Forging Press Machine Market Size, Share, Growth, and Industry Analysis, By Type (< 10000 KN, 10000-100000 KN, and > 100000 KN), By Application (Automobile Industry, Space, Equipment Manufacturing Industry, and Other), Regional Insights and Forecast to 2031

Updated On: 06 May 2024

Forging Press Machine Market Report Overview

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The global forging press machine market size was USD 9149.6 million in 2022. As per our research, the market is expected to reach USD 11520 million in 2028, exhibiting a CAGR of 3.9% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the forging press machine market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Forging is a process in which metals are given a certain shape by localized compressive force. This manufacturing process is specifically done by the forging pressing machines. In this manufacturing process, metals are heated and then subjected to compressive forces to reshape it into the desired form. This process is used to create strong and durable components for a wide range of applications, including automotive parts, aerospace components, machinery, and more. 

The forging press machines are popular for their advantages such as material efficiency, precision, and improved metallurgical properties which make them essential in industries where reliability and performance are critical. Additionally, forging processes generate less waste, require minimal post-processing, and are versatile across a wide range of materials. Their capacity for mass production, customization, and environmental benefits further highlights their significance in modern manufacturing.

COVID-19 Impact: Market Growth Impeded due to Closure of Manufacturing Industry

Initially, in the year 2021, the market for forging press machines was severely hit by the COVID-19 pandemic. To control the community transmission of the coronavirus, governments imposed limitations on industrial and social activities which impacted the entire business industry including machinery and equipment. Along with the closure of the manufacturing industry due to lockdown restrictions, the scarcity of raw materials, shortage of workers, and decreased demand for forge press components impeded the market during the pandemic. However, the market has begun to recover from the previous year’s deficit with growing demand for forge press components and is expected to gain higher demand for the machines in the coming years. 

Latest Trends

"Trend of Automation and Energy Efficiency to Widen the Market Opportunity"

One of the latest trends in the forging press machine market is automation and industry 4.0 technologies, such as IoT sensors, data analytics, and connectivity. These features are increasingly being integrated into forging press machines. This integration allows for real-time monitoring, predictive maintenance, and improved production efficiency. In addition to this, demand for energy efficiency is another trend in the market. Such energy-efficient forging press machines are in demand as industries seek to reduce energy consumption and lower operational costs. As a result, manufacturers are designing machines with energy-saving features, such as regenerative systems and optimized hydraulic controls which are attributed to stretch the scope of the market in this projection period. 

Forging Press Machine Market Segmentation

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• By Type Analysis

According to type, the market can be bifurcated into < 10000 KN, 10000-100000 KN, and > 100000 KN

• By Application Analysis

Based on application, the market can be divided into Automobile Industry, Space, Equipment Manufacturing Industry, and Other

Driving Factors

"Expansion of Manufacturing Industries Upsurge the Demand for Forging Press" 

The market for forging press machines is primarily driven by the growth of the manufacturing industry and the growing demand for renewable energy equipment. The demand for forging press machines is closely connected to the growth of various manufacturing sectors, including automotive, aerospace, construction, and energy. As these industries expand, there is an increased need for forged components which will likely propel the demand for forging press machines. 

"Growing Demand for Lightweight Materials Escalate the Growth of the Market "

Furthermore, industries including automotive and aerospace are increasingly focused on lightweight materials to improve fuel efficiency and reduce emissions. Forging machines are used to manufacture lightweight, high-strength components from materials such as aluminum and titanium which are suitable materials for these industries. Thus, the growing demand for lightweight materials is anticipated to boost the forging press machine market growth over this forecast period. 

Restraining Factors

"High Initial Investment Can Obstruct Market Expansion"

Apart from driving factors, the market has some restraints that can hamper the market’s progress. For instance, the high investment cost of the machine. Forging press machines are capital-intensive and the high upfront costs can be a barrier to entry, especially for small and medium-sized manufacturers.

Forging Press Machine Market Regional Insights

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"North America Dominates the Market with Well-Established Forging Press Industry"

According to market research, North America has been a dominating region in the market with the possession of the highest forging press machine market share in the global marketplace. The region’s advanced manufacturing industries along with vast automotive, aerospace, and energy industries are key factors to foster the market in this region. As well as growing adoption of automation in manufacturing industries has also contributed to the market’s leadership.  

Key Industry Players

"Key Players Offer Customized Solutions that Meet Specific Industry Needs to Attract a Broader Customer Base"

As per the market report with regard to key players, leading companies in the market stimulate growth through innovation, customization, and technological advancements, meeting specific industry needs, expanding globally, and diversifying their product range. Besides, strategic partnerships, market research, effective marketing, and adaptability to changing conditions are also essential factors to their market dominance. By consistently delivering high-quality products, these companies enhance market growth and their own competitiveness.

List of Market Players Profiled

• AMADA (Japan)
• Anyang Forging Press Machinery Industry (China)
• Bystronic (Switzerland)
• Schuler (Germany)
• TRUMPF (Germany)
• Accurl (China)
• Ajax CECO (U.S.)
• Baileigh Industrial (U.S.)
• Betenbender Manufacturing (U.S.)
• Cincinnati (U.S.)
• Eagle Bending Machines (U.S.)
• EHRT/International (Canada)

Report Coverage

This report defines the forging press machine market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.