With more driving factors in view, the global forging market is anticipated by leading market research firm, Transparency Market Research (TMR) to expand at a 4.4% CAGR during the forecast timeframe 2017–2025 to touch a US$96.4 bn by the concluding forecast year.
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The world forging market is forecasted to receive a good momentum from its capital-intensive characteristic that could rake in ample of favorable business prospects from defense, factory automation, aerospace, and automotive sectors. Forging could showcase dominance over other metalworking processes such as casting, owing to the advantage of higher reliability and strength in forged metals. Moreover, forging bears lesser cost when compared to other types of the process, which could offer manufacturers an added benefit to their sales.
Since custom forging chiefly depends on closed die forging, which is expected to top the market in terms of type, it could draw a higher demand in the foreseeable future. A more number of manufacturers might want to opt for closed die forging because of the peerless finish and performance of products obtained. The automotive sector could earn a significant share for forging on the back of the rapid expansion of the automobile industry for attending to the telling demand within. On the basis of volume, the automotive application had accounted for a nearly 64.0% share last year.
Amongst all major regions of the international forging market, Asia Pacific is prognosticated to attain a king’s share in the coming years. In 2016, the region had attracted an over 55.0% share. Much of the demand for forging in this region could be attributed to the rise of lucrative sectors such as construction and automotive. Furthermore, it boasts of a substantial count of industry participants holding a dominant status in the market. Most developing countries of the region are foreseen to be larger consumers of forged metal, taking into consideration their industrialization and urbanization rise.
The Middle East and Latin America could showcase the authority of local players while the regional markets for forging are still developing. Developed markets such as Europe and North America, on the other hand, are envisaged to acquire an amplified share in future.