July 21, 2022 07:38 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, July 21, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis of the Global Forging Market finds that the increasing demand from the global automotive industries is expediting market growth. In addition, the growing use of forging in the production of aircraft components is anticipated to fuel the growth of the Forging Market over the projected time frame. The Global Forging Market revenue is expected to reach a value USD 98.7 Billion in 2028.
The Global Market revenue was valued at USD 74.1 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.9% during the forecast period; states Vantage Market Research, in a report, titled “Forging Market Size, Share & Trends Analysis Report by Techniques (Closed Die Forging, Open Die Forging, Seamless Forging), by Materials (Nickel-Based Alloys, Titanium Alloys, Aluminum Alloys, Carbon Steel Alloys), by Industries (Automotive, Aerospace, Railway Heavy Equipment, Wind Power), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
Increasing Demand from the Global Automotive Industry to Drive the Market Growth
The increasing demand from the global automotive industry is anticipated to augment the growth of the Forging Market during the forecast period. Forged steel is a popular choice in automotive components due to its durability, strength, and dependability. In the automotive industry, stainless steel, carbon steel, and alloy steel are used to create features such as control arms, connecting rods, crankshaft, camshaft, rocker's arms, tie rod end, and the steering knuckle. Closed die steel forging technology is primarily used in the production of automotive parts. During the forecast period, demand for the product will be fuelled by rising demand for commercial and passenger vehicles and the use of lightweight forged steel in electric cars. The market's growth is attracting major players to invest, which will propel the market even further. Toyota Kirloskar Motors, for example, announced a USD 272.81 million investment in electric components and technology in India in September 2020. These investments indicate an increase in forging demand from end-use industries.
Growing Technological Advancements and Innovations to Stimulate Market Growth
Over other competing metal manufacturing processes, technological advancements and innovations in forging provide advantages such as high performance, maximum strength, high metallurgical properties, and superior internal integrity. Several market players are focusing on product innovations to meet customized needs. End-user demand for ready-to-fit components or subassemblies has prompted manufacturers to develop new products and technologies. To meet customer delivery schedules, forgers can use advanced processing equipment and control systems to produce metal parts with more excellent uniformity and exceptionally tight dimensional tolerances within time constraints. Furthermore, collaborative research with suppliers, end users, government, institutes, and other forging companies to enhance or develop significant existing and new technologies is an essential strategy used by various forging industry players. For example, the Institute of Metal Forming and Metal-Forming Machines (IFUM) is involved in forging technology innovation ranging from material characterization to final metal part production. The institute collaborates with companies to create technologies for structural optimization, stamping dies, and weight reduction in manufactured parts. Forgers' increasing Research and Development (R&D) activities will aid the market's growth during the forecast period.
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Segmentation of the Global Forging Market:
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the metal industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
The Report on Forging Market Highlights:
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Forging Market Size, Share & Trends Analysis Report by Techniques (Closed Die Forging, Open Die Forging, Seamless Forging), by Materials (Nickel-Based Alloys, Titanium Alloys, Aluminum Alloys, Carbon Steel Alloys), by Industries (Automotive, Aerospace, Railway Heavy Equipment, Wind Power), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
North America Dominated the Global Forging Market
North America dominated the Global Forging Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the rising external investments in the region's developing economies. Furthermore, the rising automotive and construction industry in the region is also likely to support the regional growth of the market. Additionally, the increase in government initiatives for the development of electric vehicles is also expected to contribute to the market growth in the region.
List of Prominent Players in Forging Market:
April 2022: Nu Scale Power and the U.S. Reactor Forging Consortium (RFC) announced a Collaboration Agreement to leverage the forging supply chain in the U.S., to prepare Nu Scale to deploy its Small Modular Reactor (SMR) technology to customers across the globe, and to retain, support, and expand U.S. manufacturing jobs.
February 2020: Bharat Forge (BFL) and Paramount Group announced a strategic, high-level collaboration agreement to set up a joint venture of both groups in the industrialization and indigenization of defense and aerospace systems, in response to evolving opportunities in the Indian market, such as ‘Make in India’ and globally.
Key questions answered in the report:
This market titled “Forging Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
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