Zion Market Research, the market research group announced the analysis report titled ‘Forging Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2021’
The study concludes that the global Forging Market is expected to grow at a CAGR of 7.2% between 2016 and 2021 The market revenue of $57.42 billion in 2015, is expected to reach $86.90 billion in 2021. The main drivers for the growth of the market increase in numbers of women working outside the home.
Forging helps to build variant sizes and shapes with enhanced properties when evaluated to castings or assemblies. Steel forging is commonly used in mechanical and industrial applications due to its availability, potency, and specialized alloys such as stainless and carbon steel. Forging in steel offers supreme flexibility for manufacturing automotive components.
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North America stainless steel forgings market is extensively driven by robust demand from the automotive industry. The key revenue contributing countries in the region are the U.S., Mexico and Canada. The huge customer base coupled with high disposable income of end-users has bolstered the demand for vehicles in the country, which has exploited in improved the local manufacturing activities. Thus, growth in the automotive industry in North America is expected to accelerate the future opportunities for manufacturers of automotive parts such as crankshaft, gears, axle, bearing, and piston among others.
Europe was the key contributor to the steel forging for automotive application market in 2016. Germany, Italy, France, Spain, the Czech Republic, and Poland are the leading revenue contributors in this region. Germany accounted for a major share in the forged components produced in Europe, followed by the UK. Increasing sales of automobiles, coupled with rising R&D investments by auto component manufacturers in the country are expected to drive Europe automotive and automotive components market within the forecast period. The presence of leading automotive OEMs such as Bosch, Continental, ThyssenKrupp, and ZF Group in the region is anticipated to augur well for automotive market in Europe through 2022.
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Asia Pacific led the steel forging market for automotive application in 2016. This region is likely to gain significant share during the forecast period owing to the rise in manufacturing activities in countries such as Japan, China and India. The rise in foreign investment and favorable government policies in these countries is driving the demand for these products. Additionally, growth in this market is likely to fuel due to the escalating vehicle productions, improved driving experience in terms of smooth gear shifting & progress in acceleration, and enhancement in an installation of automated parts in the automobile.
The Latin American automotive market has tremendous potential. Latin America is expected to witness significant revenue growth, growing at a significant CAGR between 2017 and 2022. The major countries contributing to the automotive market were Brazil, Argentina, and Columbia. The major vehicle-producing nation in the Latin American region is Brazil. This growth can mainly be attributed to the growth in demand for passenger cars and light-duty commercial vehicles, respectively in the domestic as well as export markets. The Middle East and Africa is poised to witness considerable growth in demand for forged parts on account of the growing industrialization in Middle East countries. In addition, rising investments in the automotive sector in the Middle East and Africa is expected to drive the forging market during the forecast period.
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Major player of steel forging market for automotive industries includes GKN Plc, EL Forge Limited (EFL), ThyssenKrupp, Robert Bosch GmbH, American Axle & Manufacturing Holdings, Precision Castparts, Ellwood Group, ATI Ladish Forging, FRISA, NTN Corporation, HHI Forging, Scot Forge, Sumitomo, Kisaan Steels, Happy Forgings Limited and Bharat Forge Limited.
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