This industry research report outlines the growth prospects and segmentation of the global forging market by technology (open die forging, impression die forging and rolled ring forging) and by end-users (automotive, aerospace, agricultural machinery and equipment, oil and gas, hand tools and hardware and industrial machinery). It further details the market shares of key regions such as the APAC, Americas and EMEA. The report also presents a complete analysis of the top vendors operating in the market, including Alcoa, ATI, Bharat Forge, Nippon Steel and Sumitomo Metal and ThyssenKrupp.
Technavio’s market research analysts estimate the global forging market, to grow at a CAGR of more than 7.5% between 2016 and 2020. Rising demand from automotive and aerospace industries will boost the demand for forging in the coming years. APAC leads the global forging market, accounting for 61% of the overall market share. Increasing outsourcing of forging activities to developing countries with low-cost labor and raw materials is a major growth factor of the market in this region. China, Japan, and India are the major revenue-generating countries in the region.
The new market research report from Technavio provides a breakdown and analysis of the forging segments by technology.
“Vendors are carrying out various research activities to develop lightweight, reliable, high-strength, and high-quality forged metals and durable die materials. They are also implementing different controls and sensors to monitor the forging process. The manufacturers are making various improvement in forging through the incorporation of modern software, better die-making procedures, central drilling, combination and refinement, use of microalloyed steel and coordinate-measuring machines,” says Sayani Roy, Industry Manager, Heavy Industry, Technavio Research.
Open die forging is the most-used technique in the forging market that use steel and its alloys. Being the most primitive technique, it is more cost-effective as it enables customization and control of the process, and offers flexibility. Open die forged products are extensively used in the aerospace, heavy-duty off-road equipment, and oil and gas industries.
The leading vendors in the global forging market include Alcoa, ATI, Bharat Forge, Nippon Steel and Sumitomo Metal and ThyssenKrupp. Most vendors in this market use captive manufacturing operations for metal forging. Also, the competition in the market is moderate because of captive consumption operations.
A more detailed analysis is available in the Technavio report, Global Forging Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
- Global Forging Industry 2014-2018
- Global Metal Casting Market 2014-2018
- Global Metal Stamping Market 2015-2019
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