In terms of regions, the global Forging market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is expected to remain an attractive region of the market due to growing technological advancements in automobile and other industries in the region.
The global forging market was valued at USD 71,027.8 Million in 2019 and is projected to reach USD
95,843.4 Million by 2027, expanding at a CAGR of 4.8% during the forecast period. The demand for
forged parts is growing with the rise in activities across the medical and pharmaceutical field around the
globe. The COVID 19 outbreak has sowed down many research and development activities and hence
the demand for Forging has declined. COVID-19 has negatively impacted research and development
activities across the automotive, ordnance, construction power generation and various other industries
that has hampered in the growth of the forging market.
Market Dynamics
The demand for forged metal parts is rising with the growing commercial and passenger vehicles
industry around the globe. Cars and trucks use approximately 250 forged parts. Forged parts are
preferred in the manufacturing of vehicles, as they are more durable and stronger than the parts
molded using alternative techniques. The use of forged parts in the growing automotive industry, thus
driving the forging market. The production of commercial aircraft is rising due to the increase in
population and trade. An average commercial aircraft contains almost 450 structural forged parts and
numerous forged engine parts. Forged parts are preferred for aircraft building, as it has good strength to
weight ratio. Additionally, forged parts have proven to withstand fluctuating temperature and
atmospheric pressure at different heights. The nuclear power industry uses forged metal parts for
rectors, nuclear waste storage, and raw material & waste transport. Forged parts are used for
manufacturing of pressure vessels. Many machines in the nuclear power industry use forged
components, as they are put under high temperature and pressure. This, in turn, is driving the forging
market. Rise in the use of nuclear power instead of conventional power sources is driving the forging
market.
The forging process has certain limitations regarding design, size, and