Forging is the application of localized compressive forces to shape metal in cold or hot form. The compressive techniques used are hammering, squeezing, rolling, pressing, etc. This is a common manufacturing process for many machine parts such as Crane Hooks, Gears, Bolts, Turbine Shafts, hand tools, nails, connecting rods, etc. Due to the nature of its products, forging industry is basic for all the other manufacturing industries and is always in high demand. Usually, two types of Forging are done depending upon the force being applied on it – drawing down and upsetting. The process can further be classified as per the temperature used while shaping the metal, arrangement of die, and forging equipment used.
Forging is a low-cost production technique that produces a tougher product with higher fatigue strength, creep resistance and other mechanical properties in comparison to casting. Especially skilled labor is not required for shaping a variety of shapes by Forging. These qualities make this process superior to casting methods. One more reason the process is a preferred method.
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Global Forging Market is expected to shoot up to USD 110.84 Billion by 2025 from an evaluated USD 67.88 billion in 2017. The market study report by Bizwit Research & Consulting LLP for the years 2018 to 2025, is targeted at major consulting companies & advisors, Value-Added Resellers (VARs), Venture capitalists, Third-party knowledge providers, Investment bankers, Investors and large, medium-sized, and small enterprises among others. The report elaborates on potential geographical areas to direct market penetration, and the current market reach to assess the growth areas.
Market Segmentation
One of the objectives of the market research report is to mark the market segmentation. This gives stakeholders scope to mark possible growth areas, either to enter new markets or to optimally exploit the potential of the market and make increased profits. The Global Forging Market is segmented by Product and its Application.
Product Wise:
Rolled Rings
Open Die
Impression Die
Application Wise:
Automotive Industry
Aerospace Industry
Oil & Gas industry
Other
Regional Analysis
Global Forging market is a big market and is spread across continents in almost all major countries. This establishes the size of the market and popular segments in each region. From this data, a sizeable study on key drivers in each region, restraints typical to that demography, opportunities, and challenges that each region present can be assessed and an informed decision can be taken.
By Regions:
- North America – U.S., Canada
- Europe – UK, Germany
- Asia Pacific – China, India, Japan
- Latin America – Brazil, Mexico
- And Rest of the World
This market share assessment can be done at regional, country and global level, and amongst the top industry stalwarts. This helps make informed decisions to enter new markets and understand competitive landscape mapping. The analysis is also instrumental in company profiling, and supply chain trends mapping. Using the analysis, a company can strategize their technological advancement, financial roadmaps, and development in general.
Industry Buzz
The automotive sector is the most demanding customer in the forging industry. According to association of Indian forging industry (AIFI), the industry’s 60% to 65% business is done in automotive sector and the remaining exposure of 35% comes from sectors like aerospace, oil, and gas.
Continuous…
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