Press release
Global Forging Market will be Worth US$110575.16 billion by 2026
Market Overview:According to Market Prognosis, the Global Forging Market is accounted for $67886.39 million in 2017 and is expected to reach $110575.16 billion by 2026 growing at a CAGR of 6.3% during the forecast period. Growing demand for ferrous metals, strong demand for high-strength metal components and cost effective method of metal forming are some key factors propelling the market growth. However, factors such as increasing usage of casting or stamping process, rising demand for plastics as a substitute and environmental rules & regulations are hampering the market growth. Moreover, use of renewable source of energy for forging provides huge growth opportunities for the market.
Forging refers to a process of shaping the material by applying compressive force manually by forging machines or with the use of power hammers. These forged parts include bolts, connecting rods, turbine shafts, crane hooks, hand tools, gears, and other components used in machine manufacturing. Forging process can be carried out on materials in either cold or hot state.
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Amongst end user, automotive segment commanded considerable market share during the predicted period. Low fuel rates and interest rates are the factors growth of automotive industry of the forging market. By geography, Asia Pacific region is expected to register the maximum market share during the estimated period. Due to development in infrastructure, improvement in automotive and construction industries in the developing economies and recognition of the emerging country such as India as the manufacturing hub is propelling the growth of forging market in this region.
Some of the keys players of global forging market includes Arconic Inc.,American Axle & Manufacturing Holdings, Allegheny Technologies Incorporated, Nippon Steel & Sumitomo Metal, ThyssenKrupp AG, Bharat Forge Limited, HHI Forging, Patriot Forge, Ellwood Group, Scot Forge, Sumitomo, Sypris Solutions and FRISA.
What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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Market Segments:
Types Covered:
• Rotary Forging
• Closed Die Forging
• Upset Forging
• Open Die Forging
• Precision Die Forging
• Seamless Forging
• Roll Forging
• Other Types
Products Covered:
• Impression Die
• Open Die
• Aluminum Precision
• Rolled Rings
Applications Covered:
• Oil and Gas Industry
• Aerospace Industry
• Automotive Industry
• Power Generation
• Wind
• Construction
• Mining
Raw materials Covered:
• Zirconium
• Magnesium
• Beryllium
• Bronze
• Copper
• Aluminum
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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.
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