The forging market in North America is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the forging market in North America from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the advantage of forging over casting. The internal grains of metal undergo modification and take the generic shape of the parts to be manufactured during forging. This helps in refining the forged metal and removing its porosity. The final product displays superior metallurgical and mechanical qualities as well as improved directional strength. Forged parts are able to withstand any impact, load, or stress. Uniformity in the grain flow is achieved through the forging process, which makes it tough, ductile, and capable of withstanding fatigue.
As per Technavio, development of first-ever, all-in-one 3D printing, casting, and forging technique will have a positive impact on the market and contribute to its growth significantly over the forecast period. This forging market in North America 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Forging market in North America: Development of first-ever, all-in-one 3D printing, casting, and forging technique
In various industries, additive manufacturing is becoming a popular choice for the manufacture metal parts. However, three-dimensional printed materials face significant challenges. Porosity and lack of fusion are a few of the challenges over traditional manufacturing technology. A combined 3D printing, casting, and forging machine has been developed. This machine combines all the benefits of the three technologies into a single machine which reduces cost and enhances manufacturing efficiency.
“The new machine proves to be an alternative to selective laser melting and sintering by combining 3D printing, casting, and forging into one process. The combination leads to additional strength and improvement in product lifecycle. The technology is also capable of manufacturing thin-walled metal components while eliminating equipment costs and excess material,” says a senior analyst at Technavio for research on industrial machinery.
Forging market in North America: Segmentation analysis
This market research report segments the forging market in North America by end-user (automotive, aerospace, and others), by type (closed die forging, open die forging, and seamless rings), and geographical regions (US, Mexico, and Canada).
The automotive segment held the largest market share in 2018, accounting for nearly 38% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
US led the market in 2018 with a market share of nearly 56%. This region is expected to dominate the market through 2023, however there will be a small decrease in its market share.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
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Market Drivers
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Vendor Landscape
- Vendors covered
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