Some of the major companies working in forging market are American Axle & Manufacturing Holdings, Alcoa, Ellwood Group, Precision Castparts, FRISA, ATI Ladish Forging, HHI Forging, General Dynamics Ordnance & Tactical Systems, Sumitomo, Scot Forge, ThyssenKrupp, Sypris Solutions, and Bharat Forge Limited. The presence of these players will have a positive effect on the development of the global forging market in the years to come.
As per the analysts at Zion Market Research, the global forging market was capitalized at USD 57.42 Billion in 2015 and is anticipated to cross USD 86.90 Billion in 2021, developing at a CAGR of 7.2% from 2016 to 2021.
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Diverse Usage Of Forgings In Oil & Gas And Aerospace Sector To Power The Forging Market In The Years To Come
“Automotive sector relies on the forged metal elements for the making of high-pressure valves, valve bodies, flanges, and fittings. Hence, the development of forging market is directly related to the development of the automotive industry,” as per analysts at Zion Market Research. In addition to this, forgings find its diverse usage in oil & gas and aerospace sector. This is likely to tower the forging market in the years to come. On the other hand, accessibility of optional metal forming procedure might hinder the forging market in the years to come.
Various product launches by the market players is also one of the major reasons responsible for the development of the forging market. For example, in June 2017, MTI (Metal Technology) managed to launch production-readiness on a state-of-the-art & new forging line at its manufacturing plant in Albany, Ore.
Sharp Development In The Automotive Industry In China And India To Positively Affect The Forging Market In Asia Pacific
The forging market is divided as open die, rolled rings, and impression die based on product section. Impression die ruled the global forging market with more than 60% share in the global forging market in 2015. On the other hand, rolled ring die division is likely to see quickest CAGR growth in the years to come due to its increasing requirement in aviation, automotive, and oil & gas sector, consequently driving the forging market. Aerospace sector ruled the requirement in North America for rolled rings forging market. Asia Pacific in 2015 grabbed the forging market and is inclined to attain limelight in the years to come. Sharp development in the automotive industry in China and India is claimed to positively affect the forging market in this area. India is believed as the most important region for forging market. Some of the major reasons such as tie-ups with the potent automakers and government programs for outsourcing their forged elements add to the development of forging market in this area.
The global forging market is segmented as follows:
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