Forging - both Hot & Cold - are most preferred in component manufacturing basically because
Devoid of porosity & surface inclusions, aiding 0 level rejections at the machining stage.
Hot working improves the strength and ductility, paving posibilty to produce light weighted components
High fibrous structure rendered to the components imparts high resistance to wear & tear
Accurate dimensional output reduces additional machining process, saving down time & cost
Aesthetic surface smoothness keeps awayadditional finishing process, earning additional cost & time.
In a nutshell, the best process for production of cost effective & time saving industrial components