Forging refers to a process of shaping the material by applying compressive force manually; by forging machines or with the use of power hammers. Forging process can be carried out on materials in either cold or hot state. These forged parts include bolts, connecting rods, turbine shafts, crane hooks, hand tools, gears, and other components used in machine manufacturing. These products offer toughness, strength, stress, and are reliable end-use industry such as automotive, mining, and aerospace and various other applications.
Forging activities find diverse use in many industries mainly in automotive, aerospace, and oil and gas industries which in turn boosting the forging market and is also anticipated to drive this market over the forecast period.
Global Forging Market Taxonomy
On the basis of type, the global forging market is segmented as:
Open Die Forging
Closed Die Forging
Precision Die Forging
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Global Forging Market Outlook
Asia Pacific is projected to be the dominant region in the global forging market having the largest market share in the world followed by North America. Development in infrastructure, advancement in automotive and construction industries in the emerging economies and recognition of the emerging country such as India as the manufacturing hub is propelling the growth of forging market in this region. Moreover, the burgeoning outsourcing of forging activity backed by government initiatives have contributed to the growth of forging market in this region. China, is the key producer of forging products in this region.
Major Keyplayers: Bharat Forge Limited., Alcoa, Precision Castparts, ATI Ladish Forging, HHI forging, American Axle & Manufacturing Holdings, Ellwood Group, FRISA, and Scot Forge.
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