Global Metal forging Market: Overview
Industries where reliability, dependability, and human safety are top priority, forgings find wide use in those industrial premises. Parts and components that are developed through the metal forging procedure are stronger than the ones that are produced through other processes of metalworking like sintering, forming, or casting. Metal forgings are a significant procedure for various industries like airplanes, automobiles, defense, ships, and oil-drilling equipment.
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The global metal forging market is divided on the basis of raw materials, application and region. It is expected that the segment of raw materials will be led by carbon steel during the forecast period and automotive would drive the application segment.
Global Metal forging Market: Notable Developments
The global metal forging market has witnessed some developments over the years. These developments exhibit the changing dynamics of the market. One such development is mentioned below:
- In June 2017, Pennsylvania-based Ellwood Group Inc. took over Gulfco Forge Company LLC. The latter is a renowned manufacturer of rolled rings and open die forging and is based out of Texas. This strategic move by Ellwood Group Inc. was meant to supply top-notch forged products across the U.S. and expand their business in the overall market of metal forging.
Some of the well-established market players of the global metal forging market are
- American Axle & Manufacturing Holdings,
- Bharat Forge Limited
- Nippon Steel & Sumitomo Metal
- Larsen & Toubro Limited
- Allegheny Technologies Incorporated
Global Metal forging Market: Growth Drivers
apid Expansion of the Automotive Industry to Stoke Demand for Metal Forging Procedure
Much of the growth of the global metal forging market is attributed to rapid expansion of the automotive industry, particularly in the automotive industry. Desired size and shape of metal components are achieved through metal forging process. Apart from tensile strength, the process offers outstanding uniformity of structure and composition. Automotive industry relies heavily on the steel forged metal components, which is used in the making of bearings, crankshafts, and transmission gears.
Forged steel is imperative in handling stress and torque put on transmission gears, crankshafts, and bearings. The demand for lightweight vehicles has surged, which has led to fierce competition between market players. Metal forged components are also used in the making of drive shafts, differential gears, transmission shafts, and connecting rods in powertrain setup of a vehicle.
Automobile is not the only industry where metal forging process is used extensively. Forged components also find wide use in the defense sector. From armored carriers to missiles to heavy weapons, forged metals used in all of these applications of the defense industry.
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Global Metal forging Market: Regional Outlook
The global metal forging market has been split into the key geographies of Europe, North America, South America, Asia Pacific, and Middle East and Africa.
Asia Pacific metal forging market is expected to lead the global metal forging market during the forecast period. Countries like India, Japan, and China have accelerated their manufacturing activities. Increased foreign investments and government policies supporting the manufacturing in these countries are likely to fuel the global metal forging market. For instance, India is now contemplating 100% foreign direct investment (FDI) in contract manufacturing, which will boost the sector in India. India already has 100% FDI investment policy in manufacturing. Inflow of funds from abroad will boost the manufacturing sector including automotive, defense, aircraft, and oil-drilling equipment. This will offer ample growth opportunity for the Asia Pacific metal forging market during the assessment period.
Apart from Asia Pacific, South America metal forging market is also poised for substantial growth during the forecast period due to massive demand in automotive. Brazil, Columbia, and Argentina are estimated to generate substantial demand for both lightweight passenger vehicles and light duty commercial vehicles. Such high demand in the automotive industry will derive the South America metal forging market.
The global metal forging market is segmented as:
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Oil & Gas
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