The global forging market is projected to expand at a substantial CAGR during the forecast period. This growth is attributed to the rapid industrialization, varied applications in automotive and other industries and, cost-effective process.
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Forging is the process of modification in internal gains of metals. In this process, under controlled conditions, the heated metal changes mechanically to make the desired products, which have uniform grain size and flow characteristics. This leads to the refinement of the forged metal and reduces its porosity. As a result, the final product of the forging process exhibits superior mechanical and metallurgical properties as well as improved directional strength. Forged arts have improved structural integrity, which ensures optimum performance by part or component under field conditions. Forged parts are expected to sustain any load, stress, or impact. Forging makes the metal tough, ductile, and capable of withstanding fatigue while also imparts uniformity to the grain flow.
Market Trends, Drivers, Restraints, and Opportunities:
- Rapid industrialization, and advantage of forging over other fabrication technique is fueling the growth of the market.
- Rising application in various industries such as automotive, ordnance, oil and gas, mining, construction, aerospace, automotive, power generation, agriculture is driving the growth for the market.
- Increasing demand for ferrous metals, high-strength metal components, along with cost-effective methods of metal forging are boost the market growth.
- Accessibility of optional metal forming procedure, and expensive high-quality forged steel products is expected to hinder the forging market in the coming years.
- Increasing environmental concerns, rising demand for plastics as a substitute, and growing usage of stamping and casting are the key restraints of the market.
- Uncertain partnership between material producers and forging units is also estimated to obstruct growth of the market.
- Globally, use of novel and advanced technologies by key market players is going to foster the growth of the market during the forecast period.
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Major companies in the global forging market include American Axle & Manufacturing Holdings, Alcoa, Ellwood Group, Precision Castparts, FRISA, ATI Ladish Forging, HHI Forging, General Dynamics Ordnance & Tactical Systems, Sumitomo, Scot Forge, ThyssenKrupp, Sypris Solutions, and Bharat Forge Limited.
The Global Forging Market has been segmented on the basis of
- Closed Die
- Open Die
- Rolled Rings
- Custom Forging
- Captive Forging
- Catalog Forging
- Oil & Gas
- Power Generation
- Others (Hand Tools)
- Asia Pacific
- North America
- Middle East & Africa
- Latin America
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Table of Contents
- Executive Summary
- Assumptions and Acronyms Used
- Research Methodology
- Forging Market Overview
- Global Forging Market Analysis and Forecast by Type
- Global Forging Market Analysis and Forecast by Application
- Global Forging Market Analysis and Forecast by Sales Channel
- Global Forging Market Analysis and Forecast by Region
- North Forging Market Analysis and Forecast
- Latin Forging Market Analysis and Forecast
- Europe Forging Market Analysis and Forecast
- Asia Pacific Forging Market Analysis and Forecast
- Middle East & Africa Forging Market Analysis and Forecast
- Competition Landscape
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