• Forgings Market Intelligence | Analysis, Trends, Forecast, Outlook

Forgings Market Description

The production of forging is expected to reach 25.59 MMT by 2020, with a growing CAGR of 4.5 percent. The demand for forgings is driven by various end-user industries, such as automotive, oil & gas, construction, machine tools, etc. The global forgings industry is highly fragmented with suppliers such as Bharat Forge, FAW Forge (Auto), JCFC (Heavy Equipment), which constitute less than 10 percent of the total market by volume. The automotive industry is the top end-user market, constituting 50 percent of the market share for forgings across various regions. Automobiles have a number of structural forged components that require higher wear resistance, high impact, and shear strength.

The report also provides a global market overview of forgings in areas such as China, U.S., Mexico, Canada, Germany, Italy, Europe, Japan, India, NAFTA, Taiwan, Korea, Russia, and Brazil. It also explores industrial classification of different kinds of forging products, including steel forgings, along with Porter’s five forces analysis of top producing countries. The report also provides a comprehensive study of key suppliers, such as ThyssenKrupp AG, Alcoa, Bharat Forge, NSSMC, and ATI.

Beroe gathers intelligence through primary sources that include industry experts, researchers, and consultants, as well as current suppliers, producers and distributors. Secondary sources can include business journals, newsletters, magazines, market research data, company sources, and industry associations. Following data collation, analysis, and strategic review, the Final Research Report is published on Beroe LiVE.

Report Coverage

Regional Market Overview- US, Mexico, Canada, Germany, Italy, France
Key Global Supplier Profiles
Emerging Technologies
Procurement Practices & Contract Structure

Forgings Market Trend, Analysis & Forecast

Category Intelligence on Forgings covers the following

Information relating to market, supply, cost, and pricing analysis
Hard to find data on cost and TCO models, supplier details, and performance benchmarks
Macroeconomic and regional trends impacting cost, supply, and other market dynamics
Category-specific negotiation and sourcing advice

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Executive Summary

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Market Analysis

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Supply Analysis

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Cost & Pricing Analysis

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Best Practices

Global Market Outlook on Forgings

The global forgings industry is fragmented, with top suppliers, like Bharat Forge, FAW Forge (Auto), JSW, JCFC (Heavy Equipment), constituting less than 10 percent of the total market (by volume)
The demand figures for forgings with end-use industries, such as automotive, oil & gas, construction, machine tool, etc., are high with steel forgings
With increasing demand from various end-use industries, the forgings production is expected to reach 29.59 MMT by 2020 with a CAGR of 4.5 percent over 2017 – 2020

forgings-global-market-size

Global Market Overview: Forgings

China’s share in forgings production is slated to witness a recovery in 2017. However, this only had a slight impact on China’s forging share
The EU experiences a slight increase in production share, which is driven by the increasing economic trend in Europe
India continued to ramp up production at a higher rate, relative to global growth, based on sustained internal demand and automobile-related exports
Russia is currently buoyed by increased government spending and government demand for forgings, which is predicted to slowdown due to relative demand satiation by 2018
Automotive industry is the top end-use market (50 percent) for forging across regions. Automobiles have a number of structural forged components requiring higher wear resistance, high impact, and shear strength
Other major end-use sectors include machine tool, construction, energy, machinery, etc. Mining machinery industry consumes about 4 percent of global forgings production
With regards to capacity utilization, 40–45 percent of forging units are currently observed to be running at less than 75 percent capacity. Constraints for the forging industry currently include slow demand, foreign competition, energy costs, availability of labor, availability of capital, and raw material lead time
The outlook for drilling in the oil & gas industry seems to be positive, and it is likely to increase by 10–13 percent in 2018, as the capital spend continue to increase in theupstream industry. This might have a slighter impact in the forgings market, since oil & gas end-use market is only around 8-12 percent
The outlook for the oil & gas downstream industry is stable and is likely to increase by 4–6 percent in 2018
The agricultural end-use market is likely to be around 8–10 percent. Increasing demand for food and supplies drives the need for farming equipment’s, which has a direct impact on forgings
The global market for medical device technologies is likely to be around $500 billion and is growing with a CAGR of 5–6 percent

Emerging Technologies

Process: Powder Forging

A forging technique for products requiring variable material composition. At present, in different stages of development across the world could emerge as key technology in the upcoming years

While powder forging is rapidly growing in developed nations, it is still in its nascent stages across developing countries
This technology allows different material compositions across different parts of the same component
This is useful for components, like connecting rods, whose ends are subjected to different levels of stress
In this process, custom blended powders of various alloys are placed along a die and compacted into a rough shape and sintered. This is then placed in the final component die and hot forged
These components require very little secondary machining and have very high precision
In India, Mahindra Forgings is currently carrying out research on powder forgings

Graphite Free Lubricants

Lubricants are important cost saving levers in die forgings. This is because a good lubricant can help improve ease of operation as well as increase die-life
In closed die forgings, die costs account for ~15 percent of total cost. Therefore, any improvements in die-life would lead to significant cost savings
Over the past decade, there has been a move to replace graphite lubricants, due to economic as well as environmental considerations
Synthetic, water soluble graphite free lubricants have the following advantages over their traditional graphite based counterparts
While synthetic lubricants have the above advantages, these have mainly been proven with respect to small – medium components (up to 12kg). More work in this area is expected in the future for large components as well