Global Metal Forging Market By Raw Material (Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Others), Application (Automotive, Aerospace, Oil & Gas, Construction, Agriculture, Others), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Metal Forging Market
Global metal forging market is set to witness a substantial CAGR of 7.75% in the forecast period of 2019- 2026. The report contains data of the base year 2018 and historic year 2017. Rising production of aircraft and increasing passenger traffic are the factors for the growth of this market.
Market Definition: Global Metal Forging Market
Forging is a process which uses different comprehensive forces so that it can shape the metals. Carbon steel, stainless steel, titanium, aluminium, magnesium and other are some of the common raw materials of the metal forging. Metal forging usually increase the strength of the material by closing the empty spaces and blocking the cracks. They also remove the inclusion in the part which is forged by breaking the impurities and redistributing it in the metal work. They are widely used in applications such as oil and gas, construction, automotive, agriculture and others.
- Increasing demand from automotive sector will drive the market growth
- Growth of aerospace and defense sector will also propel the market growth
- Rising demand of titanium for the production of aircraft components will also enhance the growth of this market
- Increasing demand for crude steel will also accelerate the market growth
- High investment cost will restrain the growth of this market
- Rising competition from the casting industry will also hamper the growth of this market
Segmentation: Global Metal Forging Market
By Raw Material
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Oil & Gas
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
Key Developments in the Market:
- In September 2018, Ohio Star Forge (OSF) announced that they completed the addition of 15,000 square feet to its building for a new machining division. The company now have five forging machines and around 120 employees. The company provide forgings to the industries such as automotive, oil & gas and others
- In November 2016, Bharat Forge announced that they have acquired Walker Forge Tennessee so that they can expand their portfolio in the U.S. This acquisition will help the company to provide their products in the industries such as construction, mining, commercial vehicles and other industries and enhance their presence in North America
Global metal forging market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of metal forging market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the global metal forging market are Ansteel Vigano' Srl., Arconic, ATI., Bharat Forge, Bruck GmbH, ELLWOOD Group Inc., JAPAN CASTING & FORGING CORP, Hilton Metal Forging Ltd., Ace Forge pvt. ltd., L. A. Weiss, Chauhan Metal Forging Works., Drop Forging, Trenton Forging, Pradeep Metals Limited, A V Steel Forgings, Green Bay Drop Forge, Advance Forgings, CALMET, Shree Siddheshwari Metal Forging Pvt. Ltd, Viking Forge, LARSEN & TOUBRO LIMITED, Precision Castparts Corp and others.
Research Methodology: Global Metal Forging Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved