According to Technavio’s latest market research study, the global forging market is expected to grow at a CAGR of more than 5% during the forecast period 2017-2021.
This report by Technavio provides an in-depth analysis of the global forging market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the type
|
PRODUCT TYPE |
MARKET SHARE 2016 (%) |
|
Closed-die forging |
63.80% |
|
Open-die forging |
29.20% |
|
Seamless rings |
7.00% |
Source: Technavio
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The top three revenue contributing type segments are discussed below
Global closed-die forging market: The manufacturing of closed die forging or impression-die forging involves the use of an impression die to compress the workpiece. Closed dies are mainly used in the automotive and commercial aerospace segments.
“Vendors in the market are redesigning the robots used in forging to enhance their productivity through the incorporation of new technologies. One such development is collision resistance,” says Anju Ajaykumar, a lead analyst at Technavio for research on metals and minerals.
Global open-die forging market: Open die forging, also sometimes referred to as ‘upsetting,’ involves the use of two flat dies to reduce the height of the workpiece by the application of compressive force. This type of forging is used in industry segments such as oil and gas, defense and aerospace, and metal processing.
Global seamless rings market: The seamless rings market is expected to be the fastest-growing segment of the global forging market. The process of manufacturing seamless forged rings is also known as ‘ring rolling’ and is performed using rolling mills.
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The top vendors operating in the global forging market are:
- Alcoa
- ATI
- Bharat Forge
- Nippon Steel & Sumitomo Metal
- ThyssenKrupp
Other prominent vendors in the market include Aichi Steel, American Axle & Manufacturing, Ajax Tocco Magnethermic, Aluminum Precision Products, Asahi Forge, Alicon Castalloy, Amtek, Brück, Crow Precision Components, Electrosteel Castings, FOMAS, Jayaswal Neco Industries, Hinduja Foundries, Heavy Engineering, Hilton Metal Forging, KITZ, Kalyani Forge, L&T Special Steels and Heavy Forgings, Mahindra CIE Automotive, Metaldyne Performance, MM Forgings, Nelcast, Precision Castparts, Ramkrishna Forgings, Sanghvi Forging & Engineering, Siderforgerossi, Sheffield Forgemasters International, SIFCOR, Sona BLW Precision Forgings, Specialty Ring Products, SIFCO Industries, Trinity Forge, Trenton Forging, TECT Power, Walker Forge, Weldaloy, Weber Metals, and ZOLLERN.
A more detailed analysis is available in the Technavio report titled, ‘Global Forging Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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