Market outlook of the forging market
Technavio predicts the global forging market to exhibit a healthy CAGR of around 8% during the forecast period. Forging is an appropriate substitution to the casting methodology as it ensures greater efficiency, reliability, and precision. Custom forging accounts for the largest segment. In North America, this segment achieves sales figures worth $6 billion annually. Some of the major end-users of the forging industry include automotive, aerospace and defense, agriculture, construction, mining, general industrial equipment, and material handling equipment to name a few.
This industry research report outlines the automotive sector as the major end-user for the forging market. Characteristics associated with forged parts such as reliability, strength, and economic viability have increased the importance of the use of forged parts in this sector. But with the automotive industry reaching a mature stage in the forging market, it is expected that other non-automotive sectors will mostly contribute to the growth of the global forging market until 2020.
Technology segmentation and analysis of the global forging market
The impression die segment is the most dominant type of technology being used in the market. Impression-die forging methodology is also commonly termed as closed die forging. This method is most widely used in commercial forging processes due to its extreme dimensional accuracy and fine surface finish. Automotive and aerospace, especially the commercial aviation segment, are the two biggest end-users of impression die forging methodology.
End-user segmentation and analysis of the global forging market
Growth in the automotive industry plays a crucial role in boosting demand for forged products as it is the largest revenue contributor of the global forging market. The automotive sector is the leading end-user segment for this market, and it is expected to grow at a CAGR of around 7% during the forecast period. Parameters such as reliability, strength, and economic viability have increased the importance of forged parts in this sector.
Geographical segmentation and analysis of the forging market
APAC accounts for the largest share of the forging industry, contributing about 61% of the total revenue generated. It is estimated to grow at a CAGR of around 9% during the forecast period. Increasing outsourcing of forging activities to low-cost countries in the region is expected to drive this regional market. Demand for infrastructural development in developing countries and the emergence of India as the manufacturing hub for the automotive industry will propel the growth of the market in this region.
Competitive landscape and key vendors
The global forging market is highly fragmented because of the presence of numerous small and large vendors. The providers in this market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion. Recent trends suggest that major vendors are investing in R&D to explore avenues in the non-automotive sector to increase the market revenue.
The leading vendors in the market are -
Nippon Steel and Sumitomo Metal
The other prominent vendors of the market include Aichi Steel, KITZ, Mahindra Forging, Schuler Group, and SNT.
Key questions answered in the report
What will the market size and the growth rate be in 2020?
What are the key factors driving the global forging market?
What are the key market trends impacting the growth of the forging market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the vendors in the global forging market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA?
What are the key outcomes of the five forces analysis of the forging market?
Technavio also offers customization on reports based on specific client requirement.
Global Forging Industry 2014-2018
Forging Market in India 2014-2018
Forging Market in North America 2015-2019