LONDON--(BUSINESS WIRE)--The forging market is expected to grow by 14.14 million tons during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The advantage of forging over other fabrication techniques is a major factor driving the market's growth. Forging results in the modification of internal gains metals. Under controlled conditions, the heated metal changes mechanically to make the desired products, which have uniform grain size and flow characteristics. This leads to the refinement of the forged metal and reduces its porosity. As a result, the final product obtained possesses superior mechanical and metallurgical properties as well as improved directional strength. Additionally, forged arts have improved structural integrity, which ensures optimum performance by part or component under field conditions. It is believed that forged parts can sustain any load, stress, or impact. Forging makes the metal tough, ductile, and capable of withstanding fatigue while also imparts uniformity to the grain flow.
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As per Technavio, the developments in robotics to enhance forging operations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Forging Market: Developments in Robotics to Enhance Forging Operations
Forging techniques for manufacturing components and parts are extensively used in industries such as automotive, aerospace, and medical. 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. Thus, recent advances in robotics have resulted in several benefits for designers of high-volume forging lines. Collision resistance is one such detailing, where robots use sensors to interact with other machines to avoid the possibility of contact while handling the workpiece. The sensors fitted in the robots allow them to eliminate the possibility of crashing with the other moving parts in the production process. Thus, the developments in robotics to enhance forging operations is expected to drive the growth of the market.
"The integration of IoT with forging technology and the advent of new hybrid forging techniques will have a positive impact on the growth of the forging market value during the forecast period," says a senior analyst at Technavio.
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Forging Market: Segmentation Analysis
This 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 the strong growth in the production of automobiles.
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Some of the key topics covered in the report include:
Product segmentation
- Closed die forging
- Open die forging
- Seamless rings
End-user segmentation
- Automotive
- Others
Geographic segmentation
- North America
- APAC
- Europe
- South America
- MEA
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
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