Forging is the process of shaping metal objects by repeatedly using hammers and anvils. It involves heating the metal and hammering it into the desired shape. Forging is one of the oldest metalworking techniques, dating back to ancient times. It is used in many industries such as aerospace, automotive, electrical, and shipping.
Forging is a versatile and reliable method of producing parts with consistent properties and high strength. It allows for a variety of shapes that can be difficult to produce with other methods, and it is cost-effective due to its low risk of defects. Additionally, high-quality forging can result in greater tensile strength and fatigue resistance than other manufacturing techniques.
Forging is also used in a variety of other applications, such as jewelry making, blacksmithing, and outdoor recreation. It is an important part of many artistic and cultural traditions, and is a popular activity for hobbyists and collectors. Forging has had a significant impact on global industry, and it continues to be a major component of metalworking around the world.
The global Forging market was valued at US$ 82000 million in 2022 and is anticipated to reach US$ 118210 million by 2029, witnessing a CAGR of 5.3% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
A detailed market research report on Global Forging Market available at: https://www.themarketreports.com/report/global-forging-market-research-report
This report aims to provide a comprehensive presentation of the global market for Forging, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Forging.
Global Forging key players include Precision Castparts Corp, Arconic, Thyssenkrupp, KOBELCO, Nippon Steel & Sumitomo Metal, etc. Global top five manufacturers hold a share about 15%. China is the largest market, with a share about 30%, followed by Europe, with a share about 25 percent. In terms of product, Closed Die Forgings is the largest segment, with a share about 80%. And in terms of application, the largest application is Automotive, followed by General Industrial, Aerospace, Agricultural, etc.
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