Four-year outlook addresses growth rates, consumer market trends, and top performers
- Healthy CAGR
- Demand for materials with high strength-to-weight ratio
- Oil-and-gas influence
One of the world’s largest market-research sources recently announced the availability of the Global Forging Market 2016-2020 report. The four-year research study forecasts how the global forging market will perform exhibiting a healthy, 8% consolidated annual growth rate (CAGR) up until 2020.
Annually, forging suppliers are developing new die material interfaces and improving modeling software, and forging operations are applying an increasing number of new die designs. Additionally, the forging manufacturers are adopting controls and sensors to track the forging process to compensate and automatically sense for any changes in the process.
Based on the report by PR Newswire, the aerospace and aviation industry is one of the top end-users in the forging market, as forged components are featured heavily to create commercial and defense aircrafts. In the coming years, there will be an increase in the demand for materials with high-level strength-to-weight ratios. Most of the forged components used by the industry now are for bulkheads, wheels, beams, brake carriers, and hinges.
The new report also highlights the leading forging suppliers, including: Alcoa, ATI, Bharat Forge, Nippon Steel and Sumitomo Metal, and ThyssenKrupp. Other prominent forging producers, such as Mahindra Forging, Aichi Steel, and KITZ, also will be seen actively making changes to revolutionize the industry.
Although not as highly affected as other industrial sectors, the forging market has seen changes as a result of the instability regarding the price of oil and gas. Despite the oversupply in many OPEC nations, rehabilitation of gas treatment plants and power plants still are very much continuing, especially in the Middle East. Experts predict that the global crude prices will improve by mid-year.
The economic effect of the oil and gas prices in that case will continue to influence the automotive industry, which is the largest consumer market for forged parts. Thus, the sales of forged parts saw a decrease last year, forcing forging manufacturers to reduce their stakes in the automotive market.
The study is still ongoing and will cover plenty of relevant topics, such as:
• Market drivers
• Impact of drivers
• Market challenges
• Impact of drivers and challenges
• Market trends
• Vendor landscape
• Key vendor analysis
The "Global Forging Market 2016-2020" report is available for purchase at www.ResearchAndMarkets.com, an online retailer of economic studies and forecasts.