ALBANY, New York, August 7, 2017 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Forging Market for Automotive, Wind, Oil & Gas, Power Generation, Agriculture, Ordnance, Mining, Construction, Aerospace, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025." According to the report, the global forging market was valued at US$ 66,049.8 Mn in 2016 and is estimated to reach US$ 96,433.7 Mn by 2025, expanding at a CAGR of 4.4% between 2017 and 2025.
Forging is a manufacturing process wherein a metal is pressed, squeezed or pounded by compressive force into high-strength parts. Forging is categorized by temperature at which it is performed either by warm forging, hot forging, or cold forging. Forging is used widely due to its higher strength characteristics and low cost as compared to other processes. Forging equipment are widely used in the automotive industry. As a result, the forging market is highly dependent on the automotive industry. Use of forging equipment and process in the aerospace industry has gained attraction in recent years. This trend is expected to continue during the forecast period.
Increasing demand for forging in the automotive industry worldwide is expected to fuel the forging market during the forecast period. Forging is employed extensively in capital-intensive industries such as manufacturing, oil & gas, power generation, and aerospace. The share held by these end-user industry segments in the forging market is expected to increase during the forecast period. Globally, the industrial sector is projected to witness growth during the forecast period. This factor is estimated to be one of the drivers for the forging market during the same period. The volatile and changing market environment makes it difficult for forging companies to operate and expand. This may be one of the restraints for the forging market.
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Currently, Asia Pacific leads the global forging market. It is followed by North America and Europe. Increasing consumption of forging in automotive and construction industries in China and India is likely to fuel the demand for forging -based applications in Asia Pacific over the forecast period. China is the key manufacturer and consumer of forging based metals in Asia Pacific, mainly in the automotive application. Forging demand would continue to increase in Asia Pacific region over forecast period. In terms of volume, Asia Pacific is accounted for more than 55% share in 2016. North America and Europe are also developed countries for forging markets led to expand at a moderate pace during the forecast period. Middle East & Africa is likely to provide lucrative opportunities for the forging market owing to the rise in infrastructure development activities.
Key players in the forging market include Arconic Inc., Allegheny Technologies Incorporated (ATI), Bharat Forge Limited, Nippon Steel & Sumitomo Metal, American Axle & Manufacturing Holdings (AAM), and Thyssenkrupp AG.
The report segments the global Forging market as follows:
Forging Market: Type Analysis
- Closed Die
- Open Die
- Rolled Rings
Forging Market: Company Type Analysis
- Custom Forging
- Captive Forging
- Catalog Forging
Forging Market: Metals / Raw Materials Analysis
- Copper / Brass / Bronze
- Low-Carbon & Low-Alloy Steels
- Microalloy / HSLA Steels
- Special Alloy Steels
- Stainless Steel
- Nickel-Base Super alloy
- Refractory Metal
Forging Market: Application Type Analysis
- Oil & Gas
- Power Generation
- Others (Hand Tools)
Forging Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
Browse Research Press Release: http://www.transparencymarketresearch.com/pressrelease/forging-market.htm
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SOURCE Transparency Market Research