A new outlook study of the impression-die forging market forecasts that the global market will expand from a net-value of $17.007 billion in 2015 to $22.732 billion by 2022, growing at a consolidated annual rate (CAGR) of 4.34% from 2015 - 2022. The report was researched and is presented by Allied Market Research, a forecasting and consulting arm of Allied Analytics LLP that prepares market studies for medium and small businesses.
Impression-die forging, or closed-die forging, uses high force to form the metal workpieces using customized dies. Mechanical and hydraulic forging presses are generally used, and the process can be applied to a wide range of metals and alloys.
Among the numerous products produced by impression-die forging are aircraft landing gears, connecting rods, gear blanks, crankshafts, jet engine turbine shafts, pistons, flanged connectors, axles, railway wheels, shrouds, valves, piston rods, piping products, cylinders, levers, impellers, shafts, and casings.
The research concludes that improving global economic conditions, increasing innovations in products and equipment, and growth in end-user markets (e.g., aerospace, construction equipment, oil-and-gas, and others) are fueling the growth of the impression-die forging market. However, market expansion is restrained by increasing input costs and the high cost of impression-die forging processing.
The Asia-Pacific region is expected to witness the highest rate of growth over the five-year period covered by the study, with a CAGR of 5.1%, due to rising regional demand for automotive thermal management systems in countries like China, Japan, and India, among others.
Other findings of the study include:
• The custom forging market will have a CAGR of 4.4% worldwide during the forecast period;
• The market for titanium impression-die forgings will have a CAGR of 5.0%, mainly due to demand from aerospace and defense manufactufers; and
• The shipbuilding market segment will have a CAGR of 3.7% during the forecast period.