Emphasis on Type (10000 KN, 10000-100000 KN, and Above 100000 KN); Application (Hardware Tools, Engineering Machinery, Automotive Industry, and Others); and Region/Country
The closed die forging press market was valued at USD 24,255.04 million in the year 2022 and is expected to grow at a strong CAGR of around 5.4% during the forecast period owing to several advantages offered by the closed die forging process and low cost of manufacturing. Moreover, there has been a growing emphasis on sustainability and reducing manufacturing processes’ impact on the environment in recent years. According to the Eurostats statistics, in January 2023, around 4.8 tonnes of waste were generated per EU inhabitant in 2020 and about 39.2% of waste was recycled and 32.2 % landfilled in the EU in 2020. Therefore, numerous ventures have gone to shut pass on producing as a more eco-accommodating choice. For example, crankshafts and connecting rods have been made lighter and more fuel-efficient by using closed die forging in the automotive industry. Closed-die forging has also been adopted by the aerospace industry to produce high-performance parts that require exceptional strength and durability. Moreover, as the focus on sustainability and eco-friendliness continues to increase, it is expected that the use of closed die forging presses will continue to expand.
Some of the major players operating in the market include SMS group GmbH; Schuler AG; Mitsubishi STEEL MFG. CO., LTD.; Komatsu; Macrodyne Technologies Inc.; Ajax/CECO/Erie; Canada Forgings; Beckwood Press; LASCO Umformtechnik GmbH; and JNH Press Co., Ltd. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, the Above 100000 KN type grow at the fastest CAGR during the forecast period”
Based on type, the market is segmented into 10000 KN, 10000-100000 KN, and Above 100000 KN. Among these Above 100000 KN type grow at the fastest CAGR during the forecast period. Above 100000 KN closed die forging press have a very high superior quality over others. These presses are typically more durable and have a greater degree of accuracy than other types of presses. It also makes them an ideal solution for production lines with high precision requirements because of their ease of operation. Moreover, growing demand and rising product advancements drive the growth of the market. For instance, in Nov 2022, SMS group installed a pioneering hydraulic closed-die forging machine in the United States for Weber Metals, which is part of the OTTO FUCHS group. The machine boasted a forging force of 540000 KN, which equates to 60,000 short tons. That is why the most powerful, most precise, and most advanced press featuring digital technology is known simply as the 60k press.
“Amongst application, the automotive industry will attain a high market share during the forecast period”
Based on application, the market is segmented into hardware tools, engineering machinery, automotive industry, and others. Among these, the automotive industry will attain a high market share during the forecast period. These are immensely used in the automotive industry to shape certain automobile components & parts such as crankshafts, connecting rods, camshafts, and others. The major factors such as less resistance to corrosion, and flame resistance. That is why they are used for automotive forgings, such as axle beams and shafts, torsion bars, ball studs, idler arms, pitman arms, and steering arms. For instance, in Apr 2021, Automotive Supplier Commissioned Closed-Die Forging Line. The line produced aluminum chassis components, especially for electric vehicles. Furthermore, the closed-die forged components are also prepared with heavy pressures and extreme forces. So, they are acclaimed as optimum solutions for the automotive and truck industry.
“Europe is expected to grow with a robust CAGR during the forecast period”
Europe is expected to grow with a robust CAGR during the forecast period owing to high product demand from various end-use industries including aerospace and defense, automotive, construction machinery, and others. Countries like Germany and France are highly industrialized compared to other European countries from a few decades ago. Thus, the rising investments by governments for manufacturing equipment used for metal shaping along with growing R&D initiatives by companies operating within this industry vertical.
Closed Die Forging Press Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Closed Die Forging Press Market
6. Closed Die Forging Press Market Revenue, 2020-2030f
7. Market Insights By Type
8. Market Insights By Application
9. Market Insights By Region
10. Closed Die Forging Press Market Dynamics
11. Closed Die Forging Press Market Opportunities
12. Closed Die Forging Press Market Trends
13. Demand And Supply-side Analysis
14. Value Chain Analysis
15. Pricing Analysis
16. Strategic Insights
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
Research Methodology for the Closed Die Forging Press Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Closed Die Forging Press Market were the three major steps undertaken to create and analyze the adoption of smart homes in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Closed Die Forging Press Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Closed Die Forging Press Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Closed Die Forging Press Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Closed Die Forging Press Market. Further, we conducted factor analysis using dependent and independent variables such as type and application of the Closed Die Forging Press Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Closed Die Forging Press Market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Closed Die Forging Press Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Closed Die Forging Press Market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type and application in the global Closed Die Forging Press Market.
The main objective of the Global Closed Die Forging Press Market Study
The current & future market trends of the global Closed Die Forging Press Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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