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.
Rising developments in forging equipment & process are expected to accelerate the market growth during the forecast period. In the fast-developing end user segment, there has been an increase in demand for complex and innovative products. With an automated closed die forging process, the attention of equipment suppliers has shifted toward the development of new equipment and processes. In commercial aerospace applications, these new machines are capable of forging extra-large nickel- and titanium-based alloy parts. Currently, automation has a moderate positive impact on growth of the closed-die forging market, but it is expected to increase during the forecast period. Economic and market conditions across North America are also associated with the growth of this market and are anticipated to provide growth opportunities during the forecast period. To sustain the completion in the metal forming market, forging businesses are focusing on providing lean, resilient, flexible, and adaptable forging processes. End-user industries such as oil & gas, shipbuilding, aerospace, and construction equipment are experiencing substantial growth. The impact of this factor is high in North American countries such as the US and Canada, and it is expected to continue in the near future. New developments in forging process such as such as flexibility, adaptability, and resilience are expected to increase its demand in coming years.
Countries in North America, especially the US, are adversely affected due to the COVID-19 outbreak. North America has the highest adoption and growth rate of new technologies, along with favorable policies set by government to boost innovation and improve infrastructure capabilities. Therefore, any hindrance on industries is expected to have a negative influence on the economic growth of the region. The current health crisis has led to shutdown of many industries such as automotive and construction. However, this is not expected to significantly impact the overall price of product. It is becoming apparent with the COVID-19 pandemic spreading across the US that a few can escape its scope, presenting significant challenges to all industries. The outbreak has temporarily closed down all production plants across all industries, and has adversely affected the supply chain and logistics industry of the country. However, the supply chain of major techniques of forging is restricted owing to nationwide lockdown across major economies such as the US and Canada and it is hindering the manufacturing of the same. Thus, the above-mentioned factors indicate that the outbreak pandemic is restraining the North America forging market.
Based on techniques, the closed die forging segment led the North America forging market in 2019. Closed die forging, also referred to as the impression die forging, is the most common known metal forging process. Due to its extreme precision and requirement of less machining efforts, the closed die forging techniques is widely used in commercial forging processes; moreover, it is a clean process that provides products close to the net shapes with high strength, close tolerance, and improved surface finish. The growth in the market for this technique is also attributed to the process compatibility of all metals. The closed die forging process is primarily used in forging steel and aluminum parts. Advantages of closed die forging technique such as requirement of less machining effort, better finishing, high strength, and close tolerance are expected to increase its demand in coming years, thereby driving the growth of the North America forging market .
The overall North America forging market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the North America forging market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America forging market. Alcoa Corporation; All Metals & Forge Group; Consolidated Industries, Inc.; Fountaintown Forge, Inc.; Pacific Forge Incorporated; Patriot Forge Co.; Precision Castparts Corp.; and Scot Forge are among the players operating in the market.