In terms of revenue, the Global Forging Market is expected to reach USD 98.7 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.70% from 2022 to 2028.
The growing demand for forges industrial parts, increasing industrial government policies & subsidies, and the rise in investments in the manufacturing sector are expected to drive the Forging Market during the forecast period. Also, increasing passenger traffic has propelled the growth of the aerospace sector, thus boosting the production of aerospace forged parts.
Key Highlights from Report:
- The Carbon Steel sub-segment, of the Material Types segment, is anticipated to dominate the growth of the Forging Market. The most common material used for forging is Carbon Steel, which has wide application in the manufacturing industry. Thus, this sub-segment is expected to grow in the coming years.
- The Closed Die Forging sub-segment, of the Techniques segment, accounted for the largest market share in 2021 for the Forging Market. Closed die technology is the most used technology while forging. The industry widely accepts this technology.
- Asia Pacific is accounted to be the fastest regional segment. This surge is attributed to the increasing demand for forging in developing economies such as China & India. This region has a growing number of manufacturing players.
An increase in spending on the betterment of the manufacturing sector and governmental subsidies on manufacturing are the prominent factors that fuel the Forging Market growth. In addition, demand for conveyors, elevators, and other industrial machines at the manufacturing site for straightforward operation further fuels the Forging Market growth.
Government initiatives play a very crucial role in influencing product growth and increasing sales in the market. Therefore, the rise in the allocation of such incentives initiated by governments across various countries is estimated to impact the Forging Market positively. Consequently, high efficiency and low power consumption are being highlighted by governments, resulting in more awareness among consumers.
North America is expected to dominate the growth of the Global Forging Market in 2021 and is likely to continue the same trend during the forecast period. An increase in critical players and high investment made by countries such as the U.S. and Germany drives the Forging Market expansion.