Steel Forging Market Flourishing To Reach USD 56.0 Billion By 2022
Major companies of steel forging market comprise EL Forge Limited (EFL), GKN Plc, Robert Bosch GmbH, ThyssenKrupp, Precision Castparts, American Axle & Manufacturing Holdings, ATI Ladish Forging, Ellwood Group, NTN Corporation, FRISA, Scot Forge, HHI Forging, Kisaan Steels, Sumitomo, Bharat Forge Limited, and Happy Forgings Limited. These players have a major role in the development of steel forging market.
As per the analysts at Zion Market Research, global steel forging market for automotive application was capitalized at USD 41.77 Billion in 2016 and is likely to cross USD 56.0 Billion by the end of 2022, developing at a CAGR of 5.1% from 2017 to 2022. The global steel forging market for automotive application stood at almost 29,645.3-kilo tons in terms of volume in 2016.
Cost-Effective Technique Of Metal Forging To Drive The Development Of Steel Forging Market
As per Zion Market Research’s analysts, developing automotive sector all over the world is a major catalyst of global steel forging market. Moreover, cost-effective technique of metal forging is expected to drive the development of steel forging market in the automotive sector. On the other hand, availability of optional metal gorging process is likely to hinder the growth of steeling forging market. Nevertheless, employment of environment-friendly and energy efficient techniques in forging is planned to provide new opportunities for the major companies in the coming years in the steel forging market. Moreover, different mergers and acquisitions by major players of steel forging market are set to bolster the development of market. For example, in May 2018, ArcelorMittal got approval from European Commission for its acquirement of Ilva, fostering the development of global steel forging market.
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Tie-Ups With The Potent Automakers To Sustain The Dominance Of Asia Pacific In The Steel Forging Market
Asia Pacific in 2016 ruled the global steel forging market and is planned to gain traction in the years to come. Sharp development in the automotive industry in China and India is likely to have positive effect on the steel forging market in this area. India is believed as the most important area for steel forging market. Some of the major reasons such as tie-ups with the potent automakers and government programs for outsourcing their forged elements add up to the development of steel forging market in this area.
On the basis of different products, gear surfaced as a top component that added up for over 30% share in 2016 for the global steel forging market. Furthermore, crankshaft was second biggest product section of the steel forging market in 2016. Moreover, this fashion is expected to sustain in the forecast period for the steel forging market. Bearings and axle are the important products that are believed to exhibit significant development during the coming years in the steel forging market.