Global Forging Market Anticipated to Reach US$ 96,433.7 Mn by 2025

Transparency Market Research has released a new market report titled “Forging Market for Automotive, Wind, Oil & Gas, Power Generation, Agriculture, Ordnance, Mining, Construction, Aerospace, and Other Applications – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.” According to the report, the global forging market was valued at US$ 66,049.8 Mn in 2016 and is estimated to reach US$ 96,433.7 Mn by 2025, expanding at a CAGR of 4.4% between 2017 and 2025.

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Forging is primarily used to press, pound, and squeeze metals into desired parts. The process using forging equipment produces parts that are stronger than those manufactured by any other metalworking process. Hence, forging is employed on a large scale. However, these parts can rarely be seen, as they are normally the component parts inside assembled items ranging from airplanes and automobiles to industrial equipment. Forging is very commonly used in capital-intensive industries such as automotive, energy, oil & gas, and manufacturing. Performance of these industries reflects not only the market conditions, but also economic growth of a country. These industries contribute to a majority of a country’s economic growth.

The forging market has been segmented on the basis of type, company type, metals/ raw material, and application. Based on type, the market has been segmented into closed die, open die, and rolled rings. Based on company type, the market has been segmented into custom forging, captive forging, and catalog forging. Based on metals/ raw materials, the market has been split into aluminum, magnesium, copper / brass / bronze, low-carbon & low-alloy steels, microalloy / HSLA steels, special alloy steels, stainless steel, nickel-base superalloy, titanium, refractory metal, beryllium, and zirconium. Based on applications, the market has been split into automotive, wind, oil & gas, power generation, agriculture, ordnance, mining, construction, aerospace, and others (hand tools). The higher market share of the automotive segment can be ascribed to high usage of automobiles and expansion of the automobile industry. In terms of volume, the automotive segment accounted for about 64% share of the global forging market in 2016.

Asia Pacific held the largest share of the global forging market in 2016 across the globe. Growth of the region is primarily ascribed to the development of automotive industries, especially in China. In terms of volume, Asia Pacific was estimated to hold about 55% share of the global Forging market in 2016. The region is also projected to be the fastest growing market for forging during the forecast period.

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The rising number of automotive, mining, and infrastructural industries in Asia Pacific is driving the custom forging market in the region. In terms of revenue, North America and Europe are constituted a significant share in this market in 2016, which, however, is anticipated to increase moderately during the forecast period. Currently, the penetration of the forging market in North America is marginal. However, India is slowly emerging as an important market for forging. The following factors are driving the market in the country; government initiatives such as ‘Make in India’ and ‘Skill India’.

Key players in the forging market include Arconic Inc., Allegheny Technologies Incorporated (ATI), Bharat Forge Limited, Nippon Steel & Sumitomo Metal, American Axle & Manufacturing Holdings (AAM), and Thyssenkrupp AG.

The report segments the global forging market as follows:

Forging Market: Type Analysis

  • Closed Die

  • Open Die

  • Rolled Rings

Forging Market: Company Type Analysis

  • Custom Forging

  • Captive Forging

  • Catalog Forging

Forging Market: Metals / Raw Materials Analysis

  • Aluminium

  • Magnesium

  • Copper / Brass / Bronze

  • Low-Carbon & Low-Alloy Steels

  • Microalloy / HSLA Steels

  • Special Alloy Steels

  • Stainless Steel

  • Nickel-Base Superalloy

  • Titanium

  • Refractory Metal

  • Beryllium

  • Zirconium

Forging Market: Application Type Analysis

  • Automotive

  • Wind

  • Oil & Gas

  • Power Generation

  • Agriculture

  • Ordnance

  • Mining

  • Construction

  • Aerospace

  • Others (Hand Tools)

Forging Market: Regional Analysis

  • North America

    • U.S.

    • Canada

  • Europe

    • France

    • U.K.

    • Spain

    • Germany

    • Italy

    • Rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • ASEAN

    • Rest of Asia Pacific

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America

  • Middle East & Africa (MEA)

    • GCC

    • Egypt

    • South Africa

    • Rest of MEA

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