Forged Automotive Component Market: Overview
Forging is manufacturing process, for shaping of metal by applying compressive forces with the related equipment. Automotive industry depends significantly on steel forged automotive components owning to increasing vehicle production. Forged steel is used for manufacturing of automotive components such as crankshafts, axle, joints and bearings, and is necessary for handling the torque. Furthermore, closed-die forging, impression-die forging of steel, titanium, aluminum and other alloy can produce a limited 3-D variety of shapes. Additionally, Impression-die forgings are normally produced on hydraulic presses, hammer and mechanical presses with abilities up to 50,000 tons, 20,000 tons and 50,000 lbs. additionally, finisher dies is used for manufacturing of symmetric and non-symmetric automotive component by bending operations. Moreover, temperature sensitive material such as magnesium, refractory alloys, titanium alloys and nickel-based super alloys may require a special forging process or special equipment for forging in impression dies. The future stance in the global heavy-truck composite component market is anticipated to remain optimistic & the market is anticipated to witness double digit CAGR growth over the forecast period.
Forged Automotive Component Market: Dynamics:
The demand of forged automotive components is likely to be generated primarily from automotive ancillary sector which supplies the finished products to automotive OEMs. Increasing demand for better driving experience in terms of smooth gear shifting & progress in acceleration and improvement in the installation of automotive parts, triggering the global forged automotive component market. It is expected to increase demand for light commercial vehicle and passenger car in domestic as well as export market enhances the global forged automotive component market during the forecast period.
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It is anticipated that fluctuating oil and gas price may hinder the global forged automotive component market during the forecast period. Furthermore, slowdown in automobile production and the availability of the alternative metal forming process is anticipated to hinder the market. On the other hand, increasing demand for electric vehicles with the chassis and ancillary parts made of polymer materials is expected to cause a decline in demand of the global forged automotive component market during the forecast period.
Forged Automotive Component Market: Segmentation:
The global forged automotive component market can be segmented on the basis vehicle type:
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Passenger Vehicles
The global forged automotive component market can be segmented on the basis of Automotive Component:
- Gears
- Crankshaft
- Axle
- Bearing
- Piston
- Steering Knuckle
- CV Joint
- Beam
- Fittings & Flanges
- valve bodies & High-pressure valves
- Others
The global forged automotive component market can be segmented on the basis of forging process:
- Impression Die Forging
- Hydraulic Presses
- Mechanical Presses
- Hammers
- Cold Forging
- Open Die Forging
- Seamless Rolled Ring Forging
The passenger car segment is dominated on the global forged automotive component market, owning to increasing disposable income of end users. It is anticipated that this trend is liable to follow during the forecast period. It is anticipated that lightweight commercial vehicle segment is likely to grow at a debauching rate during the forecast period. Furthermore, heavy commercial vehicle segment is expected to sluggish growth rate over the forecast period.
Forged Automotive Component Market: Key Participants:
Key participants of the global forged automotive component market are following:
- Kalyani Group
- Om Forge
- Super Auto Forge Private Limited
- GAZ Group
- TBK Co., Ltd.
- EL FORGE LIMITED
- Schweiger fulpmes GesmbH
- NIPPON STEEL & SUMITOMO METAL CORPORATION
- thyssenkrupp Forging Group
- Agrasen Engineering Industries Pvt. Ltd.
- Advance Forgings Pvt. Ltd.
- SDF Automotive
- Happy Forgings Limited
- Indo Schöttle Auto Parts Pvt. Ltd.
- Mueller Brass Co.
Forged Automotive Component Market: Region-wise Outlook:
It is projected that North America is dominated on the global forged automotive component market owing to robust demand from the automotive industry in particular countries such as U.S., Canada. Europe is followed by North America in the global automotive component market. Germany pegged for a foremost share of the forged automotive components produced in Europe, followed by the UK owning to increasing sales of cars as well rising research & development investment by automotive component manufacturers. Asia Pacific is also generating significant revenue from the global automotive component market, possessing to increasing manufacturing activities in emerging countries such as China, India and Japan. Furthermore, The Middle East and Africa are composed to witness significant growth in demand for forged automotive component owning to growing industrialization.
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