Isothermal Forging Global Market Report 2024

The isothermal forging market has grown strongly in recent years. It will grow from $8.56 billion in 2023 to $9.15 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The historical period's growth can be attributed to heightened demand in the automotive sector, advancements in materials, cost efficiency, requirements in the consumer electronics and energy sectors, as well as environmental considerations.

The isothermal forging market is expected to see strong growth in the next few years. It will grow to $11.56 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period can be ascribed to the proliferation of material options, the emphasis on automotive lightweighting, increased demand for medical implants, growth in the aerospace industry, and the adoption of green manufacturing practices. Key trends projected for the forecast period encompass a focus on sustainability and recycling, advancements in MIM (Metal Injection Molding) equipment, a rise in customization and personalization, an increased emphasis on quality control and certification, and the integration of 3D printing.

The anticipated surge in the demand for automobiles is poised to drive the growth of the isothermal forging market in the foreseeable future. Automobiles, referring to land-based autonomous passenger or commercial vehicles with a combustion engine and typically four or more wheels, rely on isothermal forging in the production of high-performance, intricately shaped parts that demand high strength, durability, and precision. This increasing demand for automobiles is evident in the data published by the International Organization of Motor Vehicle Manufacturers in 2022, indicating global automobile sales reaching 82,755,197 in 2021, up from 78,787,566 in 2020. Moreover, the European Automobile Manufacturers' Association reported a 5.5% increase in passenger automobile sales in the United States in 2021, totaling 11.9 million units. The production of passenger automobiles in the United States saw a 3.1% rise to 6.3 million units in 2021, and Chinese automakers witnessed a 7.1% increase to manufacture 20.7 million automobiles. With the global production of cars rising by 2.7% to 63.2 million in 2021, the escalating demand for automobiles is a driving force behind the growth of the isothermal forging market.

The expansion of the oil and gas industry is expected to propel the isothermal forging market's growth. Encompassing the exploration, extraction, refining, and distribution of petroleum and natural gas resources, the oil and gas industry relies on isothermal forging for manufacturing critical components such as valves and connectors. This manufacturing process is crucial due to its ability to produce parts with superior mechanical properties and precise dimensional control, ensuring high performance and reliability in extreme operating conditions. For example, in December 2022, government data from the UK reported a significant increase in total government revenues from UK Oil and Gas production, reaching £1.4 billion in the tax year 2021 to 2022, compared to £0.3 billion in the previous year. This rise underscores the substantial contribution of the oil and gas industry to the isothermal forging market's growth.

A noteworthy trend gaining traction in the isothermal forging market is the adoption of advanced technological solutions. Major companies operating in this market are actively launching advanced technologies to maintain their market position. An example is the Defense Research and Development Organization (DRDO), a department of defense research and development in India, which developed indigenous isothermal forging technology for aero engines in May 2021. This technology, facilitated by a special 2000 MT isothermal forge press, is instrumental in producing high-pressure compressors (HPC) discs made of tough-to-deform titanium alloy. The emphasis on advanced technological innovations is pivotal for achieving self-reliance in the aero-engine technology domain.

Key players in the isothermal forging market are dedicated to enhancing their product capabilities to meet growing demand and improve product quality. Product capabilities in isothermal forging refer to the range of features, functionalities, and performance attributes possessed by tools or machinery used to shape metal under specific temperature conditions, ensuring precise and high-quality production of forged components. For instance, in February 2022, POSCO Group, a South Korea-based steel manufacturing company, secured its third order from Schuler and is set to receive a 1,600-ton machine for the processing center, POSCO-CSPC China.

In April 2023, Airbus, a France-based aviation and aerospace component manufacturing company, joined forces with Safran and Tikehau Capital to acquire Aubert & Duval for an undisclosed amount. This acquisition marks a significant milestone in the development of a major European leader in vital components and materials, poised to compete globally, support the aerospace and defense sectors, and reduce international supply risks. Aubert & Duval, a France-based provider of essential components and forged materials, adds strategic value to the collaborative effort.

Major companies operating in the isothermal forging market report are Anchor-Harvey Components LLC, Arconic Corp., ATI Forged Inc., Bharat Forge Ltd., CFS Forge, H C Starck Solutions Services Inc., Larsen & Toubro Ltd., Schuler Group, Trenton Forging Company, Pratt & Whitney, Alcoa Corporation, ALD Vacuum Technologies Pvt. Ltd., SMT Limited, Precision Castparts Corp., Leistritz Turbinentechnik GmbH, 3A Composites, Sundaram Fasteners Ltd., Kalyani Forge Limited, Aubert and Duval Pvt. Ltd., Bharat Dynamics Limited, Bharat Electronics Limited, Bharat Earth Movers Limited, Bharat Petroleum Corporation Limited, Amtek Auto Limited, Tata Steel Limited, Nanshan Forge Company, Bharat Heavy Electricals Limited, Formosa Plastics Group, Howmet Aerospace Inc., Aalco metals ltd.

Asia-Pacific was the largest region in the isothermal forging market in 2023. The regions covered in the isothermal forging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the isothermal forging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of raw materials for isothermal forging include carbon steel metal forging, alloy steel metal forging, aluminum metal forging, magnesium metal forging, stainless steel metal forging, titanium metal forging, and others. Carbon steel metal forging refers to the process of shaping and molding carbon steel into various forms using compressive forces such as hammering, pressing, or rolling. These processes incorporate conduction heating and induction heating and find applications across diverse industries such as aerospace and defense, agriculture equipment, automotive, construction and mining equipment and components, electrical and electronic, energy and power, industrial and manufacturing, marine and rail, as well as oil and gas.

The isothermal forging market research report provides isothermal forging market statistics, including isothermal forging industry global market size, regional shares, competitors with a isothermal forging market share, detailed isothermal forging market segments, market trends and opportunities, and any further data you may need to thrive in the isothermal forging industry. This isothermal forging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The isothermal forging market consists of revenues earned by entities by providing near-isothermal or hot die forging, multiaxial isothermal, plus pack rolling, superplastic forming as well as diffusion bonding processes. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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