PORTLAND, Oregon and PUNE, India, January 24, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Impression Die Forging Market: Global Opportunity Analysis and Industry Forecast, 2014-2022," the global impression die forging market was estimated to be $17,007 million in 2015 and is expected to reach $22,732 million by 2022 growing at a CAGR of 4.34%. Oil & gas is estimated to be the most dominant end user segment in the market from 2015 to 2022; while Asia-Pacific dominated the market with 40.5% of the global market share in 2015.
Impression die forging is a metal deformation process, which utilizes pressure to compress a piece of metal to fill in an enclosed die impression. Extreme amount of force is applied to deform the metal, which is subsequently forced to flow into the die chambers. Two types of equipment such as mechanical forging presses and hydraulic forging presses are generally used for this process. Improving global economic condition, increasing innovations in products and equipment and growth in end user industries such as aerospace, construction equipment, oil & gas, and others are fueling the market growth. However, the market growth is restrained by increasing input costs and high cost of impression die forging process.
Summary of Impression Die Forging Market Report can be accessed on the website at:
The global impression die forging market is segmented based on component type, order type, metal type, and end user industry. Based on the type of components, the market is segmented into landing gears, connecting rods, gear blanks, crankshafts, jet engine & turbine shafts, and others. Other components include pistons, flanged connectors, axles, railway wheels, shrouds, valves, piston rods, piping products, cylinders, levers, impellers, shafts, and casing. The other component segment accounted for dominant share of the market in 2015 and is expected to maintain its position throughout the forecast period. These components are further processed using other production methods and are utilized in aerospace, defense, oil & gas, construction equipment, food, shipbuilding, and other industries.
"Key players in the market are focusing on expanding their product offering capabilities, shortening their manufacturing cycles and improving their cost structures to remain competitive in the market. These companies are improving their expertise to develop components for high opportunistic markets of aerospace & defense to sustain their position in the market" states Eisha Sukhija, Research Analyst, Construction & Manufacturing at AMR.
Based on order type, the impression die forging market is segmented into custom forgings and catalogue forgings. Custom forgings accounted for dominant share of the market in 2015 and is estimated to grow at a CAGR of 4.4% to reach $21,126 million by 2022. Custom-forged components are used in aircraft, submarines, refineries, power-generating stations, space craft, processing plants, missiles, offshore oil rigs, pressure vessels, deep-sea submersibles, off-the-road equipment, scientific research equipment, and other specialized applications.
The impression die forging market by metal type is segmented into steel alloys, titanium alloys, iron-based heat resistant alloys, nickel based alloys, and others. Steel alloys were the most dominant metal type used in impression die forging components in 2015 and is expected to maintain this dominance over the forecast period. Steel is among the major material used in forging components owing to its versatile properties such as ductility for load bearing components high hardness for use as a cutting tool, malleability for machining, shaping & drilling operations, and high temperature resistance. The market for steel metal impression die forging was estimated to be $9,795 million in 2015 and is expected to reach $13,039 million by 2022, growing at a CAGR of 4.3%.
Impression die forging based on end user industries is classified into aerospace, oil & gas, shipbuilding, construction equipment, railways, defense, food, and others. Oil & gas was the most dominant end user segment in this market in 2015, accounting for $5,444 million in 2015. Primary impression die-forged components for oil & gas industry includes valves, surface flow, and subsea equipment. Companies have identified oil & gas as a key segment for their products and developed products both for upstream and downstream aspects of this sector.
By geography, the impression die forging market is analyzed across four regions, namely North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries. Asia-Pacific was the most dominant geographical market in 2015, is estimated to grow at a CAGR of 4.8% due to rapid industrialization and construction sector. In addition, China was one of the largest producers of forgings.
Key findings of Impression Die Forging Market
- Custom forging market accounted for $15,703 million in 2015 and is expected to grow at a CAGR of 4.4% during the forecast period.
- Titanium forgings market is expected to have the fastest CAGR of 5.0%, primarily due to growing aerospace and defense industries.
- Shipbuilding end user segment is expected to grow at a CAGR of 3.7% during the forecast period.
- Asia-Pacific is expected to be the fastest growing regional market with a CAGR of 5.1%.
The key players in the market are focusing on collaborations, partnerships and product developments to remain competitive in the market. Some of the key players in the impression die forging market include ATI, Aubert & Duval, Bharat Forge Limited, Bifrangi SpA, Böhler Schmiedetechnik GmbH & Co KG, Ellwood Group Inc., Mahindra Forgings Europe AG, Maschinenfabrik Alfing Kessler GmbH. Nippon Steel & Sumitomo Metal, Riganti Spa, SAMMI Metal Products Co. Ltd, Siderforgerossi Group S.p.A, Siepmann-Werke GmbH & Co. KG, and ULMA Lazkao Forging.
Read similar market research reports on Construction & Manufacturing at: https://www.alliedmarketresearch.com/construction-&-manufacturing-market-report
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SOURCE Allied Market Research