forging

Forging Market
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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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.
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.
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 (Open Die Forging, Closed Die Forging, Rotary Forging), End-Use Industry (Automotive, Mining, Construction, Others), Order (Custom Forging, Catalogue Forging), and Raw Material (Aluminum, Magnesium, Stainless Steel, Others) - Global Industry Insights, Trends, Outlook and Opportunity Analysis, 2017-2025

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