According to the report published by Zion Market Research, global demand for forging market was valued at approximately USD 39000 Million in 2019, and is expected to generate revenue of around USD 57000 Million by end of 2026, growing at a CAGR of around 5.3% between 2020 and 2026.
According to the report published by Zion Market Research, global demand for forging market was valued at approximately USD 39000 Million in 2019, and is expected to generate revenue of around USD 57000 Million by end of 2026, growing at a CAGR of around 5.3% between 2020 and 2026.
Global Forging Market: Overview
Forging is a manufacturing process that includes the shaping of metal using localized compressive forces. The blows are either delivered with a die or a hammer. Forging is usually classified according to the temperature at which it is performed. The classification involves hot forging (a type of hot working), cold forging (a type of cold working), or warm forging. For the latter two, the metal is heated, generally in a forge. In weight, forged parts can range from less than a kilogram to hundreds of metric tons. Since the industrial revolution, forged parts are extensively utilised in machines and mechanisms wherever a component requires high strength. Henceforth, such forgings generally require further processing like machining to achieve a finished part. Currently, forging is a major worldwide industry.
Global Forging Market: Growth Factors
Rising end-use industries such as aerospace, automotive, oil & gas, and others are augmenting the target market growth. In addition, increasing demand of high-pressure valves, connecting rods, flanges, bolts, and other fitting materials in end-use industries is propelling the target market growth. Furthermore, vigorous demand of high strength materials in the application sector is enhancing the target market growth. Moreover, the advantage of forging over other fabrication techniques is driving the target market growth. Additionally, forging results in the modification of internal gains metals which is fuelling the global forging market. Furthermore, forged arts have enhanced structural integrity, which ensures optimum performance by component or part under field conditions. This factor has been augmenting the target market growth. Also, forging makes the metal ductile, tough, as well as capable of withstanding fatigue while also imparts uniformity to the grain flow. This is anticipated to propel the target market growth over the forecast period. However, availability of alternate metal forming processes is likely to harm the forging market over the forecast period.
Global Forging Market: Segmentation
The Forging market is fragmented based on product, application, and end-user. By product, the market is divided into seamless rings, closed die forging, and open die forging. Among these, closed die category is anticipated to dominate the product segment in terms of revenue due to the finish of products that are obtained using this process. On the basis of application, the forging market includes chassis components, powertrain components, transmission parts, and other parts. Among these categories, powertrain components category is expected to lead the application segment over the forecast period owing to the growth of the automobile industry to cater to the high demand for automobiles. The end-user segment of the forging market is classified into automotive, aerospace, oil and gas, and others.
Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Forging Market: Regional Analysis
Asia Pacific is predicted to display the prominent growth amongst other key regions. Development of automotive industries is an important factor driving the region in terms of target market growth. In addition, developing economies of the region are major consumers of forged metal. This is another factor propelling the target market growth.
Global Forging Market: Competitive Players
Some main participants of the Forging market are American Axle & Manufacturing Inc., Alcoa Corp., Bharat Forge Ltd., Bruck GmbH, Allegheny Technologies Inc., Thyssenkrupp AG, Ellwood Group, Aichi Steel Corp., Nippon Steel Corp., Sumitomo Electric Industries Ltd., Arconic Inc., HHI Forging, Precision Castparts, General Dynamics Ordnance & Tactical Systems, Scot Forge, and Sypris Solutions, and others.
Forging Market: Regional Segment Analysis
This report is based on in-depth qualitative and quantitative analyses of the global Forging market. Zion Research has collected and analyzed key data belong to the global Forging market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Forging across the world has been calculated through primary and secondary research.
Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in the validation of findings from secondary research and to understand key trends in the Forging industry. Primary research makes up the major source of data collection and validation.
Primary Research
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary Research
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Forging market.
Models
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
Forging is a process of controlled deformation of metal into a particular form by applying compressive forces. The forging process is advanced to casting process. In forging the parts formed have more defined grain patterns, less porosity, and denser microstructures which makes parts much stronger than a casting process. Every metal are forgeable, but each will have a forge ability rating from high to low or poor. The most forgeable materials are aluminum, copper, and magnesium. The fundamental types of forging process are open-die forging and impression or closed die forming. Forged metal components find in various applications in automotive, aerospace, construction, oil and gas, agriculture, shipbuilding, steel, bearing and power industries.
The global market for forging is expected to grow at a significant rate owing to growing automotive and aerospace industry worldwide. The aerospace industry is one of the top end-users in the forging market, as forged components are featured heavily to create commercial and defense aircraft. Furthermore, cost effective method of metal forming can boost the market growth in the upcoming years. However, availability of alternate metal forming processes is expected to be a restraining factor for the forging market in the near future.
The forging market is segmented based on product, application, and geography. On the basis of product, the forging market is classified into rolled rings, open die and impression die. In 2015, the impression die segment was the dominant product segment in the forging market. Impression-die forging methodology is also commonly termed as closed die forging. Closed die forging method is extensively used in commercial forging processes owing to its extreme accuracy. Automotive and aerospace, especially the commercial aviation segment, are the two major end-users of impression die forging method.
On the basis of application, the forging industry is bifurcated into automotive, aerospace, oil and gas, and other applications. Growth in the automotive industry plays an essential role in boosting the demand for forged parts as it is the largest revenue contributor to the global forging market. The automotive sector is the leading application segment for this market, and it is expected to grow at a significant rate within the forecast period. Forged parts parameters such as reliability, strength, and economic viability have increased its importance in these industries.
Geographically, in 2015 forging market was dominated by Asia Pacific followed by Europe. The growth in the Asia-Pacific region is mainly attributed to growing demand for infrastructural development in emerging countries and the emergence of India as manufacturing hub for the automotive industry would propel the growth of the market in this region.
The global forging market is highly fragmented because of the presence of various small and large players. The providers in this market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion. Recent trends suggest that major vendors are investing in R&D to explore avenues in the non-automotive sector to increase the market revenue. 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.
Rising end-use industries such as aerospace, automotive, oil & gas, and others are augmenting the target market growth. Moreover, the advantage of forging over other fabrication techniques is driving the target market growth
According to Zion Market Research, global demand for forging market is expected to generate revenue of around USD 57000 Million by end of 2026, growing at a CAGR of around 5.3% between 2020 and 2026.
Asia Pacific is predicted to display the prominent growth amongst other key regions. Development of automotive industries is an important factor driving the region in terms of target market growth.
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