The Global Forging Market accounted for $67,886.39 million in 2017 and is expected to reach $110,575.16 billion by 2026 growing at a CAGR of 6.3% during the forecast period.
Growing demand for ferrous metals, strong demand for high-strength metal components and cost effective method of metal forming are some key factors propelling the market growth. Moreover, use of renewable source of energy for forging provides huge growth opportunities for the market.
However, factors such as increasing usage of casting or stamping process, rising demand for plastics as a substitute and environmental rules & regulations are hampering the market growth.
Amongst end-user, automotive segment commanded considerable market share during the predicted period. Low fuel rates and interest rates are the factors growth of automotive industry of the forging market.
By geography, Asia Pacific region is expected to register the maximum market share during the estimated period. Due to development in infrastructure, improvement in automotive and construction industries in the developing economies and recognition of the emerging country such as India as the manufacturing hub is propelling the growth of forging market in this region.
- Precision Castparts
- Scot Forge
- American Axle & Manufacturing Holdings
- Bharat Forge Limited
- ATI Ladish Forging
- Ellwood Group
- HHI Forging
- Sypris Solutions
- General Dynamics Ordnance & Tactical Systems
- Crow Precision Components
- Aichi Steel
- Nippon Steel & Sumitomo Metal
- Alicon Castalloy
- Asahi Forge
- Ajax Tocco Magnethermic
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