Global Cold Forging Machine Market Set to Surge from USD 20.8 Billion in 2024 to USD 34.5 Billion by 2034, Expanding Steadily at 5.7% CAGR | Future Market Insights, Inc.
NEWARK, Del, Aug. 19, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the global cold forging machine market, valued at USD 19.8 Billion in 2023, is poised for robust growth, with projections indicating a rise to USD 20.8 Billion in 2024 and an impressive USD 34.5 Billion by 2034, driven by a 5.7% CAGR. This growth trajectory underscores the critical role of cold forging in modern manufacturing, where the demand for precision-engineered components continues to surge. The market is anticipated to show a year-on-year growth of 5.2% in 2024, reflecting the increasing reliance on cold forging processes across various industries.
Cold forging, a method that involves shaping metals at or slightly above room temperature under high pressure, has become a cornerstone in producing high-strength, durable components. The process's ability to deliver precise shapes and dimensions is particularly vital in sectors like aerospace and automotive, where materials such as titanium and magnesium alloys are increasingly used. These industry shifts are significantly boosting the cold forging machines demand, making them an indispensable part of the manufacturing landscape.
The growth of the cold forging machine market is driven by several key factors. The rising demand for lightweight and high-strength forged and casting components in the automotive and aerospace industries is a major contributor, as cold forging offers precision and cost-effectiveness in producing such parts. Technological advancements, such as automation and improved material handling, enhance production efficiency and quality, further propelling market expansion. Additionally, the increasing focus on energy efficiency and sustainability in manufacturing processes supports the adoption of cold forging, which typically requires less energy and generates less waste compared to traditional methods.
The cold forging machines demand is growing due to the increasing need for high-strength, precision components in industries such as automotive, aerospace, and electronics. These machines offer cost-effective production, reduced material waste, and enhanced mechanical properties, driving their adoption. Key trends include the integration of automation and digital technologies for improved efficiency, the development of environmentally friendly processes, and a shift towards lightweight materials to meet the evolving needs of manufacturing sectors focused on sustainability and performance.
Cold forging is a manufacturing practice in which the shaping of the workpiece is done by applying certain forces at room temperature. If the same process is done at a higher temperature, then it is known as hot forging. Hence, the machines used for conducting the cold forging process devoid of higher operating temperatures are termed cold forging machines.
The growing usage of these machines is completely dependent on the growth of major industries such as automotive and heavy engineering as the expansion and increasing output volumes are the only factors that are supposed to create new demand for cold forging machines.
Which are Some Prominent Drivers Spearheading Cold Forging Machines Market Growth?
Advantages of cold forging machines over hot forging machines are one of the key drivers for the market as the parts forged using the cold forging process do not require very little finishing work. Moreover, the lots of material is also saved in precision shapes coupled with increasing production output are also considered as key factors forcing the manufacturers to prefer cold forging machines over hot forging machines.
Additionally, the life span of dies used in cold forging machines is also more. Making the cold forging machines more attractive in the market.
What are the Challenges Faced by the Cold Forging Machines Industry?
Moreover, there are certain disadvantages of cold forging machines which may hamper the overall growth of the cold forging machines market. The machines required for conducting cold forging must be heavier and more powerful. Therefore, the cold forging machines are of higher cost. Furthermore, the products obtained after forging are less ductile, and residual stress may occur during the operation.
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Key Takeaways from the Report:
- The market recorded a CAGR of 4.1% during the historical period between 2019 and 2023.
- Indian cold forging machines market is expected to rise at a CAGR of 6.2% throughout the forecast period.
- China dominates the cold forging machine sector with a decent CAGR of 6.9%.
- The 6-die station segment dominates the machine type, accounting for around 35.5% of the share in 2034.
- The automotive segment is forecast to account for a revenue of around USD 10.1 Billion in the forging machine market by 2034.
“The demand for cold forging machines is being driven by rapid technological advancements, a shift towards lightweight materials, and the integration of Industry 4.0 technologies. The automotive sector, a major consumer of cold-forged components like gears, shafts, and fasteners, is experiencing significant growth.” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
In response to the rapidly evolving demands of end-users, prominent cold forging machine manufacturers are pursuing aggressive strategies, including acquisitions, mergers, and collaborations, to strengthen their market foothold. With a focus on delivering innovative and efficient solutions, these companies are expanding their product offerings and enhancing production capacities.
The market landscape is becoming increasingly competitive, with both established giants and emerging players vying for leadership. By investing in facility growth and forging strategic partnerships, these manufacturers are well-positioned to meet the growing need for high-quality, precision-engineered components across diverse industries.
Key Players in the Industry:
- Mauser Group B.V
- National Machinery
- Stamtec, Inc.
- Nedschroef Herentals
- Sijin Intelligent Forming Machinery Co. Ltd.
- Zhejiang Dongrui Machinery Industrial
- Zhejiang Shengtuo Machinery Co., Ltd.
- Jyichyng.
- Zhejiang Yeswin Machinery
- Sacma
- Hyodong Machine
- Ningbo Sijin Machinery
- Wuxi Zhengyao Machinery
- Hatebura
- Jern Yao
- Sacma
- Innor Machinery
- Harbin Rainbow Technology
- Shanghai Chun Yu Group
- Sunac
- Komatsu
- Kinefac Corporation
Cold Forging Machine Market Segmentation Analysis:
By Machine Type:
- 2-die station
- 3-die station
- 4-die station
- 5-die station
- 6-die station
By Product Type:
- Fasteners
- Shaped pieces
By Equipment:
- Mechanical press
- Hydraulic press
- Screw presses
By End Use:
- Aerospace
- Automotive
- Construction
- Wind energy
- Power generation
- Defence
- Others
- Medical
- Sports
- Tools and etc.
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa
- Oceania
About the Industrial Automation Domain at Future Market Insights:
The Industrial Automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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