Drop Forging: Introduction
- Drop forging is a process to shape different metals including steel
- In a lower die mold block, a heated steel billet is placed. A die-equipped ram hammer drops down on the metal and forges the metal into the desired shape.
Key Drivers of the Global Drop Forging Market
- Usage of lightweight metals in various end-use industries has been increasing at a rapid pace. Drop forging is an effective process to decrease the metal weight. Aluminum and titanium are widely utilized metals in the transportation vehicle industry. These metals are commonly drop forged metals, after steel.
- In terms of end-use industry, the automotive industry accounted for a major share of the global drop forging market. The strength, durability, and reliability offered by drop forging has made it a popular manufacturing process for automotive components. These factors significantly boost the global drop forging market.
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Rise in Demand in Aviation Industry to Offer Significant Opportunities
- Increasing number of domestic and international travelers at the global level is driving the demand for passenger airlines in the aviation industry. This is expected to boost aircraft production worldwide and drive the demand for drop forging in the near future.
Alternate Component Manufacturing Processes to Hamper the Global Drop Forging Market
- Increase in number of alternate technologies and their low manufacturing cost is hindering the market. Casting as an alternate technology is gaining popularity globally.
Asia Pacific the Dominant Market for Drop Forging
- The drop forging market in Asia Pacific witnessed rapid expansion in 2018. Increased investment in automotive and aerospace sectors in developing countries, including China and India, is driving the market in the region.
- North America accounted for a prominent share of the global drop forging market in 2018. It has been observed that large number of manufacturing units are located in this region. These manufacturing units will drive the demand for drop forging in North America.
Key Players Operating in the Global Market
The global drop forging market is fragmented in nature. Large number of small-scale manufacturers are present in this market. Key market participants are signing strategic partnerships and engaging in strategic mergers and acquisitions to consolidate their presence in the global market. Moreover, drop forging companies are investing in infrastructure improvement to compete in the market. Companies are investing in different regions to enhance their presence in the market. For instance, In June 2019, India-based forging company, Bharat Forge Ltd. announced the start of their new plant in the U.S. This plant is expected to become operational by 2022. Key players operating in the global drop forging market are listed below:
- Aichi Forge USA, Inc.
- AVIC HEAVY MACHINERY CO., LTD
- Bharat Forge Limited
- Eramet Group
- JSW Group
- Kobe Steel, Ltd.
- Precision Castparts Corp.
- VSMPO-AVISMA Corporation
- Wanxiang Group Corporation
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Global Drop Forging Market: Research Scope
Global Drop Forging Market, by Process
- Hot Forging
- Cold Forging
Global Drop Forging Market, by Type
- Open Die
- Closed Die
Global Drop Forging Market, by Metal Type
- Alloy Metal
- Others (Copper, Nickel, etc.)
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Global Drop Forging Market, by Application
- Aerospace & Defense
- Others (Energy & Power, Oil & Gas, etc.)
Global Drop Forging Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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