Auto industry biggest end-user of forging method

Technavio forecasts the global forging market to exhibit a healthy CAGR of around 8% during the forecast period.

The automotive sector is the leading end-user segment for this market, and it is expected to grow at a CAGR of around 7% during the forecast period. Parameters such as reliability, strength, and economic viability have increased the importance of forged parts in this sector.

Forging is an appropriate substitution to the casting methodology as it ensures greater efficiency, reliability, and precision. Custom forging accounts for the largest segment. In North America, this segment achieves sales figures worth $6 billion annually.