LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global forging market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio analysts, the global forging market is expected to grow at a CAGR of over 5% during the forecast period. The advantage of forging over other fabrication techniques is a major factor driving the market’s growth. Forging results in the modification of internal gains metals. 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 obtained possesses superior mechanical and metallurgical properties as well as improved directional strength. Additionally, forged arts have improved structural integrity, which ensures optimum performance by part or component under field conditions. It is believed that forged parts can 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.
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In this report, Technavio highlights the developments in robotics to enhance forging operations as one of the key emerging trends in the global forging market:
Global forging market: Developments in robotics to enhance forging operations
Forging techniques for manufacturing components and parts are extensively used in industries such as automotive, aerospace, and medical. Automation is a key factor in achieving high productivity while also ensuring flexibility in lot sizes. Automation in the foreign industry enables quick changeover between batches, enhances the volume of production, and results in improved manufacturing tolerances and improved product quality. Thus, recent advances in robotics have resulted in several benefits for designers of high-volume forging lines.
“Collision resistance is one such detailing, where robots use sensors to interact with other machines to avoid the possibility of contact while handling the workpiece. The sensors fitted in the robots allow them to eliminate the possibility of crashing with the other moving parts in the production process. Collision resistance not only improves throughput but also reduces the damage to machines and tools. The range of motion that can be achieved by robots is another reason for the implementation of robotic technology in forging,” says a senior analyst at Technavio for research on metals and minerals.
Global forging market segmentation
This market research report segments the global forging market into the following products (close die forging, open die forging, and seamless rings), end-users (automotive and others), and key regions (the Americas, APAC, and EMEA).
The close die forging segment held the largest market share in 2017, accounting for nearly 64% of the market. The market share for this product is expected to increase by 2022. The fastest growing product is seamless rings, which will account for nearly 7% of the total market share by 2022.
APAC was the leading region for the global forging market in 2017, accounting for a market share of nearly 65%. By 2022, APAC is expected to continue dominating the market and register the highest growth rate.
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