Global Forging Market: Snapshot
Well established global players in the global forging market are dominating the market clearly because of the capital intensive nature of the market. This has caused a serious threat to the small or regional players who cannot afford such funding or investment thus are behind to the global players in terms of functionalities, features, services, and quality. Apart from these, the use of new technologies by well trenched players to produce better and manufacture products in a more efficient way is giving them a boosts in comparison to regional or local players.
Rapid development in various industries and particularly in the automotive industry is having a positive impact on the market by leaps and bounds. It has been noticed that the automotive industry uses a whooping of 65% of forged metals that is produced globally.
Forged metals are generally used in industry which needs a hefty amount of investment such as aerospace, defense, automation factory, automotive, and others. It is the specific characteristic that makes the forged metals pave a way inside the capital intensive industries. The forged metals are known to be super strong and are reliable than the metals obtained by casting or any other metalworking process. Another important factor that gives an edge to the forging market is the procedure required for forging a metal is cheaper in comparison to other processes.
According to Transparency Market Research, the global forging market is likely to expand at 4.4%of CAGR during the forecast period 2017-2025. By the end of the forecast period the value of the market is likely to be worth at US$96433.7mn
High Performance of Finished Products Makes Closed Die Type Segment to Dominate
The global forging market is classified on the basis of type, company type, raw material, and application. On the basis of type, the market is segregated into rolled rings, open die, and closed die. Amongst the pack, closed die hold the major share in terms of revenue and is anticipated to continue during the assessed period. The reason to this is the quality finish products and excellence performance that is obtained through this process.
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On the basis of company type the market is bifurcated into captive forging, catalog forging, and custom forging. Custom forging is known to hold the major share among the rest. This segment held a whopping 60% volume share of the market recently. Custom forging is known to rely on closed die forging in comparison to open die forging.
On the basis of raw material, the market can be divided into magnesium, copper/bronze/brass, low-alloy steels, low-carbon steels, special allow steel, nickel-base super alloy titanium, beryllium, zirconium, refractory metal, microallo/HLSA steel, beryllium, and aluminum.
The product of global forging market finds its application in the oil and gas, ordnance, construction, mining, aerospace, wind, automotive, agriculture, power generation another. Amongst the pack, the automotive segment holds the major share of the market and this is because of the rapid bound and leap of the global automotive sector in order to meet the high demand all across the world. The automotive segment held nearly 64% of the market in terms of volume recently.
Emerging Economies Aids Asia Pacific to Dominate the Market
On the basis of the geography, the global forging market is split into Europe, North America, Middle East and Africa, Latin America, and Asia Pacific. Amongst the pack, Asia Pacific held a lion’s share of more than 55% of the market recently. In the coming years, the market is likely to retain its position showing a stupendous growth due to rapid rise of construction and automotive industries in the region. Another factor which makes the region dominant is the presence of large number of global players in the region. On the other hand Europe and North America is likely to show an impressive growth during the assessed periods. Some of the major players in the market are Thyssenkrupp AG, Nippon Steel and Sumitomo Metal, Allegheny Technologies Incorporated, and Bharat Forge Limited.