You may have heard about forging and stamping earlier, but let us take an in-depth view of this market.
The forging and stamping market (or the forged and stamped metal goods market) consists of sales by entities (organizations, sole traders and partnerships) primarily engaged in one or more of the following: manufacturing forgings from purchased metals; manufacturing metal custom roll forming products; manufacturing metal stamped and spun products (except automotive, cans, coins); and manufacturing powder metallurgy products.
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The global market for forging and stamping reached a value of nearly $255.4 billion in 2018, having grown at an annual growth rate of around 6% since 2014, and is expected to grow at a growth rate of around 10% to nearly $371.3 billion by 2022.
Asia Pacific is the largest market for forging and stamping, accounting for around 43% of the global market.
Ever wondered which country holds the largest share in the forging and stamping market? China was the largest country among the countries mentioned in the report in the forging and stamping market worth $65 billion in 2018, nearly twice larger than the USA’s forging and stamping market, the second-largest market globally.
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What are the factors that will positively and negatively affect the growth of the forging and stamping market?
Going forward, government initiatives and growing demand from the aerospace and defense industry will drive growth. Factors that could hinder the growth of this market in the future are the expected rise in interest rates, reduction in free trade and the increasing availability of alternative products.
Thyssenkrupp AG was the largest company in the forging and stamping market in 2018. The company was established in the year 1811 and is headquartered in Essen, Germany.
An interesting trend that needs to be addressed is that forging and stamping companies are using digital thermomechanical processing (TMP) to prevent metal-flow defects and for material-usage optimization. TMP combines mechanical or plastic deformation process like forging, rolling, etc. with thermal processes like hot working, cold working, and various types of thermal and heat-treating techniques into a single process. Digital design modeling reduces scrap by around 50%, eliminates potential defects and allows the forging products to be produced on a smaller press.
TBRC’s forging and stamping market report cover market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast growth by geography. It places the market within the context of the wider metal and mineral manufacturing market and compares it with other markets.