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North America Forging Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Techniques (Closed Die Forging, Open Die Forging, and Seamless Forging), Materials (Nickel-based Alloys, Titanium Alloys, Aluminum Alloys, Steel Alloys, and Others), and Industries (Automotive, Aerospace, Railway, Heavy Equipment, and Wind Power)

Code: TIPRE00020079 | Pages: 113 | Industry: Manufacturing and Construction | Date: Mar 2021
Covid

Market Introduction

The North America forging market is highly competitive and businesses are committed toward the adoption of strategic initiatives, such as capacity expansion, product launches, and mergers & acquisitions, to strengthen their presence and position in the industry. North America is among the largest consumers of forged parts due to high product demand from aerospace, automotive, oil & gas, and construction sectors. North America accounted for over 18% of the global market share of the automotive production in 2019, as per the International Organization of Motor Vehicle Manufacturers. In addition, forging facilities in the region are likely to employ an experienced and qualified workforce that is constantly trained and recertified, as forging will be a profession of choice in the coming years and also a valued source of high paying jobs. Further, industry-wide collaborations and joint efforts between forging firms, suppliers, universities, and government laboratories are expected to enable the US forging industry to leverage its resources in advanced technology implementation and production and implementation. The forging equipment and material providers are likely to work on the crucial areas to lower the costs of these products in the future and achieve its vision. 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.

Furthermore, 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.   

Market Overview and Dynamics

The North America forging market is expected to grow from US$ 14,930.43 million in 2019 to US$ 20,469.23 million by 2027; it is estimated to grow at a CAGR of 5.2 % from 2020 to 2027. Benefit of forging over other fabrication techniques is expected to escalate the North America forging market. The forging process results in the structural modification of metals. The heated metals change mechanically to make the desired products under controlled conditions, which have uniform grain size and flow characteristics. This results in the refinement of forged metals and reduces the porosity. As a consequence, the obtained final product has superior metallurgical and mechanical characteristics as well as improved directional strength. Further, forging techniques also enhance structural integrity, which ensures optimum performance under field conditions per part or component. The forging process makes the metal ductile and tough, and imparts it a capability to withstand fatigue, while providing the grain flow with uniformity. Advantages of forging over fabrication such as more refinement of metal, less porosity, better strength etc. are expected to increase its demand in coming years, driving the North America forging market.

Key Market Segments

In terms of techniques, the closed die forging segment accounted for the largest share of the North America forging market in 2019.  In terms of materials, the steel alloys segment held a larger market share of the North America forging market in 2019. Further, the automotive segment held a larger share of the North America forging market based on industries in 2019.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the North America forging market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Alcoa Corporation; All Metals & Forge Group; Consolidated Industries, Inc.; Fountaintown Forge, Inc.; Pacific Forge Incorporated; Patriot Forge Co.; Precision Castparts Corp.; Scot Forge.

Reasons to buy report

  • To understand the North America forging market landscape and identify market segments that are most likely to guarantee a strong return
  • Stay ahead of the race by comprehending the ever-changing competitive landscape for North America forging market
  • Efficiently plan M&A and partnership deals in North America forging market by identifying market segments with the most promising probable sales
  • Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America forging market
  • Obtain market revenue forecast for market by various segments from 2020-2027 in North America region.                                 


 North America Forging Market Segmentation

 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

 

North America Forging Market - Company Profiles

  • Alcoa Corporation
  • All Metals & Forge Group
  • Consolidated Industries, Inc.
  • Fountaintown Forge, Inc.
  • Pacific Forge Incorporated
  • Patriot Forge Co.
  • Precision Castparts Corp.
  • Scot Forge           

1.           Introduction

1.1         Study Scope

1.2         The Insight Partners Research Report Guidance

1.3         Market Segmentation

2.           Key Takeaways

3.           Research Methodology

3.1         Coverage

3.2         Secondary Research

3.3         Primary Research

4.           North America Forging Market Landscape

4.1         Market Overview

4.2         North America PEST Analysis

4.3         Ecosystem Analysis

4.4         Expert Opinion

5.           North America Forging Market – Key Market Dynamics

5.1         Market Drivers

5.1.1        Growing Use of Forged Steel in Automotive Industry

5.1.2        Benefit of Forging over Other Fabrication Techniques

5.2         Market Restraints

5.2.1        Presence of Cheaper Alternative Processes

5.3         Market Opportunities

5.3.1        Developments in Forging Equipment & Process and Improving Economic Conditions

5.4         Future Trends

5.4.1        Innovations in Robotics

5.5         Impact Analysis of Drivers and Restraints

6.           Forging Market – North America Analysis

6.1         North America Forging Market Overview

6.2         North America Forging Market – Revenue and Forecast to 2027 (US$ Million)

6.3         Market Positioning – Five Key Players

7.           North America Forging Market Analysis – By Techniques

7.1         Overview

7.2         North America Forging Market, By Techniques (2019 and 2027)

7.3         Closed Die Forging

7.3.1        Overview

7.3.2        Closed Die Forging: Forging Market – Revenue and Forecast to 2027 (US$ Million)

7.4         Open Die Forging

7.4.1        Overview

7.4.2        Open Die Forging: Forging Market – Revenue and Forecast to 2027 (US$ Million)

7.5         Seamless Forging

7.5.1        Overview

7.5.2        Seamless Forging: Forging Market – Revenue and Forecast to 2027 (US$ Million)

8.           North America Forging Market Analysis – By Material

8.1         Overview

8.2         North America Forging Market Breakdown, by Materials, 2019 and 2027

8.3         Nickel-Based Alloys

8.3.1        Overview

8.3.2        Nickel-Based Alloys Market Revenue and Forecast to 2027 (US$ Million)

8.4         Titanium Alloys

8.4.1        Overview

8.4.2        Titanium Alloys Market Revenue and Forecast to 2027 (US$ Million)

8.5         Aluminum Alloys

8.5.1        Overview

8.5.2        Aluminum Alloys Market Revenue and Forecast to 2027 (US$ Million)

8.6         Steel Alloys

8.6.1        Overview

8.6.2        Steel Alloys Market Revenue and Forecast to 2027 (US$ Million)

8.7         Others

8.7.1        Overview

8.7.2        Others Market Revenue and Forecast to 2027 (US$ Million)

9.           North America Forging Market Analysis – By Industry

9.1         Overview

9.2         North America Forging Market Breakdown, by Industry, 2019 and 2027

9.3         Automotive

9.3.1        Overview

9.3.2        Automotive Market Revenue and Forecast to 2027 (US$ Million)

9.4         Aerospace

9.4.1        Overview

9.4.2        Aerospace Market Revenue and Forecast to 2027 (US$ Million)

9.5         Railway

9.5.1        Overview

9.5.2        Railway Market Revenue and Forecast to 2027 (US$ Million)

9.6         Heavy Equipment

9.6.1        Overview

9.6.2        Heavy Equipment Market Revenue and Forecast to 2027 (US$ Million)

9.7         Wind Power

9.7.1        Overview

9.7.2        Wind Power Market Revenue and Forecast to 2027 (US$ Million)

10.        North America Forging Market – Country Analysis

10.1      Overview

10.1.1     North America: Forging Market, by Key Country

10.1.1.1       US: Forging Market – Revenue and Forecast to 2027 (US$ Million)

10.1.1.1.1       US: Forging Market, by Techniques

10.1.1.1.2       US: Forging Market, by Materials

10.1.1.1.3       US: Forging Market, by Industries

10.1.1.2       Canada: Forging Market – Revenue and Forecast to 2027 (US$ Million)

10.1.1.2.1       Canada: Forging Market, by Techniques

10.1.1.2.2       Canada: Forging Market, by Materials

10.1.1.2.3       Canada: Forging Market, by Industries

10.1.1.3       Mexico: Forging Market – Revenue and Forecast to 2027 (US$ Million)

10.1.1.3.1       Mexico: Forging Market, by Techniques

10.1.1.3.2       Mexico: Forging Market, by Materials

10.1.1.3.3       Mexico: Forging Market, by Industries

11.        Impact of COVID-19 Pandemic on North America Forging Market

11.1      North America: Impact Assessment of COVID-19 Pandemic

12.        Industry Landscape

12.1      Overview

12.2      New Product Development

13.        Company Profiles

13.1      Alcoa Corporation

13.1.1     Key Facts

13.1.2     Business Description

13.1.3     Products and Services

13.1.4     Financial Overview

13.1.5     SWOT Analysis

13.1.6     Key Developments

13.2      All Metals & Forge Group

13.2.1     Key Facts

13.2.2     Business Description

13.2.3     Products and Services

13.2.4     Financial Overview

13.2.5     SWOT Analysis

13.2.6     Key Developments

13.3      Consolidated Industries, Inc.

13.3.1     Key Facts

13.3.2     Business Description

13.3.3     Products and Services

13.3.4     Financial Overview

13.3.5     SWOT Analysis

13.3.6     Key Developments

13.4      Fountaintown Forge, Inc.

13.4.1     Key Facts

13.4.2     Business Description

13.4.3     Products and Services

13.4.4     Financial Overview

13.4.5     SWOT Analysis

13.4.6     Key Developments

13.5      Pacific Forge Incorporated

13.5.1     Key Facts

13.5.2     Business Description

13.5.3     Products and Services

13.5.4     Financial Overview

13.5.5     SWOT Analysis

13.5.6     Key Developments

13.6      Patriot Forge Co.

13.6.1     Key Facts

13.6.2     Business Description

13.6.3     Products and Services

13.6.4     Financial Overview

13.6.5     SWOT Analysis

13.6.6     Key Developments

13.7      Precision Castparts Corp.

13.7.1     Key Facts

13.7.2     Business Description

13.7.3     Products and Services

13.7.4     Financial Overview

13.7.5     SWOT Analysis

13.7.6     Key Developments

13.8      Scot Forge

13.8.1     Key Facts

13.8.2     Business Description

13.8.3     Products and Services

13.8.4     Financial Overview

13.8.5     SWOT Analysis

13.8.6     Key Developments

14.        Appendix

14.1      About The Insight Partners

14.2      Word Index

LIST OF TABLES

Table 1.             North America Forging Market – Revenue and Forecast to 2027 (US$ Million)

Table 2.             North America Forging Market, by Country – Revenue and Forecast to 2027 (USD Million)

Table 3.             US: Forging Market, by Techniques –Revenue and Forecast to 2027 (US$ Million)

Table 4.             US: Forging Market, by Materials –Revenue and Forecast to 2027 (US$ Million)

Table 5.             US: Forging Market, by Industries –Revenue and Forecast to 2027 (US$ Million)

Table 6.             Canada: Forging Market, by Techniques – Revenue and Forecast to 2027 (US$ Million)

Table 7.             Canada: Forging Market, by Materials – Revenue and Forecast to 2027 (US$ Million)

Table 8.             Canada: Forging Market, by Industries – Revenue and Forecast to 2027 (US$ Million)

Table 9.             Mexico: Forging Market, by Techniques – Revenue and Forecast to 2027 (US$ Million)

Table 10.          Mexico: Forging Market, by Materials – Revenue and Forecast to 2027 (US$ Million)

Table 11.          Mexico: Forging Market, by Industries – Revenue and Forecast to 2027 (US$ Million)

Table 12.          List of Abbreviation

LIST OF FIGURES

Figure 1.           North America Forging Market Segmentation

Figure 2.           North America Forging Market Segmentation – By Country

Figure 3.           North America Forging Market Overview

Figure 4.           Seamless Forging Segment to Show Remarkable Traction During Forecast Period

Figure 5.           Nickel-based Alloys Segment to Show Remarkable Growth During Forecast Period

Figure 6.           Wind Power Segment to Show Remarkable Growth During Forecast Period

Figure 7.           US Held Largest Share of North America Forging Market

Figure 8.           North America – PEST Analysis

Figure 9.           Ecosystem Analysis

Figure 10.        Expert Opinion

Figure 11.        North America Forging Market Impact Analysis of Drivers and Restraints

Figure 12.        North America Forging Market – Revenue and Forecast to 2027 (US$ Million)

Figure 13.        North America Forging Market Revenue Share, by Techniques (2019 and 2027)

Figure 14.        North America Closed Die Forging: Forging Market – Revenue and Forecast to 2027 (US$ Million)

Figure 15.        North America Open Die Forging: Forging Market – Revenue and Forecast to 2027 (US$ Million)

Figure 16.        North America Seamless Forging: Forging Market – Revenue and Forecast to 2027 (US$ Million)

Figure 17.        North America Forging Market Breakdown, by Materials (2019 and 2027)

Figure 18.        North America Nickel-Based Alloys Market Revenue and Forecast to 2027(US$ Million)

Figure 19.        North America Titanium Alloys Market Revenue and Forecast to 2027(US$ Million)

Figure 20.        North America Aluminum Alloys Market Revenue and Forecast to 2027(US$ Million)

Figure 21.        North America Steel Alloys Market Revenue and Forecast to 2027(US$ Million)

Figure 22.        North America Others Market Revenue and Forecast to 2027(US$ Million)

Figure 23.        North America Forging Market Breakdown, by Industry (2019 and 2027)

Figure 24.        North America Automotive Market Revenue and Forecast to 2027(US$ Million)

Figure 25.        North America Aerospace Market Revenue and Forecast to 2027(US$ Million)

Figure 26.        North America Railway Market Revenue and Forecast to 2027(US$ Million)

Figure 27.        North America Heavy Equipment Market Revenue and Forecast to 2027(US$ Million)

Figure 28.        North America Wind Power Market Revenue and Forecast to 2027(US$ Million)

Figure 29.        North America: Forging Market Revenue Share, by Key Country (2019 and 2027)

Figure 30.        US: Forging Market – Revenue and Forecast to 2027 (US$ Million)

Figure 31.        Canada: Forging Market – Revenue and Forecast to 2027 (US$ Million)

Figure 32.        Mexico: Forging Market – Revenue and Forecast to 2027 (US$ Million)

Figure 33.        Impact of COVID-19 Pandemic in North American Country Markets

 

  1. Alcoa Corporation
  2. All Metals & Forge Group
  3. Consolidated Industries, Inc.
  4. Fountaintown Forge, Inc.
  5. Pacific Forge Incorporated
  6. Patriot Forge Co.
  7. Precision Castparts Corp.
  8. Scot Forge
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America forging market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in North America forging market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth North America market trends and outlook coupled with the factors driving the forging market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution      

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