Isothermal Forging Market
Isothermal Forging Market Analysis By Metal type (Steel, Copper, Nickel, Titanium, Tungsten, Aluminium, Cobalt, Iron & Others) By End-Use Vertical and By Region – Global Market Insights 2022 to 2032
Isothermal Forging Market Outlook (2022-2032)
The global isothermal forging market reached a valuation of US$ 8.1 billion at the end of 2021 and is forecast to surge to US$ 14.6 billion by 2032, expanding at a healthy CAGR of 5.5% during the forecast period (2022-2032).
Demand for isothermal forging is predicted to grow as it is mainly used in the automotive industry, wherein, steel allows the designing of stronger vehicles with forged components.
Market Size (2021A)
US$ 8.1 Billion
Estimated Market Value (2022E)
US$ 8.6 Billion
Forecasted Market Value (2032F)
US$ 14.6 Billion
Global Market Growth Rate (2022-2032)
North America Market Share (2021)
North America Market Growth Rate (2022-2032)
United States Market Growth Rate (2022-2032)
Key Companies Profiled
Interested to Procure The Data
Demand Analysis of Isothermal Forging (2017-2021) in Comparison to Market Growth Forecasts (2022-2032)
Isothermal forging allows for a closer-net-shape forging, which reduces both, the amount of material and the amount of machining required to manufacture the product. It is utilized in high-stress jet engines and is applied to titanium and super alloys that are difficult to shape. This is also used to make crucial airplane parts and transportation equipment.
The market for isothermal forging is predicted to grow due to advanced technological effects connected to high usage in the automation and construction industries. Manufacturers of isothermal forging products are focusing on providing technically-advanced isothermal forging with added features, which include product safety, high performance, quality testing, and service providing.
The global market for isothermal forging expanded at 1.3% CAGR between 2017 and 2021 and is expected to rise faster at 5.5% CAGR through 2032, as per detailed industry analysis by Fact.MR, a market research and competitive intelligence provider.
What are the Key Trends Driving the Isothermal Forging Market?
“Forging Industry to Advance Economic Growth of End-use Verticals”
Market growth is closely related to economic and market conditions across the world. Forging companies have developed resilient, lean, flexible, and adaptable businesses to compete in the market.
End-use industries such as aerospace, oil & gas, shipbuilding & construction machinery are growing significantly. This has led to increased demand for isothermal forged parts in low-cost manufacturing countries such as China and India.
The impact of this factor is significant in developed countries and is expected to impact markets in developing countries in the near future.
“Innovation in Equipment & Processes to Support Market Growth”
In the rapidly developing end-use industries, demand for complex and innovative products is increasing. New products using an automatic isothermal forging processes are attracting the attention of equipment suppliers.
For commercial aircraft applications, these new machines can forge oversized parts from nickel- and titanium-based alloys. In the current situation, the impact of automation on the global isothermal forging market is minimal, but is expected to increase over the coming years.
“Huge Investments by End Users Will Provide Added Market Growth”
Growth in investments in end-use industries is expected to push the market for forged components. For instance, forged products such as gas lift mandrels and drill heads have a huge investment in the oil & gas sector and this is expected to drive demand for isothermal forging.
Companies such as Anchor Harvey, Arconic Corp, ATI, Aubert and Duval, Bharat Forge Ltd, CFS Forge, H C Starck Solutions, Larsen & Toubro Ltd, Schuler Group, and Trenton Forging are implementing newer technologies, thereby ensuring better quality and precision of components.
As isothermal forging provides robust products for the oil & gas sector, the market is expected to grow 1.6X over the forecast period (2022-2032).
An Adaptive Approach to Modern-day Research Needs
Which Isothermal Forging Market Leads the East Asia Region?
The China isothermal forging market accounts for the largest market share of close to 73% in East Asia and is set to register 6.8% CAGR over the forecast period.
China's forging industry is working to manufacture forgings that are more precise, efficient, have more widespread digitalization, are lighter, and use less energy.
China's forging industry has developed a complete production chain and mastered a wide range of forging technologies. China is gradually improving its isothermal forging and production capacity to meet the high-end demand for metal forgings with complex forming and processing requirements.
China has almost ten times the steel manufacturing capability of the United States, which has provided consistency in demand for isothermal forging during the historic period.
At What Rate is the United States Isothermal Forging Market Progressing?
The isothermal forging industry in the United States is anticipated to expand at a CAGR of 4.5% over the decade.
With high penetration in metal manufacturing and high-quality products, the industry is likely to stay insulated from heavy import competition. Due to heavy demand from the oil & gas, construction, and automotive industries, the country is one of the main users of forged parts.
Owing to the rising demand for forged components from the automobile sector, the isothermal forging business in the United States is expected to grow steadily over the coming years.
Which Type of Metal Holds Dominance in Isothermal Forging?
Steel is slated to capture a volume market share of 55% by 2032 expanding at 4.6% CAGR over the assessment period.
Steel currently makes up around 54% of regular vehicles. The steel industry has advanced to financing in manufacturing technologies and advancing materials that have led to the introduction of an extensive variety of new automotive steel components. Steel typically contains around 13% of the materials used in an aircraft.
The durability of steel is its most important characteristic. Its hardness, strength, and resistance to heat make it excellent for use. Moreover, steel is lightweight along with being cost-efficient.
Manufacturers are targeting new technologies of isothermal forging to enhance the overall production of steel, providing consistency in demand for steel isothermal forged products.
Will the Automotive Sector Remain at the Forefront for Isothermal Forging?
By 2032, the automotive segment is poised to expand at 6.8% CAGR and create an absolute dollar opportunity of US$ 2 billion.
Segment growth is primarily driven by increasing demand for automobiles due to population growth and rising global income. Electronic components and vehicles have been introduced due to changing customer demands for high-performance, lightweight vehicles, and also the growing popularity of fuel-efficient vehicles.
Steel is widely used in the automotive forging industry due to its strength, easy availability, and high elasticity. In addition, increased investments in infrastructure development and growth in construction activity are other factors that are expected to drive demand for commercial and off-highway vehicles, which are expected to drive the growth of the automotive forging market as well.
Avail customized purchase options for your needs
The global isothermal forging market is moderately fragmented due to the presence of several regional and global market players. Marketing strategies such as process advancements and constructive collaborations & partnerships are being adopted by market players such as Anchor Harvey, Arconic Corp, ATI, Aubert and Duval, Bharat Forge Ltd, CFS Forge, H C Starck Solutions, Larsen & Toubro Ltd, Schuler Group, and Trenton Forging.
Along with this, market players are leveraging economy of scale for forging with low costing to expand their presence in the market and garner a wider consumer base.
For instance :
- On 22 February 2022, Airbus, Safran and Tikehau Ace Capital signed a non-binding MOU with the Eramet Group for the joint acquisition of its subsidiary - Aubert & Duval.
- On 15 February 2022, Schuler received a third order from POSCO Group and will deliver a 1,600-ton machine to the processing center POSCO-CSPC China.
Fact.MR has provided detailed information about the price points of key players in the isothermal forging market positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Key Segments of Isothermal Forging Industry Analysis
Isothermal Forging Market by Metal Type :
- Alloy Steel
- Carbon Steel
- Stainless Steel
Isothermal Forging Market by End-use Vertical :
- Aerospace & Defense
- Agricultural Equipment
- Construction & Mining Equipment & Components
- Electrical & Electronics
- Energy & Power
- Industrial & Manufacturing
- Marine & Rail Industry
- Oil & Gas
Isothermal Forging Market by Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
Need an Exclusive Report for your Unique Requirement?
- Related Reports -
The global residential air purifier market is slated to witness a CAGR of 6.3%, surpassing US$ 7 Bn ...
Screening Equipment Market is anticipated to expand at a CAGR of 5.6% & reach US$ 11.69 Bn by 2032. ...
Aseptic Processing Equipment Market to register sturdy growth by 2028. Rising sterility demand from ...