Closed Die Forging Segment to Dominate North America Forging Market during 2019–2027

According to a new market research study on “North America Forging Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Techniques, Materials, and Industries” is expected to reach US$ 20,469.23 million by 2027 from US$ 14,930.43 million in 2019. The market is estimated to grow at a CAGR of 5.2 % from 2020 to 2027. The report provides trends prevailing in the North America forging market along with the drivers and restraints pertaining to the market growth. Growing use of forged steel in automotive industry and developments in forging equipment & process are the major factor driving the growth of the North America forging market. However, presence of cheaper alternative processes hinders the growth of North America forging market.

In case of COVID-19, North America is highly affected specially the US. North America has the highest adoption and growth levels of new technologies, with favorable government policies to boost innovation and improve infrastructure capabilities. Therefore, any effect on industries is expected to have a negative influence on the economic growth of the region. The current scenario has led to shutdown of many industries such as automotive, construction, etc. However, this is not expected to significantly impact the overall price of product. Forging market is expected to remain stable in Q’1 2020 mainly due to temporary shutdown of many automotive factories in response to COVID-19 outbreak. Despite the outbreak of COVID-19, top suppliers continue to dominate the market in the 2ndhalf of 2019 and this is expected to remain same for the rest of the year. It is becoming apparent with the COVID-19 pandemic spreading across the United States that few can escape its scope, presenting significant challenges to all industries. This had temporarily closed down all production plants across all industries and has affected the supply chain and logistics industry of the country adversely However, owing to nationwide lockdown across major economies like United States and Canada, the supply chain of major techniques of forging was adversely affected, thereby impacted the manufacturing of the same. Thus, the above-mentioned factors indicate that the outbreak of the pandemic has an adverse impact on the market across the region.    

The North America forging market is segmented into techniques, materials, industries, and country. Based on techniques, the North America forging market is segmented into the closed die forging, open die forging, and seamless forging. The closed die forging segment dominated the market in 2019 and seamless forging segment is expected to be fastest growing during forecast period. Based on materials, the North America forging market is segmented into nickel-based alloys, titanium alloys, aluminum alloys, steel alloys, and others. The steel alloys segment dominated the market in 2019 and nickel-based alloys segment is expected to be fastest growing during forecast period. Based on industries, the North America forging market is segmented into the automotive, aerospace, railway, heavy equipment, and wind power. The automotive segment dominated the market in 2019 and wind power segment is expected to be fastest growing during forecast period.

Alcoa Corporation; All Metals & Forge Group; Consolidated Industries, Inc.; Fountaintown Forge, Inc.; Pacific Forge Incorporated; Patriot Forge Co.; Precision Castparts Corp.; Scot Forge are among the leading companies in the North America forging market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Patriot Forge Co. highly depends on its cooling towers to optimize bath temperatures for quenching forgings and cooling its hydraulic systems. The new advanced HDPE cooling towers, manufactured by Delta Cooling Towers are impervious to corrosive environments and require lower amounts of expensive water treatment chemicals as well as less downtime for repair or replacement.

The report segments the North America forging market as follows:

North America Forging Market – By Techniques

• Closed Die Forging
• Open Die Forging
• Seamless Forging

North America Forging Market – By Materials

• Nickel-based Alloys
• Titanium Alloys
• Aluminum Alloys
• Steel Alloys
• Others

North America Forging Market – By Industries

• Automotive
• Aerospace
• Railway
• Heavy Equipment
• Wind Power

North America Forging Market – By Country

• US                            
• Canada            
• Mexico