Technavio has announced the top five leading vendors in their recentglobal forging market report. This market research report also lists 36 other prominent vendors that are expected to impact the market during the forecast period.
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Technavio has published a new report on the global forging market from 2017-2021. (Graphic: Business Wire)
Competitive vendor landscape
According to the research analysis, the globalforging market is fragmented, with the clear dominance of large international players. The market is capital-intensive, and hence, it poses a stiff challenge to local players. These small players find it quite difficult to compete with international vendors in terms of quality, features, functionalities, and services. With the introduction of products with new features and technologies, the competition will become more aggressive. Vendors operating in the market experience maximum demand from the automotive sector, which is expected to drive the demand during the forecast period. The automotive sector, which comprises heavy trucks, light commercial vehicles, passenger cars, and buses and coaches accounted for about 64% of the global forging market in 2015. The automotive market dynamics will have a direct impact on the demand for forged components.
“However, the global market is witnessing a gradual shift wherein the vendors are trying to reduce their dependence on the automotive sector and are emphasizing on generating demand from non-automotive applications,” says Gaurav Mohindru, a lead analyst at Technavio for metals and minerals research.
The report also states that the industry has been increasingly focusing on enhancing forging efficiency, which has led to the demand for automated technology and equipment. The automation of the forging process and related machinery is now turning into a key technology trend among the industry players.
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Technaviochemicals and materials market research analysts identify the following key vendors:
Alcoa
Alcoa engineers and manufactures innovative lightweight metals such as aluminum, titanium, and nickel. The company's products are used in the automobile, aircraft, packaging, building and construction, commercial transportation, oil and gas, defense, consumer electronics, and industrial sectors.
ATI
ATI is a diversified specialty materials and components producer. The company forges materials ranging from carbon and alloy steel to super alloys, titanium, and other specialty metals. It employs a wide range of forging technologies that include isothermal and hot-die forging for advanced aerospace materials and components.
Bharat Forge
Bharat Forge manufactures and sells forged components worldwide. Some of its products include powertrain components, chassis components, and transmission parts. It operates nine manufacturing facilities that serve the automotive, oil and gas, power, construction and mining, locomotive, marine, and aerospace sectors.
Nippon Steel & Sumitomo Metal
The company manufactures and fabricates steel. Nippon Steel & Sumitomo Metal's offerings include steel plates, steel sheets, bars and materials, structural sheets, pipes and tubes, machinery parts, titanium, stainless steel, steel slag, and fabricated products. These products find applications in the infrastructure, railways, automotive, ships, construction machinery, aircraft, resources and energy, electrical and household equipment, and agriculture/livestock industries.
ThyssenKrupp
ThyssenKrupp is a diversified industrial company specializing in the materials and capital goods and services businesses. The company uses special alloying elements and targeted heat treatments to obtain high-strength materials such as ductile dual-phase steel that attain strength while being formed into automotive components and bake-hardening steels, which gain strength from the heat of the paint baking operation.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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