The capital-intensive nature of the global forging
market features clear dominance of large players that operate in
global markets, says a report by Transparency Market Research (TMR).
This poses stiff challenges to small players that contend amongst
large players with respect to quality, features, functionalities, and
services. Further, the use of newer technologies by well-entrenched
players that will add qualitative value to existing products and also
lead to the development of novel products will intensify the
competition.
Some key participants in the global forging market
include Arconic Inc., Allegheny Technologies Incorporated, Bharat
Forge Limited, Nippon Steel & Sumitomo Metal, American Axle &
Manufacturing Holdings, and Thyssenkrupp AG.
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As per estimates of a report by Transparency
Market Research, the global forging market is expected to be worth
US$96,433.7 mn by 2025 expanding at a CAGR of 4.4% between 2017 and
2025. The market stood at a valuation of US$66,049.8 mn in 2016.
Powered by Industrialization in Emerging
Economies, Asia Pacific Dominates Market
The segments of the global forging market based
upon type are closed die, open die, and rolled rings. Closed die
forging holds the leading share in the market on account of the par
excellence finish and performance of products obtained using this
process. The segment is expected to continue dominance over the
forecast period.
Low-carbon & low-alloy steels metals is the
leading raw material segment in the forging market. In terms of
application, automotive holds dominance amongst other application
segments owing to the high usage of automobiles and expansion of the
automobile industry.
Asia Pacific held the leading share in the global
forging market in 2016. The growth of the region is primarily
ascribed to the development of automotive and construction
industries, particularly in China.
Revival of Growth of Automotive Sector Favors
Market
The increasing demand for forging in the
automotive industry is the foremost factor fuelling growth of the
forging market. The automotive sector utilizes as much as 65% of
forged metals that are produced every year globally. The growth of
the automotive industry post the economic slump of 2007 is having a
positive impact on the global forging industry.
Globally, the industrial sector is expected to be
on a growth trajectory in the upcoming years. This is anticipated to
have a positive bearing on the forging market over the same period.
Forged metals display a bevy of advantages over casting or any other
metalworking process. The high strength and reliability of forged
metals, and low cost of forging over other processes account for
their widespread applications. Forged metals are extensively used in
capital-intensive industries such as automotive, defense, aerospace,
industrial equipment, and factory automation.
Along with these factors, investments in large and
small forging units and globalization are projected to further drive
the market
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Posing a hindrance to the growth of global forging
market are a host of factors that include high cost of forging
quality steel, fewer partnerships between material manufacturers and
forging units, non-profitable economies of scale, and volatile
nature of end-use industries.
The review presented here is based on the findings
of a report by Transparency Market Research, titled “Forging Market
(Type – Closed Die, Open Die, and Rolled Rings; Company Type -
Custom Forging, Captive Forging, and Catalog Forging; Raw Material -
Aluminum, Magnesium, Copper/Brass/Bronze, Low-Carbon and Low-Alloy
Steels, Microalloy/HSLA Steels, Special Alloy Steels, Stainless
Steel, Nickel-Base Superalloy, Titanium, Refractory Metal, Beryllium,
and Zirconium; End-user - Automotive, Wind, Oil & Gas, Power
Generation, Agriculture, Ordnance, Mining, Construction, and
Aerospace) - Global Industry Analysis, Size, Share, Growth, Trends,
and Forecast, 2017 - 2025.”
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