The global forging market is highlyinfluenced by key market players who have been investing largely in plantsmanufacturing set-up. Transparency Market Research observes that players havingwide operational reach in different regions dominate the market. As this marketis capital-intensive, and large funds are required for smooth flow ofprocedures and operations in which key players take up their pace and lead themarket. Moreover, these players are emphasizing on improving functionality,quality, and features of their products to maintain an upper edge in themarket. Entry of new players is limited due to high investments thus, they holdmarginal share in the global forging market. Some of the key players covered inthe report include Nippon Steel & Sumitomo Metal, Arconic Inc., AmericanAxle & Manufacturing Holdings, and Allegheny Technologies Incorporated.
Based on statistics given in the TMR’s report, the global forging marketis likely to earn US$96.43 bn by the end of 2025 progressing from US$ 66.04 bnearned in 2016. To reach this figure, the market is expected to rise at ahealthy CAGR of 4.4% between 2017 and 2025.
Based on company type, the demand for custom forging is increasing at arapid rate. Custom forging is dependent on closed die forging rather than opendie forging. This segment held nearly 60% of share in the global forgingmarket. With reference to geographical reach, the Asia Pacific is expected tohold maximum share in this market. Developing automotive and constructionindustry in this region are contributing in the growth of Asia Pacific forgingmarket. Moreover, presence of key market players in the region has furtherincreased dominance of Asia Pacific in the global forging market.
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Wide Applications to Fuel Growth inGlobal Forging Market
Significant rise in the global forging market is seen due to its risingapplication in multiple industries such as ordnance, oil and gas, mining,construction, wind, aerospace, automotive, power generation, agriculture, andothers. Of note, developments taking place in the automotive and constructionsector where forging process are used extensively also led demand in the globalforging market.
Adding further to the growth factors,high demand for ferrous metals, high-strength metal components, along withcost-effective methods of metal forming are also expected to drive demand inthis market. Moreover, use of novel and advanced technologies by key marketplayers will provide a significant push and expand the global forging market.
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Uncertain Partnership betweenMaterial Producers Might Restrict Market Growth
Despite the increasing demand for forging in various industries, fewchallenges might deter growth of the global forging market. Factors such asvolatile nature of several end-us industries and expensive high quality forgedsteel products are projected to hamper growth in this market. In addition,uncertain partnership between material producers and forging units is alsoestimated to obstruct growth in this market. In addition, increasingenvironmental concerns, high demand for plastics as a substitute, and growingusage of stamping and casting process might negatively affect growth in thismarket. However, rapid swift pace of industrialization that boosted variousindustries in emerging economies might help in overcoming these challenges.
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