FELTON, California, Feb. 20, 2019 /PRNewswire/ -- The global cold forged products market is expected to reach USD 17.25 billion by 2025, registering a CAGR of 5.0% from 2017 to 2025. Growth in the automotive sector of emerging economies including China and India as a result of planned production capacity expansion by vehicle manufacturers is projected to increase the utility of cold forged products.
Furthermore, improvement in the aviation sector of countries such as the U.S. and Germany as a result of supportive government programs for funding on defense aircraft is expected to promote the forging metal forms in the near future.
Aluminum is a preferred metal for manufacturing of lightweight parts particularly in industries such as aerospace and automobile as it has low density, high strength, and is corrosion resistant. Furthermore, high performance is obtained by forged aluminum wheels as compared to cast version used in heavy trucks and automobiles.
Cold forged aluminum engine mounts are increasingly replacing cast iron, resulting in weight reduction by more than 60.0%. The increasing usage of aluminum in end-use industries is expected to drive demand in the market in the coming years.
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In 2017, the U.S. held more than 85.0% share in the North America cold forged products market. Aircraft and automobile manufacturing are among the major demand generators for the market in the country. According to the International Trade Administration (ITA), in 2017, the aerospace industry contributed USD 143 billion in the U.S. economy through exports.
The growth in the aerospace industry coupled with the regulations advocating a reduction in carbon footprint is expected to drive demand for light weight cold forged products in the coming years.
In the Asia Pacific region, China's automotive industry is growing with a significant rate and the country is the largest automotive market in the world. According to the Ministry of Industry and Information Technology (MIIT), the domestic automotive sales in the country stood at 28.0 million units in 2017 and is expected to reach 30 million units by 2020, growing further to reach 35 million units by 2025. This significant growth in automotive manufacturing will surge the demand for the cold forged products in the country in the foreseeable future.
As a result of favorable government initiatives, the global construction & building market is expected to witness significant growth. Construction & building is a key growth sector for cold forged products and is expected to grow at a CAGR of more than 5.5% from 2015 to 2025.
The market is fairly competitive with manufacturers investing in modernizing their production facilities to reduce operational cost and gain a competitive edge. For instance, in December 2015, Kalyani Forge planned to invest USD 28.1 million on modernization and value addition at its manufacturing facilities in Pune, India, over the following three to five years.
To gain a competitive edge in the market, the companies are investing in R&D to introduce advanced products. For instance, in 2017, Nedschroef introduced high productivity fastening solution called TICnut (thin sheet inner clinch nut) which finds its use in applications such as heat shields, aluminum frame for doors, control units and wiring harness connectors.
Some of the key companies in the market include Bharat Forge Limited, Amtek Group, Kalyani Forge Ltd., and Ace Forge Pvt Ltd. Other active companies in the market include Daiichi Kiko Co., Ltd., Hiyoshi Kogyo Co., Ltd., Nedschroef, Miyama Precision (Thailand) Co., Ltd., Li-Hsing Forging Enterprise Co., Ltd., and Indo Schöttle Auto Parts Pvt. Ltd.
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Hexa Research has segmented the cold forged products market report based on material, application and region:-
Segmentation by material
• Stainless Steel
Segmentation by application
• Building & Construction
• Consumer Goods
Segmentation by region
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
Key players analyzed
• Kalyani Forge Ltd.
• Daiichi Kiko Co., Ltd.
• Hiyoshi Kogyo Co., Ltd
• Miyama Precision (Thailand) Co., Ltd.
• Li-Hsing Forging Enterprise Co., Ltd
• Indo Schöttle Auto Parts Pvt. Ltd
• Ace Forge Pvt Ltd.
About Hexa Research
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
SOURCE Hexa Research