PORTLAND, Oregon, August 2, 2018 /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 $27,163.6 million by 2025 growing at a CAGR of 5.22%. Oil & gas is estimated to be the most dominant end user segment in the market from 2014 to 2025; while Asia-Pacific dominated the market with 40.78% of the global market share in 2017.
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 are generally used for this process such as mechanical forging presses and hydraulic forging presses. Improving global economic conditions, increasing innovations in products and equipment and growth in end user industries such aerospace, construction equipment, oil & gas, and others fuel the market growth. However, the market growth is restrained by increasing input costs and high cost of impression die forging process.
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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 includes landing gears, connecting rods, gear blanks, crankshafts, jet engine & turbine shafts, and others. Other components segment that includes 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 2017 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.
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 2017 and is estimated to grow at a CAGR of 5.31% to reach $25,254.8 million by 2025. 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.
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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 2017 and is expected to maintain this dominance over the forecast period. Steel is among the major material used in the 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.
Key Findings of the Impression Die Forging Market:
- Custom forgings accounted for dominant share of the market in 2017 and is estimated to grow at a CAGR of 5.31% to reach $25,254.8 million by 2025
- Oil & gas is estimated to be the most dominant end user segment in the market from 2014 to 2025
- Asia-Pacific dominated the market with 40.78% of the global market share in 2017
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, Bhler 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.
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SOURCE Allied Market Research