FORGING MARKET IS GROWING WITH DEVELOPMENTS IN ROBOTICS

The global forging market is witnessing moderate growth attributed to the significant demand from automotive and aerospace industries. The high growth air passenger traffic has resulted in growth of aerospace sector, which is boosting the manufacturing of forged aerospace parts. Also, increasing focus of various government on wind energy power generation has significantly increased the investments in wind energy projects. It has resulted in increased demand for wind energy forged components. However, high prices and availability of cheap substitutes is hindering the forging market to a certain extent.

Alcoa Corporation, All Metals & Forge Group, Farinia Group, Pacific Forge Incorporated, and Precision Castparts Corp. – Prominent Market Participants in Forging Market

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The forging market is segmented into techniques, materials, and industries. By techniques, the closed die forging is estimated to hold over 70% of the global forging market share. Closed doe forging is used for applications requiring high degree of precision, including automotive parts and forged fittings. Based on materials, steel alloys held the largest market share in 2019. The dominance of steel alloys segment is owing to the low prices and easy availability of carbon steel. Additionally, high impact strength and improved ductility is boosting its growth. Based on industries, the automotive industry held the largest share.

The forged automotive parts or components are stronger as compared to parts manufactured through casting or machining. Also, since forged parts used in automotive require little or no machining that helps automotive manufacturers in saving cost and time. Wind power industry is anticipated to witness higher CAGR owing to increasing investments in wind power energy across the globe.

The Insight Partners delivers well-researched industry-wide information on the Forging market. It studies the market’s essential aspects such as top participants, expansion strategies, business models, and other market features to gain improved market insights. Additionally, it focuses on the latest advancements in the sector and technological development, executive tools, and tactics that can enhance the performance of the sectors.

The research on the Forging market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor’s methodologies. The research also segments the
Forging market on the basis of end user, product type, application, and demography for the forecast period 2021–2028. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.

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The research provides answers to the following key questions:

1 What is the estimated growth rate of the market for the forecast period 2020–2028? What will be the market size during the estimated period?
2. What are the key driving forces responsible for shaping the fate of the Forging market during the forecast period?
3. Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Forging market?
4. What are the prominent market trends influencing the development of the Forging market across different regions?
5. What are the major threats and challenges likely to act as a barrier in the growth of the Forging market?
6. What are the major opportunities the market leaders can rely on to gain success and profitability?

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This release was published on openPR.