The 22nd International Forgemasters Meeting (IFM 2024) was held in Milan, Italy. Delegations from multiple countries presented the latest developments in the field of open die forging and large forgings. Below is a summary based on the reports and presentations:

1. Japan

Due to the decline in global steel demand and automobile production, Japan’s roll production orders have been continuously decreasing. However, with the increase in electricity demand and strict global environmental requirements, nuclear power has gained attention. The Japanese forging industry expects that future orders for nuclear forgings may rise. The depreciation of the yen has led to rising scrap steel prices and energy costs, making it crucial for Japanese forging companies to balance these increases. The industry is focusing on technological development, product quality, cost reduction, and efficiency improvement, while also actively accumulating human resources for future development.

2. Germany

The German open die forging and large forgings market has significantly declined, with the machinery manufacturing industry market down 12% compared to 2022, and the export market also looking bleak. Due to some backlog orders in 2023, the actual production volume only decreased by 1%, but it is predicted to drop by 4% in 2024. The aviation sector saw growth in 2023, and the power market orders increased by 9%, but actual production decreased by 3%. Steel prices have risen sharply since 2019, with non-alloy steel and alloy steel prices dropping by 1% and 5% respectively in 2023. Energy prices remain high due to the CO2 tax. The German forging industry plans to achieve zero-carbon production by 2045, focusing on gas-to-electricity conversion, hydrogen fuel, and “green steel” technology.

3. Italy

Despite the impact of the COVID-19 pandemic and the energy crisis, Italy’s industrial sector remained stable from 2021 to 2023. Investments have increased, and the unemployment rate has decreased. The Russia-Ukraine war has led to rising energy prices, impacting the forging industry. The EU’s Green Deal and carbon trading plan have also affected the industry. From 2017 to 2023, companies invested 5% of their sales revenue, mainly in presses, manipulators, ring rolling machines, and “green steel” smelting equipment.

4. United Kingdom

The UK forging industry faces challenges from the pandemic, the Russia-Ukraine conflict, and the push for zero-carbon production. Raw material supply is unstable, and steelmaking has lost competitiveness due to high natural gas and electricity prices. In 2023, UK steelmaking electricity prices were 86% higher than in France and Germany. Although the government has tried to reduce electricity prices, they remain over 40% higher than in France and Germany. In 2023, the UK produced 5.6 million tons of crude steel, meeting 70% of annual demand, with about 40,000 direct employees. The UK aims to become the first country to produce zero-emission steel, with the forging industry serving sectors like automotive, aerospace, oil and gas, and defense.

5. India

India’s GDP is expected to grow at an average rate of 6.7% from 2024 to 2031, with manufacturing contributing 17%. The manufacturing sector is projected to grow to 21% in the next 6-7 years. India’s forging market is expected to grow from $5.08 billion in 2023 to $9.75 billion in 2030, with a CAGR of 9.8%. In the next three years, forging production capacity will increase to 3.5-4 million tons annually. India’s crude steel production in 2023 was 125.32 million tons, expected to reach 190 million tons by 2030. India plans to add 7480 MWe of nuclear power capacity and significantly develop its defense and aerospace industries.