Forging Market by Regional Analysis, Key Players and Forecast 2025

The capital-intensive nature of the global forging market features clear dominance of large players that operate in global markets, says a report by Transparency Market Research (TMR). This poses stiff challenges to small players that contend amongst large players with respect to quality, features, functionalities, and services. Further, the use of newer technologies by well-entrenched players that will add qualitative value to existing products and also lead to the development of novel products will intensify the competition.

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Some key participants in the global forging market include Arconic Inc., Allegheny Technologies Incorporated, Bharat Forge Limited, Nippon Steel & Sumitomo Metal, American Axle & Manufacturing Holdings, and Thyssenkrupp AG.

As per estimates of a report by Transparency Market Research, the global forging market is expected to be worth US$96,433.7 mn by 2025 expanding at a CAGR of 4.4% between 2017 and 2025. The market stood at a valuation of US$66,049.8 mn in 2016.

Powered by Industrialization in Emerging Economies, Asia Pacific Dominates Market

The segments of the global forging market based upon type are closed die, open die, and rolled rings. Closed die forging holds the leading share in the market on account of the par excellence finish and performance of products obtained using this process. The segment is expected to continue dominance over the forecast period.

Low-carbon & low-alloy steels metals is the leading raw material segment in the forging market. In terms of application, automotive holds dominance amongst other application segments owing to the high usage of automobiles and expansion of the automobile industry.

Asia Pacific held the leading share in the global forging market in 2016. The growth of the region is primarily ascribed to the development of automotive and construction industries, particularly in China.

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