North America Forging Market is Expected to Reach USD 15.41 Billion in 2020
Zion Research has published a new report titled Forging Market in North America(Rolled Rings, Open Die and Impression Die) Industry for Automotive, Aerospace, Oil and Gas, and Other Applications: Industry Perspective, Comprehensive Analysis and Forecast 2014 – 2020. According to the report, North America’s demand for forging industry was valued at USD 11.75 Billion in 2014 is expected to reach USD 15.41 Billion in 2020, growing at a CAGR of 4.76% between 2015 and 2020. In terms of volume, the North America forging market stood at 23.30 million tons in 2014.
Forging is a manufacturing process of shaping metals using compressive forces. Cold forging and warm (or hot) forging are two major forging processes. Forging is a robust technique as compared to other metal shaping techniques, as it owes to the powerful metal component. The forging mechanism can be exercised as ferrous (aluminum and titanium) forging and non-ferrous forging. Metal forging is done through either impression die, open die, or rolled rings. Forged metal components are widely used in the automotive, aerospace, construction, oil and gas, agriculture, shipbuilding, steel, bearing, and power industries.
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The forging market is segmented on the basis of different types of forging mechanism such as ferrous metal forging, and non-ferrous metal forging. Forging market can also be segmented as rolled rings, open die and impression die on the basis of product segment. Impression die dominated the North America forging market with over 60% share in total market in 2014. However, rolled ring die segment is expected to witness fastest CAGR during the forecast period. Rolled rings forging market is growing as demand for rolled ring forging equipments demand for automotive, aviation and oil & gas industry is growing. Aerospace industry dominated the demand for rolled rings forging equipments market in North America.
The forging market in North America is segmented on the basis of application segmentation includes the automotive industry, aerospace industry, oil and gas industry, and other applications. The automotive industry is one of the largest industries contributing to the growth of the forging market through the high consumption of forging equipment. Impression dies are mainly used for making several metal components. Strong demand for impression die forging equipments from automotive industry is expected to boost the demand for forging market in the years to come. Aerospace is another important end market for forging industry.
The key players for forging market in North America include Alcoa, American Axle & Manufacturing Holdings, and Precision Castparts. The others prominent players for the forging market in North America include Ellwood Group, ATI Ladish Forging, FRISA, General Dynamics Ordnance & Tactical Systems, HHI Forging, Patriot Forge, Scot Forge, Sumitomo, Sypris Solutions, ThyssenKrupp.
North America Market: Type Segment Analysis
- Ferrous Metal Forging
- Non-ferrous Metal Forging
North America Market: Product Segment Analysis
- Rolled Rings
- Open Die
- Impression Die
North America Market: Application Segment Analysis
- Automotive Industry
- Aerospace Industry
- Oil and Gas Industry
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