LONDON—The global forging market is expected to grow by 14.14 million tons during 2020-2024, progressing at a compound annual growth rate (CAGR) of 5 percent during the forecast period, according to a report by the technology research firm Technavio. The report, “Global Forging Market 2020-2024,” analyzes the current market, latest trends and drivers, and overall market environment, Technavio said in a release.
The report points to the benefits of forging over other fabrication techniques as factors that have driven the growth of the market. At the same time, it cautions that instability in variable costs could hamper future growth.
The forging process—a combination of heat and compressive force—reworks the internal grain structure of the metal, producing a part with uniform grain size and flow characteristics. This reduces the porosity of the part, providing superior mechanical and metallurgical properties and improved directional strength. The higher structural integrity can improve the performance of the part or component in demanding field conditions, enabling forged parts to sustain heavier load, stress, or impact. Forging makes the metal tough, ductile, and capable of withstanding fatigue.
According to Technavio, the integration of IoT with forging technology and the advent of new hybrid forging techniques could help boost the growth of the forging market. Developments in robotics to enhance forging operations could also have a positive impact.
Automation is a key factor in achieving high productivity while also ensuring flexibility in lot sizes. Automation in the forging industry enables quick changeover between batches, enhances the volume of production, and results in improved manufacturing tolerances and improved product quality, according to the release.
Recent advances in robotics have resulted in several benefits for designers of high-volume forging lines. One is collision avoidance, where robots use sensors to interact with other machines safely while handling the workpiece. The sensors fitted in the robots enable them to avoid crashing with the other moving parts in the production process.
The market research report segments the forging market by product (closed die forging, open die forging and seamless rings), end-user (automotive and others), and geography (North America, APAC, Europe, South America, and MEA). The APAC region led the forging market in 2019, followed by Europe, North America, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to strong growth in production of automobiles.
In its report, Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) that consider the impact of COVID-19 on the market. A free sample can be downloaded at www.technavio.com/.