About this market
Technological innovations to drive market growth. Many foundry equipment manufacturers are investing in the R&D of innovative product lines that will make the overall forging process better and reliable. The analysts have predicted that the forging market in North America will register a CAGR of over 4% by 2023.
Market Overview
Rising need for superior quality products
The need to achieve increased productivity without compromising on the product quality has resulted in the manufacturers worldwide adopting efficient tools and metal forming techniques.
Rising environmental concerns
The generation of pollutants, dust, and particles, and emission of poisonous gases are a few of the environmental hazards associated with the foundries in the forging industry.
For the detailed list of factors that will drive and challenge the growth of the forging market in North America during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Berkshire Hathaway and Scot Forge the competitive environment is quite intense. Factors such as the rising need for superior quality products and the technological innovations, will provide considerable growth opportunities to forging market manufactures. Alcoa, Aluminum Precision Products, American Axle & Manufacturing, Berkshire Hathaway, and Scot Forge are some of the major companies covered in this report.