, squeezing, rolling, and other operations. Forging can create innumerable shapes and sizes with enhanced properties as compared to the process of assembling and casting. Currently, forging is most commonly performed utilizing hammering tools or forging presses that are powered by electricity, compressed air, and hydraulic energy. Forging is preferably suited to other metal working procedures since it is a more cost efficient, durable, and faster. The beating and hammering action of forging deforms the shape of the metal, which results in an unbroken flow of granules of the metal. This helps the metal to retain its strength and eliminates porosity. Furthermore, once the process of forging is complete, products from the forged metals can be manufactured at a relatively faster speed and lower cost.
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Environmentally acceptable, functionally effective, and affordable technologies are needed that are anticipated to integrate pollution prevention into the entire metal forging process. Therefore, the forging market of the future is estimated to be energy efficient and environmentally friendly. One of the simplest forging operation is upsetting, which is carried out by compressing the metal between two flat parallel plates. The process can be developed into more operations with the application of dies from this simple operation. This is the main reason why currently forged products are preferred. This leads to increase in the production of forged products and hence, every day new forging industries are entering in the market.
Forged metals are extensively employed in the automotive, aerospace, defense, factory automation, and industrial equipment sectors due to their high strength, reliability, and economic viability. Therefore, expansion of these sectors is anticipated to increase the demand for forged metals and drive the market. The automobile industry is a key driver of demand in the forging industry. 65% of the forged metals are utilized by the automotive sector. Capital intensive industrial sector, globalization, and investments in large and small forging sectors are projected to further drive the market.
Increasing cost of forging quality steel, high energy consumption, inefficient economies of scale, less partnership between R&D units and material manufacturers and forging units are key factors that are likely to create hindrance in the expansion of the market.
The global forging market can be segmented into type of forging processes, type of forging, and geography. In terms of forging processes, the market can be segmented into impression die forging, cold forging, open-die forging, and seamless rolled ring forging. In terms of forging type, the global forging market can be segmented into smith forging, drop forging, press forging, and machine forging.
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Smith forging is the earliest form of forging operation which is done by hammering manually. Drop forging involves repeated hammering of the metal. Some of the products obtained in drop forging are crank shafts, wrenches, and connecting rods. Furthermore, press forging involves squeezing by applying hydraulic pressure. Moreover, machine forging is done on horizontal forging machines.
In terms of geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. Asia Pacific is expected to hold significant share of the market due to the presence of a strong industrial base and a consistently expanding and evolving automotive sector. North America is likely hold the second largest market followed by Europe.
Some of the leading players operating in the global forging market are, Nippon Steel and Sumitomo Metal Corporation (Japan), Alcoa (The U.S), Bharat Forge (India), ThyssenKrupp (Germany), ATI Ladish, LlC. (The U.S.), HHI Forging LlC. (The U.S.), American Axle and Manufacturing Holdings (The U.S.), and Happy Forgings Ltd. (India).
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