Forged Roll Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast | Growth Market Reports

The global forged roll market is anticipated to register a high CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the increasing demand for automobiles across the globe.

Forge rolling is a process that simultaneously reduces the cross-sectional area and shape of heated bars, billets, or plates by passing them between two driven rolls. These two rolls rotate in opposite directions that have one or more matching impressions. Forging results in the modification of internal grain of the metals. Under controlled conditions, the heated metal changes to the desired products that have uniform grain size and flow characteristics. This leads to the refinement of the forged metal and reduces its porosity. The final product obtained possesses superior mechanical and metallurgical properties as well as improved directional strength.

Forged parts have improved structural integrity, which ensures optimum performance under field conditions. Forging makes the metal tough, ductile, and capable of withstanding high fatigue. Moreover, it also imparts uniformity to the grain flow.

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Market Trends, Drivers, Restraints, and Opportunities:

• Increasing demand for forged roll in the automobile and aeronautic industry is anticipated to drive the market growth during the forecast period.
• Growing demand for metal forging from various industry verticals is speculated to boost the growth of the market.
• High cost of manufacturing forged rolls is anticipated to hamper the market growth. Moreover, the presence of alternative methods can hinder the expansion of the global forged roll market.
• Fluctuating price of raw materials is expected to restrain the market growth in the coming years.
• Rapid growth of the automobile industry is expected to provide lucrative opportunities to the industry players in the foreseeable future.
• The COVID-19 pandemic had led to the imposition on the opening of the manufacturing facilities. This, in turn, has led to the disruption in the supply chain activities in several industries. However, the market is slowly recovering and is expected to reach pre-COVID level till mid-2021. Rapid growth of the automobile industry is expected to provide lucrative opportunities to the industry players in the foreseeable future.

Global Forged Roll Market Segment Insights

On the basis of products, the market is divided into alloy materials, stainless steel, and others. The alloy materials segment dominated the market segment in 2020, in terms of revenue. Alloys are the most preferred metals in the close die forging process. This is due to the increasing demand for alloys on account of its strong mechanical properties, ease of processing, low cost, and easy availability. Alloy materials forged parts usually have high strength, hardness, corrosion resistance, and improved weldability and ductility.

In terms of applications, the market is divided into automobiles, aviation, machinery & equipment, and others. The machinery & equipment segment accounted for a substantial amount of the share in the market, in 2021, in terms of revenue. Moreover, this trend is expected to continue during the forecast period. This can be attributed to growing industrialization all around the world, especially in developing countries such as India, China, and Brazil. Conversely, the automobiles segment is anticipated to expand at an impressive growth rate owing to increasing sales of automobiles and rapid growth in the automotive industry due to adoption of latest technologies.

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Regional Outlook

Based on regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific held a market share of above 50% in 2020 owing to increasing foreign investments in the developing economies such as India and China. On the other hand, most of the economies witnessed a drastic downfall owing to the COVID-19 pandemic in 2020. However, economies in various regions is expected to recover soon.

Competitive Landscape

Major players competing in the global forged roll market are Kennametal, Lehigh Heavy Forge, Sinosteel, Nippon Steel＆Sumitomo Metal, Kay Jay Chill Rolls, Camet Metallurgical Technologies, KS Carbide, Sorbit Valji Doo, and Hitachi.

Companies are engaging in partnerships, collaborations, and expanding their product offerings to expand their market share.

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