North America Forging Market New Growth Opportunities By 2020
Deerfield Beach, FL -- (SBWIRE) -- 10/11/2017 -- 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. Zion Market 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.
Forging (Rolled Rings, Open Die, and Impression Die) Industry for Automotive, Aerospace, Oil and Gas, and Other Applications: North America Market Perspective, Comprehensive Analysis, and Forecast, 2014 - 2020
Forging is the robust technique of shaping the metals using the compressive forces that are exercised to obtain powerful end components. The forging mechanism can be exercised as ferrous (aluminum and titanium) forging and non-ferrous forging. The impression dies, open die and the rolled rings are employed to obtain the metal forging components. These forged metal parts are extensively used in automotive and aerospace industries.
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Ferrous and non-ferrous metal forging are the two types used in the forging mechanism to obtain the metal components. The ferrous metal was the largest forging segment of the forging industry. Furthermore, the ferrous metal can also employ with the aluminum as well as with titanium metals to derive the more powerful components that can be utilized in the aerospace industries.
On the basis of products forging market is segmented as rolled rings, open die and the impression die. Impression Die segment accounted for the largest share in the forging market in North America in 2014.
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Impression die dominated the North America forging market with over 60% share in the total market in 2014. However, rolled ring die segment is expected to witness fastest CAGR during the forecast period.
The powerful metal forging components are increasing in demand from automotive industry, aerospace industry, oil and gas industry, and other applications such as agriculture, shipbuilding, steel, bearing, and power industries. The automotive industry is one of the largest industries contributing to the growth of the forging market through the high consumption of forging equipment. The rising demand for light-weight components in the automotive industry is expected to drive the forging market for years to come. However, the market shows considerable potential to grow because of some positive trends that are emerging in the market.
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The U.S. is a leading country for the forging within North America forging market. Therefore, the report includes the key players operating in this market. The key players for forging market in North America include Alcoa, American Axle & Manufacturing Holdings, and Precision Castparts. The others major players operating in 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.