Forging refers to a process of shaping the material by applying compressive force manually; by forging machines or with the use of power hammers. Forging process can be carried out on materials in either cold or hot state. These forged parts include bolts, connecting rods, turbine shafts, crane hooks, hand tools, gears, and other components used in machine manufacturing. These products offer toughness, strength, stress, and are reliable end-use industry such as automotive, mining, and aerospace and various other applications.
Forging activities find diverse use in many industries mainly in automotive, aerospace, and oil and gas industries which in turn boosting the forging market and is also anticipated to drive this market over the forecast period.
Global Forging Market Taxonomy
On the basis of type, the global forging market is segmented as:
On the basis of end-use industry, the global forging market is segmented as:
On the basis of order, the global forging market is segmented as:
On the basis of raw material, the global forging market is segmented as:
The closed die forging segment (impression die forging) is the dominant segment in the global forging market and is anticipated have a continuous growth over the forecast period. This is due to its high dimensional accuracy and fine surface finishing. The aerospace and automotive industry are the biggest end users of the closed die forging method.
The automotive segment is accounted to have the largest share in the global forging market. Low fuel rates and interest rates are the key factors driving the growth of automotive industry of the forging market. Similarly, custom forging is witnessed as the dominant segment amongst the order types owing to its immense use in submarines, refineries, space crafts, missiles, pressure vessels, offshore rigs, scientist research equipment, and some others.
Global Forging Market Outlook
Key Players in the Global Forging Market
Key players operating in the global forging market include Bharat Forge Limited., Alcoa, Precision Castparts, ATI Ladish Forging, HHI forging, American Axle & Manufacturing Holdings, Ellwood Group, FRISA, and Scot Forge.
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