Forging Market worth $86.90 Billion by 2021
Zion Market Research has published a new report titled “Forging Market (Rolled Rings, Open Die, and Impression Die) for Automotive, Aerospace, Oil & Gas, and Other Applications – Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2015 – 2021”. According to the report, the global Forging market was valued at USD 57.42 billion in 2015 and is expected to reach USD 86.90 billion in 2021, growing at a CAGR of 7.2% between 2016 and 2021.
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There are three main types of forging such as the open die, closed die, and rolled rings. Depending upon the complexity of the material forging is carried out as open die forging or closed die. In open die forging, the metal is compressed by repeated blows by a mechanical hammer and shape is manipulated blows by a mechanical hammer and shape is manipulated manually. In closed die forging, the desired configuration is obtained by squeezing the obtained by squeezing the workpiece between two shaped. Both open and closed die forging processes are carried out in hot as well as in cold state.
Automotive industry depends on the forged metal components for the production of valve bodies, high-pressure valves, fittings, and flanges. Therefore, the growth of forging market is directly proportional to the growth of the automotive sector. Moreover, forgings find its diverse application in aerospace and oil & gas industry which is expected to boost forging market in the forecast period. However, availability of alternate metal forming process may hamper the market in the forecast period.
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The forging market is segmented as rolled rings, open die and impression die on the basis of product segment. Impression die dominated the global forging market with over 60% share in the total market in 2015. However, rolled ring die segment is expected to witness fastest CAGR within the forecast period owing to its growing demand for automotive, aviation and oil & gas industry is growing. Aerospace industry dominated the demand for rolled rings forging equipment market in North America. Asia Pacific has cornered the forging market in 2015 and is inclined to gain traction in the forecast period. Sharp growth in the automotive sector in India and China is said to positively impact the forging market in this region. India is considered as the most prominent region for forging market. Some of the major factors such as government initiatives for outsourcing their forged components and tie-ups with the potent automakers contribute in the growth of forging market in this region.
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Some of the key players operating in forging market are Key players in this market are Alcoa, American Axle & Manufacturing Holdings, Precision Castparts, Ellwood Group, ATI Ladish Forging, FRISA, General Dynamics Ordnance & Tactical Systems, HHI Forging, Scot Forge, Sumitomo, Sypris Solutions, ThyssenKrupp and Bharat Forge Limited.
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