Technavio, a tech-focused market research firm, has published a new report on the global forging presses market, which is projected to grow at a CAGR of around 3% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market research analysts categorize the global forging presses market into the following top regions: the Americas, APAC, and EMEA
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Forging presses market in APAC: The rise in outsourcing of forging activities to developing countries will augment the growth in the APAC region. India and Japan are the highest revenue generators in the APAC market. The low cost of labor and raw materials will encourage world sellers to set production plants in the APAC region, which, in turn, will boost the demand for forging press in this region. The rise in infrastructural development in these countries and the emergence of India as a manufacturing hub for the automotive industry will propel the growth of the forging presses market in APAC.
According to Gaurav Mohindru, a lead analyst at Technavio, specializing in research on engineering tools, “The development activities in China makes it the largest producer of forged parts in the global market. The growing demand for forging products in the automotive, construction equipment, general engineering, power, and oil and gas industries across the APAC region will attribute to its market share over the next few years.”
Forging presses market in EMEA: The increase in the manufacturing automotive parts across the European region and especially in Germany will fuel the growth in the EMEA market. The growing efforts by the automotive OEMs to increase compactness and reduce the engine size of diesel-powered cars and SUVs will increase the requirement for forging press in the market. Additionally, the rise in oil exploration activities in the North Sea will help add impetus to the demand for forged components in this region.
Forging presses market in the Americas: The rising number of light vehicles sales in the region will help in the growth of this market during the forecast period. The US, Canada, and Brazil account for approximately 80% of the total forging presses market production in the Americas. The presence of leading aerospace manufacturers like Airbus and Boeing will boost the demand for forging press in the American market.
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The top leading vendors operating in the global forging presses market are:
- Ajax CECO
- Anyang Forging Press
- ERIE Press Systems
- Schuler
- Sumitomo Heavy Industries
Other key vendors in the market include China National Erzhong, Isgec Heavy Engineering, J&H Press, JSC Tjazhmekhpress, Komatsu, Kurimoto, Lien Chieh Machinery, Northern Heavy Industries, QingDao Rungchang YiYou Machinery, and SMS.
A more detailed analysis is available in the Technavio report titled, ‘Global Forging Presses Market 2017 2021’. Technavio also customizes reports by other regions and specific segments upon request.
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