Growing end-use industries such as automotive, aerospace, oil and gas and others are driving the market growth. Rising demand of high-pressure valves, bolts, connecting rods, flanges and other fitting materials in end-use industries is fueling the market growth. Robust demand of high strength materials in the application sector is further driving the market growth.
As per the latest report added by Value Market Research, the Global Forging Market was valued USD 67,125 MN (by revenue) in 2017 and is anticipated to reach USD 107,788.1 MN by 2024 with a CAGR of 7.0%.
IMPRESSION DIE EMERGED AS THE LEADING SEGMENT
In 2017, Impression die dominated the product segment by accounting for 60% of the total market share. Owing to better accuracy, performance and excellent finish it is gaining hype in the market. Also, high demand of impression die from the aerospace and automotive sector is fueling the segment growth.
AUTOMOTIVE SECTOR DOMINATED THE APPLICATION SEGMENT
Automotive sector led the application segment and gained half of the total market share in 2017. High demand of high-pressure values, axial beams, shafts and other components within automotive sector is driving the segment growth. Also, use of forged components to impart better strength and reliability in an automotive application is further fueling the product demand.
ASIA PACIFIC LED THE REGIONAL MARKET
Geographically, Asia Pacific dominated the market by accounting for X.X% of the total market share. Owing to rising construction projects coupled with the booming automotive sector is majorly driving the regional market growth. Moreover, rapid urbanization and industrialization in emerging economies such as China and India are further driving the market growth.
KEY PLAYERS OF THE MARKET
Major vendors of forging market include Alcoa, American Axle & Manufacturing Holdings, ATI Ladish Forging, Ellwood Group, FRISA, General Dynamics Ordnance & Tactical Systems, HHI Forging, Precision Castparts, Scot Forge, Sumitomo, Sypris Solutions, ThyssenKrupp and Bharat Forge Limited.
As per this study the Global Forging Market was valued USD 90.69 MN (by revenue) in 2021 and is anticipated to reach USD 134.57 MN by 2028 with a CAGR of 5.8%.
Forging is a process of shaping material by applying compressive forces by forging machines or by using power hammers. This process can be carried out on substance in both cold and hot state. Bolts, connecting rods, turbine shafts, crane hooks, hand tools, gears, and other components used in machine manufacturing are some of the forged parts. They hold excellent property like toughness, strength, stress, and reliability. Forging activities find diverse application in many industries some of them are automotive, aerospace, mining and oil & gas industries.
Market Dynamics
Automotive is the largest consumption of forged components for the production of valve bodies, fitting, high-pressure valve, and flanges. Hence the growth of the forging market directly depends on the growth of the automotive sector. Also, forging find extensive application across aerospace and oil & gas industry which is also expected to boost the market growth. On the flip side, the availability of alternate metal forming technique is likely to hamper the market.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of forging.
Market Segmentation
The broad forging market has been sub-grouped into product and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Product
- Rolled Rings
- Open Die
- Impression Die
By Application
- Automotive Industry
- Aerospace Industry
- Oil and Gas Industry
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for forging in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Forging Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the forging market includes Alcoa, American Axle & Manufacturing Holdings, ATI Ladish Forging, Ellwood Group, FRISA, General Dynamics Ordnance & Tactical Systems, HHI Forging, Precision Castparts, Scot Forge, Sumitomo, Sypris Solutions, and ThyssenKrupp and Bharat Forge Limited. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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