NAICS 332111 - Iron and Steel Forging
This U.S. industry comprises establishments primarily engaged in manufacturing iron and steel forgings from purchased iron and steel by hammering mill shapes. Establishments making iron and steel forgings and further manufacturing (e.g., machining, assembling) a specific manufactured product are classified in the industry of the finished product. Iron and steel forging establishments may perform surface finishing operations, such as cleaning and deburring, on the forgings they manufacture.
Industry trends:
The Iron and Steel Forging industry, classified under NAICS 332111, has seen several qualitative trends emerging recently. One significant trend is the increasing adoption of advanced manufacturing technologies. With the advent of Industry 4.0, companies are increasingly integrating automation, IoT (Internet of Things), and data analytics into their forging processes. This shift is expected to enhance precision, reduce waste, and improve overall operational efficiency.
Environmental sustainability is another critical trend, driven by regulatory pressures and changing consumer preferences. Companies in this industry are investing in cleaner and more energy-efficient production methods. The use of eco-friendly materials and recycling processes is gaining traction, helping firms reduce their carbon footprints.
On the supply chain front, there is a growing focus on resilience and diversification. The disruptions caused by the COVID-19 pandemic have highlighted the importance of having flexible and diverse supply chains. Firms are increasingly sourcing materials from multiple suppliers and regions to mitigate risk.
For the near future, forecasts indicate a steady growth in demand, particularly from key sectors such as automotive, construction, and aerospace. Advances in electric vehicle manufacturing and infrastructure development are likely to drive this demand. However, the industry may face challenges related to labor shortages and rising material costs, necessitating continued innovation and efficiency improvements.
This industry is comprised of:
Cold forgings made from purchased iron or steel, unfinished
Drop forgings made from purchased iron or steel, unfinished
Ferrous forgings made from purchased iron or steel, unfinished
Forgings made from purchased iron or steel, unfinished
Gun forgings made from purchased iron or steel, unfinished
Hammer forgings made from purchased iron or steel, unfinished
Horseshoes, ferrous forged, made from purchased iron or steel
Hot forgings made from purchased iron or steel, unfinished
Iron forgings made from purchased iron, unfinished
Press forgings made from purchased iron or steel, unfinished
Steel forgings made from purchased steel, unfinished
Upset forgings made from purchased iron or steel, unfinished
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