Forging Market by Regional Analysis, Key Players and Forecast 2024
Global Forging Market: Snapshot
The capital-intensive nature of the global forging market accounts for the clear dominance of well-entrenched players that operate in international markets. This poses challenge for small players that compete with large players with respect to quality, features, functionalities, and services. The use of newer technologies by large players to add qualitative value to existing products will further add to the woes of small players.
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The development of the automotive industry is having a positive influence on the global forging industry by leaps and bounds. The automotive industry utilizes as much as 65% of forged metals that is produced annually across the world.
Forged metals are extensively used in capital-intensive industries such as automotive, aerospace, factory automation, and defense among others. This is because forged metal display characteristics of high strength and reliability than obtained by casting or any other metalworking process. The low cost factor of metal forging over other processes add to its advantages.
A report by Transparency Market Research projects the global forging market to expand at a CAGR of 4.4% from 2017 to 2025, for the market to reach a valuation of US$96,433.7 mn by 2025.
Closed Die Type Segment Dominates due to High Performance of Finished Products
The segments of the global forging market on the basis of type are closed die, open die, and rolled rings. Amongst them, the segment of closed die dominates in terms of revenue and the trend is expected to continue over the forecast period. This is due to the par excellence performance and finish of products that are obtained using this process.
Based on company type, the key segments of the global forging market covered in this report are custom forging, captive forging, and catalog forging. Custom forging, among all, holds the leading share in the market. The segment held the leading 60% volume share of the market in 2016. Custom forging primarily relies on closed die forging rather than open die forging.
In terms of raw material, the segments of the global forging market include aluminum, magnesium, copper/brass/bronze, low-carbon & low-alloy steels, microallo/HSLA steel, special alloy steel, stainless steel, nickel-base superalloy titanium, refractory metal, beryllium, and zirconium.
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The key application segments of the global forging market covered in this report are automotive, wind, oil & gas, power generation, agriculture, ordnance, mining, construction, aerospace, and others. Amongst all, automotive is the leading application segment of the market. The leading share of the automotive segment is ascribed to the expansion of the automobile industry to cater to the high demand for automobiles. The automotive segment held almost 64% of the global forging market in terms of volume in 2016.
Asia Pacific Dominates Driven by Large Consumption from Emerging Economies
Geography-wise, the global forging market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific held the leading share of more than 55% of the overall market in 2016. In the years ahead, the region is expected to display the leading growth amongst other key regions. The growth of the region is mainly driven by the development of automotive and construction industries. The region being home to a large number of market players also accounts for its dominant position. Emerging economies of the region are major consumers of forged metal for the rising urbanization and industrialization in these regions. However, the share of Asia Pacific is expected to decrease over the forecast period.
North America and Europe are expected to display an increased market share over the forecast period. The forging market in Latin America and the Middle East and Africa are currently in developing stage that is largely dominated by local players.
Some key participants in the global forging market include Arconic Inc., Allegheny Technologies Incorporated, Bharat Forge Limited, Nippon Steel & Sumitomo Metal, Thyssenkrupp AG, and American Axle & Manufacturing Holdings.
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