September 12, 2023 12:15 ET | Source: PMI PMI
Covina, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Automotive forging is a manufacturing process widely used in the automotive industry to produce high-strength, precision-engineered metal components for vehicles. Forging involves shaping and compressing metal using extreme pressure and localized heating. This process results in parts with superior mechanical properties, durability, and resistance to fatigue, making them ideal for critical automotive applications. Steel Plate Sizes
Automakers are under increasing pressure to improve fuel efficiency and reduce emissions. Forged components, which are known for their high strength-to-weight ratio, can help in light weighting vehicles, leading to improved fuel efficiency. The demand for lightweight forged components, such as aluminum suspension parts, is expected to foster the Automotive Forging Market growth.
Automotive Forging Market accounted for US$ 48.2 billion in 2022 and is estimated to be US$ 82.5 billion by 2032 and is anticipated to register a CAGR of 5.2%. Automotive Forging Market is segmented into Vehicle Type, Material Type, By Application, and region.
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The prominent player operating in the global automotive forging market includes Bharat Forge Limited, Thyssenkrupp AG, Meritor Inc., CIE Automotive, S.A., India Forge & Drop Stampings Ltd.,NTN Corporation, Dana Inc., American Axle & Manufacturing, Inc., Ramkrishna Forgings, and Nanjing Automobile Forging Co. Ltd.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
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Region Analysis: Region analysis for the automotive forging market involves assessing the target market's performance and dynamics in different geographic regions. The automotive forging market can vary significantly from one region to another due to factors such as automotive manufacturing activity, economic conditions, technological advancements, and regulatory influences. Here's an overview of how region analysis might be conducted for the automotive forging market:
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The growth of electric and hybrid vehicles is driving demand for specialized forged components. These vehicles require lightweight components for batteries and electric motors, as well as durable components for drivetrain systems. The development of advanced materials, including high-strength alloys and composites, is expanding the possibilities for forging. New materials offer improved performance characteristics, such as increased strength and corrosion resistance, and can open up new applications in the automotive sector.
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