Forging Market

Forging Market - Global Industry Insights, Trends,
Outlook and Opportunity Analysis, 2018-2026
Forging refers to a process of shaping the material by applying compressive force
manually; by forging machines or with the use of power hammers. Forging process
can be carried out on materials in either cold or hot state. These forged parts include
bolts, connecting rods, turbine shafts, crane hooks, hand tools, gears, and other
components used in machine manufacturing. These products offer toughness,
strength, stress, and are reliable end-use industry such as automotive, mining, and
aerospace and various other applications.
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Forging activities find diverse use in many industries mainly in automotive,
aerospace, and oil and gas industries which in turn boosting the forging market and
is also anticipated to drive this market over the forecast period.
The closed die forging segment (impression die forging) is the dominant segment in
the global forging market and is anticipated have a continuous growth over the
forecast period. This is due to its high dimensional accuracy and fine surface
finishing. The aerospace and automotive industry are the biggest end users of the
closed die forging method.
The automotive segment is accounted to have the largest share in the global forging
market. Low fuel rates and interest rates are the key factors driving the growth of
automotive industry of the forging market. Similarly, custom forging is witnessed as
the dominant segment amongst the order types owing to its immense use in
submarines, refineries, space crafts, missiles, pressure vessels, offshore rigs,
scientist research equipment, and some others.
Global Forging Market Outlook
Asia Pacific is projected to be the dominant region in the global forging market
having the largest market share in the world followed by North America.
Development in infrastructure, advancement in automotive and construction
industries in the emerging economies and recognition of the emerging country such
as India as the manufacturing hub is propelling the growth of forging market in this
region. Moreover, the burgeoning outsourcing of forging activity backed by
government initiatives have contributed to the growth of forging market in this region.
China, is the key producer of forging products in this region.
North America has witnessed a burgeoning growth in the global forging market. One
of the main reasons behind the growth is due to the increasing demand for rolled ring
forging which is ruling the aerospace industry of this region. According to the Forging
Industry Association, forging appears in the 20% of products which represents the
GDP of U.S.
Europe is anticipated to witness a significant growth in the global forging market.
According to an article published by Euroforge, Germany is one of the major players
in this industry accounting for 48% of the forging production. Tata Steel and
ThyssenKrupp AG agreed to merge their steel operations to emerge as the
continent’s number 2 steelmaker. Environmental and government regulations have
given significant pace to global forging market in this region.
Key Players in the Global Forging Market
Key players operating in the global forging market include Bharat Forge Limited.,
Alcoa, Precision Castparts, ATI Ladish Forging, HHI forging, American Axle &
Manufacturing Holdings, Ellwood Group, FRISA, and Scot Forge.
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Forging Market report is segmented on the basis of Type, End-Use Industry, Order, and Raw Material - Global Industry Insights, Trends, Outlook and Opportunity Analysis, 2018-2026

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