Global Automotive Forging Market: Foundry Technology Driving Future Growth
According to the latest market research report, the global automotive forging market reached a size of USD 49.11 billion in 2023, and it is projected to grow to USD 75.57 billion by 2032, with a compound annual growth rate (CAGR) of 4.7% during the forecast period. Forging, a time-honored metal forming process, is exhibiting robust growth within the modern automotive manufacturing industry, particularly in the context of the rising demand for lightweight and energy-efficient vehicles.
The Crucial Role of Forging in Automotive Manufacturing
Forging is a process that forms metals through the application of compressive force and is extensively used in manufacturing critical components such as engine parts, chassis, axles, and gears. Compared to other manufacturing processes, forging produces parts with superior strength and mechanical properties, making it indispensable in modern automotive manufacturing. Forged steel and aluminum components, in particular, are meeting the growing demands of the automotive industry due to their excellent performance and machinability.
Smart Manufacturing and Automation Fuel Market Innovation
The market report highlights that the adoption of smart manufacturing technologies and automation is a key driver of sustained growth in the global automotive forging market. ThyssenKrupp AG’s launch of the world’s most advanced forging production line in Saarland, Germany, in September 2021 exemplifies this trend. The company invested USD 85 million to establish a highly automated production line dedicated to manufacturing truck chassis components. This move not only improved production efficiency but also significantly enhanced product quality and precision.
Light weighting Trends Accelerate Forging Market Expansion
As automotive manufacturers increasingly prioritize vehicle lightweighting, forging processes are demonstrating substantial potential in producing lightweight and high-strength automotive components. Aluminum, in particular, has become a critical material in the automotive forging industry due to its lightweight properties and high recyclability. Market data shows that aluminum usage in vehicles increased from 154 kilograms per car in 2010 to 208 kilograms in 2022, and this trend is expected to continue driving market expansion in the coming years.
Challenges and Opportunities: The Rise of Electric Vehicles
While the outlook for the automotive forging market is promising, the rapid proliferation of electric vehicles (EVs) could pose challenges to the demand for traditional forged components. EVs, compared to conventional internal combustion engine vehicles, have fewer moving parts, potentially reducing the demand for forged components. However, the rise of EVs also presents new opportunities for the forging process, especially in reducing vehicle weight and enhancing component strength.
Looking Ahead: Forging Technology Leading a New Wave of Growth
Propelled by market dynamics, the global automotive forging industry is entering a new phase of growth. With the widespread adoption of smart manufacturing technologies, the extensive use of lightweight materials, and the growing global demand for high-performance automotive components, forging processes will continue to play a pivotal role in the future of automotive manufacturing.
About Henan Forging Emperor Industry Co., Ltd.
Henan Forging Emperor Industry Co., Ltd. is a leading forging manufacturing company located in Luoyang, China, with 20 years of industry experience. The company specializes in the design and production of industrial parts, automotive components, and special alloy forgings. Its products are widely used in various industries, including automotive, construction machinery, railway locomotives, power generation, and petrochemicals.