The global metal forging market is expected to witness substantial growth owing to increasing demand from the automotive industry. Forging involves application of pressure or forces to shape the metal as per requirement. Desired specification can obtained through plastic deformation of metal with the help of a die. Forged products have excellent grain structure and best combination of mechanical properties. They are comparatively superior to castings owing to their high impact, directional strength, toughness, structural, and fatigue properties, which make them ideal for applications where safety and reliability are major concerns.
There are several benefits of forging over casting and machining, including greater toughness and strength, lower weight of finished products, elimination of defects, such as porosity and cracks, less wastage of materials, and ability to work under various loads.
Forging can be done with various types of machines, such as machine stroke dependent, press force dependent, and energy dependent. Energy dependent machines can further include double-acting hammers, counterblow hammers, and screw presses. Press force dependent machines are hydraulic presses. Machine stroke dependent can also be further bifurcated into linear stroke and rotary working machines.
Key product types of metal forging include open die, closed die, and rolled rings. In open die forging, flat dies are used wherein metal work piece is heated and hammered to get a desirable shape. Closed die, also known as impression forging, involves set of impression die used in order to get a required shape. It requires higher forces and usually doesn’t involve any finishing. Closed die forging has emerged prominently in the market owing to benefits, such as ability to produce complex shapes, no material limitations, better surface finish, and less machining. Moreover, widespread usage in shipbuilding, automotive, and aircrafts and defense industry is also likely to propel its growth.
Based on raw material, the metal forging market can be segmented into aluminum, carbon steel, titanium, copper, bronze, zirconium, magnesium, stainless steel, chromium, silicon, and nickel. One of the important characteristics of forged products is ductility, which is the property of metal to undergo deformation without rupturing. Selection of raw material is done on the basis of application and various mechanical properties, such as resistance to fatigue, strength, bending or shock, durability, and machining.
Automotive, oil and gas, construction, aerospace and defense, agriculture, mining, and power are the key applications in the market. Automotive is the leading end-use sector in the market owing to increasing manufacturing of passenger cars, two and three wheelers, commercial vehicles and utility vehicles. Products, such as crank shafts, cam shafts, front and rear hubs, differential cases and housings, steering gears, transmission shafts, and connecting rods can be manufactured through metal forging. As per the statistics of International Organization of Motor Vehicle Manufacturers, in 2017, the global production of vehicles accounted for nearly 97.30 million units.
The market can be classified on the basis of geography as North America, Europe, Latin America, and Middle East and Africa. Asia Pacific is anticipated to witness lucrative growth during forecast period owing to growing demand for forged products from end use industries and presence of a number of manufacturers in countries, such as Japan and China. In addition, increasing capital investments by the manufacturers to cater to demand for high-quality products is likely to foster the growth.
Key market players operating in the metal forging market include Alcoa, Japan Casting & Forging Corp, China First Heavy Industries, Jiangyin Hengrun Heavy Industries Co., Ltd, China National Erzhong Group Co., Larsen & Toubro Limited., Thyssenkrupp, Allegheny Technologies (ATI), Bharat Forge, Nippon Steel & Sumitomo Metal Corporation., Bruck GmbH, The VIVA forging company, Ellwood Group, Scot Forge, and Precision Castparts Corp.
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