Top Companies in Forging Market | Top Key Players Growth rate, Statistics, Market Overview, Past data | Research Report by Vantage Market Research

Forging is a metal forming process that has changed over time and has seen the incorporation of new and diverse techniques.

Top Companies in Forging Market | Top Key Players Growth rate, Statistics, Market Overview, Past data | Research Report by Vantage Market Research
forging market

Market Overview:

The Global Forging Market was valued at USD 74.1 Billion in the year 2021 and is expected to reach a value of USD 98.7 Billion by the year 2028. The Global Forging Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.9% over the forecast period. Forged metals are typically used in industries that need a hefty amount of funding, such as aerospace, defense, automation factory, automobile, and others. Its miles are the unique feature that makes the solid metals pave the way within the capital in depth industries. In addition, solid metals are recognized to be incredibly robust and more reliable than those acquired using casting or another metalworking procedure. Every other essential factor that gives an aspect to the forging marketplace is the system required for forging metal is less expensive in evaluation than other methods.

The worldwide market for forging is predicted to develop substantially due to the development of automobile and aerospace enterprises worldwide. The aerospace industry is one of the top stop-customers in the forging market, as solid additives are featured heavily in creating industrial and defense aircraft. Furthermore, the price-powerful metal forming technique can raise the market increase in the coming years. However, the availability of trade steel forming tactics is expected to be a restraining element for the forging marketplace in the close to future.

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Some of the key players operating in the Forging Market are listed below:

Company Name

Revenue in the US

  • American Axle & Manufacturing Holdings

$5 Billion

  • Precision Castparts

$6 Billion

  • Ellwood Group

$570 Million

  • General Dynamics Ordnance & Tactical Systems

$641 Million

  • HHI Forging

<$5 Million

  • Scot Forge

$149 Million

  • Sumitomo

$43 Billion

  • Sypris Solutions

$92 Million

 

  1. American Axle & Manufacturing Holdings

American Axle & Manufacturing Holdings was founded in 1994 and is headquartered in Michigan. The Company is an American manufacturer of automobile driveline and drivetrain components and systems. American Axle & Manufacturing (AAM) is a company that designs, engineers, manufactures, and supplies driveline and metal forming products for vehicles. The Company has approximately 21 thousand employees working for them.

  1. Precision Castparts

Precision Castparts Corp. is an American industrial goods and metal fabrication company that manufactures investment castings, forged components, and airfoil castings for use in the aerospace, industrial gas turbine, and defense industries. The Company was founded by Joseph Buford Cox in 1953 and is headquartered in the U.S. Approximately 20 thousand employees are working in this organization.

  1. Ellwood Group

Ellwood Group was founded in the year 1910 and is headquartered in Pennsylvania. Ellwood Group is a family-owned supplier of metals and custom-engineered components for critical applications worldwide. Ellwood is a company that manufactures and sells metalworking components. In addition, it offers steel, aluminum, rolled rings, machines, casting, and more. The Company caters to oil and gas, power generation, mining, aerospace, defense, and other industries. There are approximately 2,100 employees in the Company.

  1. General Dynamics Ordnance & Tactical Systems

General Dynamics Ordnance and Tactical Systems is an aerospace and defense company providing military forces with weapons systems for strategic and tactical operations. It specializes in naval, air, and ground forces applications across various calibers and weapons platforms. The Company was founded in 1996 and is headquartered in the U.S. Approximately 1000-5000 employees are working in this Company.

  1. HHI Forging

The HHI Forging LLC designs and manufactures forged and machined components. The Company markets its products to the automotive industry. The Company serves customers primarily in the United States. This Company was founded in 1971, and its headquarters are in Royal Oak, Michigan, United States. 

  1. Scot Forge

Scot Forge is a company that provides open-die and roll ring forging solutions. It manufactures a range of precision stamped metal parts, including discs and blanks, step shafts, bars, hubs, tooled forgings, complex forged shapes, hollows, rings, semi-closed die forgings, and torch and profile cut forgings. The Company was founded in 1893 and headquartered in Spring Grove, IL, United States. Approximately 200-500 employees are working in this Company.

  1. Sumitomo

Sumitomo Corporation is a general trading company. The Company imports and exports various goods such as metals, machinery, chemicals, fuel, food products, and textiles. Sumitomo operates real estate, construction, shipping, insurance, finance, and leasing businesses. The Company was founded in 1919, and the headquarters are in Japan. Approximately 74 thousand employees are working in this organization.

  1. Sypris Solutions

This Company is a diversified provider of technology-based outsourced services and electronics and truck components for the aerospace and defense markets. The Company was founded in 1997, and its headquarters are in Louisville, Kentucky, United States. The Company majorly operates in two business segments, Sypris Technologies, and Sypris Electronics.

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