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Demand from the automotive sector driving growth in the global forging industry

Press release August 4, 2014 Forging industry, forging market, forging industry analysis

Forging is a process in which metals are shaped into desired designs by applying compressive forces and find out industry trends.

The global forging industry is growing at a steady rate and is expected to record a CAGR of 9.73% in the forecast period from 2014 to 2018.

This report, Global Forging Industry 2014-2018, provides a detailed analysis of the market and focuses on the major players, recent developments and key drivers of the global forging industry.

Market trends

One of the trends prevalent in the global forging industry is outsourcing, particular forging activities to low-cost countries. Many of the low-cost countries in the APAC region and Eastern Europe have emerged as preferred destinations for companies operating in this industry. In the APAC region, Vietnam, Taiwan, India and China are the most preferred low-cost countries while in Eastern Europe, the Czech Republic, Hungary, and Poland are some of the major low-cost countries in this industry.

Key drivers

Research has shown that the automotive industry is the largest end-user of the products manufactured by the global forging industry and growth in the commercial vehicles segment of the automotive industry is one of the major drivers of this industry. The increase in infrastructure spending in developed countries has also pushed up the demand for commercial vehicles, which in turn has led to greater demand for forged products.

Key players

The key players in this industry include Bharat Forged Ltd., Nippon Steel and Sumitomo Metal Corp., Thyssen Krupp AG, Aichi Steel Corp., Alcoa Inc., Allegheny Technologies Inc., KITZ Corp., Mahindra Forging Ltd., Schuler AG and SNT Corp.

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Forging industry, forging market, forging industry analysis