Forged and Stamped Goods Market:
This report describes and evaluates the global forged and stamped goods market. It covers two five-year periods, 2014 to 2018, termed the historic period, and 2018 through 2022, the forecast period.
The global market for forged and stamped goods reached a value of nearly $255.4 billion in 2018, having grown at a compound annual growth rate (CAGR) of 5.6% since 2014, and is expected to grow at a CAGR of 9.8% to nearly $371.3 billion by 2022.
Growth in the historic period resulted from high demand from the automobile manufacturing industries and economic growth in emerging economies. Factors that negatively affected growth in the historic period were volatile metal prices and unsteady demand from the machinery manufacturing industries. Going forward, government initiatives and growing demand from the aerospace and defense industries will drive growth. Factors that could hinder the growth of this market in the future include an expected rise in interest rates, reductions in free trade and increasing availability of alternative products.
The forged and stamped goods market is segmented by product type into metal crown, closure, and other metal stamping, powder metallurgy part manufacturing, custom roll forming, iron and steel forging, and nonferrous forging. Metal crown, closure, and other metal stamping was the largest segment of the forged and stamped goods market in 2018 at 28.9%. The nonferrous forging market is expected to be the fastest-growing segment going forward at a CAGR of 11.5%.
The forged and stamped goods market is segmented by end use industry into automotive, construction, food and beverage packaging, machinery, metal products and others. The automotive industry was the largest end use industry for the forged and stamped goods market in 2018 at 35.6%. The machinery market is expected to be the fastest-growing segment by end use industry at a CAGR of 18.5%.
Asia-Pacific was the largest market for forged and stamped goods, accounting for 42.9% of the global market. It was followed by Western Europe, North America and then the other regions. Going forward, Africa and the Middle East will be the fastest growing regions in the forged and stamped goods market, where growth will be at CAGRs of 20.4% and 13.9% respectively. These will be followed by Eastern Europe and Western Europe where the markets are expected to grow at CAGRs of 14.8% and 11.0% respectively.
The market for forged and stamped goods is related fragmented with small numbers of large entities which command significant market share and a large number of small entities. Players in the market include Thyssenkrupp AG, Arcelor Mittal, American Axle & Manufacturing Holdings, Allegheny Technologies Incorporated (ATI) and Precision Castparts.
The global metal products market, of which the forged and stamped goods market is a segment, reached a value of nearly $2,688.6 billion in 2018, having grown at a compound annual growth rate (CAGR) of 7.1% since 2014. It will grow at a CAGR of 10.8% to nearly $4,053.8 billion by 2022. The architectural and structural metals manufacturing market was the largest segment of the metal products market, which was worth $555.1 billion globally in 2018 and has grown at a CAGR of 7.5% during the historic period (2014-2018).
It is expected to grow at a CAGR of 11.1% during the forecast period (2018-2022). The forged and stamped goods market was the fifth largest segment of the metal products market, accounting for 9.5% of the total in 2018.
The top opportunities in the global forged and stamped goods market will arise in the powder metallurgy and part manufacturing segment which will gain $29.9 billion of global annual sales by 2022. Also, the top opportunities in this market will arise in the automotive end use industry which will gain $42.3 billion of global annual sales by 2022.
The forged and stamped goods market size will gain the most in China at $41.1 billion. Market-trend-based strategies for the forged and stamped goods market include implementation of technologies in the manufacturing processes, integration of 3D technology to enhance products, and adoption of automation to improve manufacturing process and save time and costs for the forged and stamped goods manufacturers. Player-adopted strategies in the forged and stamped goods industry include expanding into newer geographies, focusing on expanding product portfolios through acquisitions and mergers, improving the products offered with the focus on product development, and expanding the manufacturing facilities to cater to the increasing demand.
To take advantage of these opportunities, The Business Research Company recommends the forged and stamped goods companies to collaborate across verticals and industries to manufacture better products, adopt 3D printing and automation technologies to improve production, expand in emerging markets, and promote the products through social media, among other strategies.
For further information on this report, visit – https://www.wiseguyreports.com/reports/4192536-forged-and-stamped-goods-global-market-opportunities-and-strategies-to-2022
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