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.
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.
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.
This report analyzes and forecasts the market for forging at the global and regional level. The market has been forecast based on volume (kilo tons) and revenue (US$ Mn) from 2017 to 2025. The study includes drivers and restraints of the global forging market. It also covers the impact of these drivers and restraints on demand for forging during the forecast period. The report also highlights opportunities in the forging market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global forging market. Porter’s Five Forces model for the forging market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.
Global Forging Market: Market Segmentation
The study provides a decisive view of the global forging market by segmenting it in terms of type, company type, metals/ raw materials, and end-user. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for forging in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual end-user segments in all the regions.
. Global Forging Market: Research Methodology
The report provides the estimated market size of forging for 2016 and forecast for the next nine years. The global market size of forging has been provided in terms of volume and revenue. Market numbers have been estimated based on key type, company type, metals, and application segments of forging market. Market size and forecast for each major types, company type, metals and application have been provided in terms of global and regional markets.
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, National government documents, statistical databases, and market reports, The International Aluminium Institute, Euroforge, United States Geological Survey (USGS), National government documents, statistical databases and market reports, The Association of Indian Forging Industry, and
CEN – European Committee for Standardization. Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Global Forging Market: Competitive Landscape
The study includes profiles of major companies operating in the global forging market. Key players in the forging market include Arconic Inc., Allegheny Technologies Incorporated (ATI), Bharat Forge Limited, Nippon Steel & Sumitomo Metal, American Axle & Manufacturing Holdings (AAM), and Thyssenkrupp AG. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, recent developments, and SWOT analysis
The report segments the global Forging market as follows:
Forging Market: Type Analysis
- Closed Die
- Open Die
- Rolled Rings
Forging Market: Company Type Analysis
- Custom Forging
- Captive Forging
- Catalog Forging
Forging Market: Metals / Raw Materials Analysis
- Copper / Brass / Bronze
- Low-Carbon & Low-Alloy Steels
- Microalloy / HSLA Steels
- Special Alloy Steels
- Stainless Steel
- Nickel-Base Superalloy
- Refractory Metal
Forging Market: End-user Type Analysis
- Oil & Gas
- Power Generation
- Others (Hand Tools)
Forging Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA