28-Aug-2018 | Zion Market Research
According to the researchers at Zion Market Research, the value of the global forging market in 2019 was about USD 39,000 million and is projected to reach around USD 57,000 million by 2026, growing at approximately 5.3% CAGR during the forecast timeframe. Some of the major players profiled in the global forging market consist of Ellwood Group, Thyssenkrupp AG, American Axle & Manufacturing Inc., Scot Forge, Alcoa Corp., Bharat Forge Ltd., Nippon Steel Corp., Sumitomo Electric Industries Ltd., HHI Forging, Bruck GmbH, ATI Ladish Forging, Allegheny Technologies Inc., General Dynamics Ordnance & Tactical Systems, FRISA, Aichi Steel Corp., Arconic Inc., Precision Castparts, and Sypris Solutions.
Need For Imparting Strength To Material Will Drive Industry Growth By 2026
Beneficial features like need for acquiring reduction in overall costs as compared to fabrication & casting will benefit the expansion of forging market over the forecast timeline. Due to continuous texture variation in the parts, forging is likely to impart high strength to a piece of metal, thereby driving the business trends. Massive demand for forged automotive components in the vehicle manufacturing sector as well as need for forged parts in aviation sector as well as oil & gas industry will steer the industry expansion over the estimated timeline.
Automotive Industry To Dominate Application Landscape Over 2020-2026
Massive demand for strong, reliable, and cost-effective forged components in the vehicles will steer the massive use of forging process in the automotive sector, thereby contributing massively towards the dominance of the segment over forecast timeline.
Asia Pacific Market To Witness Lucrative Expansion By 2026
The expansion of the industry in the sub-continent over the forecast timeline is attributed to escalating infrastructural development in the countries like India. Apart from this, countries like India, Japan, and China are the major vehicle manufacturing hubs in the region contributing immensely towards the regional market size.
Browse the full “Forging Market Product (Seamless Rings, Closed Die Forging, and Open Die Forging), Application (Chassis Components, Powertrain Components, Transmission Parts, and Other Parts), and End-User (Automotive, Aerospace, Oil & Gas, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/forging-market
The global Forging Market is segmented as follows:
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