Forging market in North America
Forging is a manufacturing process for shaping metals using compressive forces. Cold forging and warm (or hot) forging are the two main forging processes. Forging can be exercised as ferrous (aluminium and titanium) forging and non-ferrous forging. It is carried out 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.
North America’s demand for forging was valued at USD 11.75 billion in 2014 is expected to reach USD 15.41 billion by 2020, growing at a CAGR of 4.76%. In terms of volume, the North America forging market stood at 23.30 million tons in 2014
Impression die forging dominated the North America market with more than a 60% share in 2014. However, rolled rings die forging is expected to see the fastest CAGR during the forecast period. Rolled rings forging is growing due to increased demand from the automotive, aviation and oil and gas industry is growing. The aerospace industry dominates demand for rolled rings forging equipment market in North America.
The forging market in North America is segmented in terms of application as; the automotive industry, aerospace industry, oil and gas industry, and other applications. The automotive industry is one of the applications contributing to the growth of the market. Strong demand for impression die forging equipment from the automotive industry is expected to boost demand in the years to come.
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.
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