FORGING MARKET ANALYSIS

Regional Analysis

Global Forging Market Outlook

Asia Pacific is projected to be the dominant region in the global forging market having the largest market share in the world followed by North America. Development in infrastructure, advancement in automotive and construction industries in the emerging economies and recognition of the emerging country such as India as the manufacturing hub is propelling the growth of forging market in this region. Moreover, the burgeoning outsourcing of forging activity backed by government initiatives have contributed to the growth of forging market in this region. China, is the key producer of forging products in this region.

North America has witnessed a burgeoning growth in the global forging market. One of the main reasons behind the growth is due to the increasing demand for rolled ring forging which is ruling the aerospace industry of this region. According to the Forging Industry Association, forging appears in the 20% of products which represents the GDP of U.S.

Europe is anticipated to witness a significant growth in the global forging market. According to an article published by Euroforge, Germany is one of the major players in this industry accounting for 48% of the forging production. Tata Steel and ThyssenKrupp AG agreed to merge their steel operations to emerge as the continent’s number 2 steelmaker. Environmental and government regulations have given significant pace to global forging market in this region.