Press Release: Analysis of the Current Situation, Competitive Landscape, and Future Prospects of the Large Forging Industry in 2024
The large forging industry plays a critical role in mechanical manufacturing, particularly for equipment production and national defense. Through advanced forging equipment, the industry produces high-performance open-die forgings and die forgings, which are essential in sectors like aerospace, marine engineering, heavy machinery, and power equipment.
Industry Overview and Market Trends
According to a recent report by China Research Institute, the sales revenue of China’s large forging market reached 92.63 billion yuan in 2023, reflecting robust growth. The market is projected to continue expanding, with expected sales of 125.37 billion yuan by 2030, driven by an annual compound growth rate (CAGR) of 4.03%. This indicates significant market potential and promising prospects for the industry.
Large forgings are widely used in power generation, shipbuilding, metallurgy, petrochemicals, and national defense. The rise of new industries, including electric vehicles and ultra-high voltage grids, has introduced fresh growth drivers for the forging industry. These sectors, along with aerospace and renewable energy, are driving increasing demand for high-quality, high-performance forgings.
Technology and Industry Upgrades
Technological innovation is a crucial factor in the development of the large forging industry. Advanced techniques such as precision forging and isothermal forging have improved the accuracy and quality of products. Additionally, digital design and simulation technologies are fostering innovation in manufacturing processes. Material innovation, particularly the use of new alloys like titanium and nickel-based materials, is further enhancing product performance and longevity.
Competitive Landscape
In 2024, the global metal forging market reached a value of $92.9 billion, with Asia-Pacific leading the market, accounting for 59% of the total. Europe follows with a 21% share. China remains a dominant force in the global large forging market, with key players such as AVIC Heavy Machinery, Wuxi Paike New Materials, and Tongyu Heavy Industry demonstrating strong research capabilities and large-scale production.
International companies such as Larsen & Toubro, ATI, and Nippon Steel also hold substantial market share, emphasizing the industry’s competitive global landscape.
Future Trends and Opportunities
The large forging industry will continue to focus on technological innovation and material diversity, with advanced technologies like 3D printing and smart manufacturing playing a larger role in the production process. Green manufacturing, aimed at sustainability, is becoming increasingly important, with companies striving to reduce emissions and improve energy efficiency.
Furthermore, the industry will experience growing demand from new sectors like electric vehicles, aerospace, and ultra-high voltage grids, creating diversified market opportunities.
The large forging industry is poised for continued growth, supported by expanding market demand, government policies, and accelerating international cooperation. As industry leaders enhance their competitiveness and embrace technological advancements, the future of the sector looks promising.
For more insights, please refer to the detailed market report by China Research Institute.