Top 5 Forgings Suppliers Based on Revenue

NAICS Code: 332111 : Iron and Steel Forging

UNSPSC Code: 31130000: Forgings

Forgings Suppliers Market Overview 

The world's forging market is fragmented, with China now holding the biggest market share at 41%. The zero-COVID policy in China, the war in Russia and Ukraine, and other issues are forcing consumers to hunt for low-cost/domestic sourcing choices, therefore, the growth rate is predicted to slow down. APAC dominates the market, accounting for over 67 percent of the total size, with China, Japan, and India making up about half of the world's supply. In North America and Europe, the demand is anticipated to be driven by the automotive and machine tool segment, while in Asia, the demand is anticipated to be driven by both the construction sector and the automotive and machine tool segment. Read more about the global market overview here.

Key Forgings Suppliers

Alcoa

Alcoa is a major producer of aluminum worldwide and remains to be the key player in the forging industry. 

Key Strengths

• Robust vertically integrated operations and strong financial position reduce the entry barriers in new business

• Over 60,000 people are employed with the organization, and has operations in over 30 countries

Bharat Forge

An Indian global corporation called Bharat Forge Limited works in the forging, automotive, energy, building and mining, railroads, marine, aerospace, and defense sectors. On June 19, 1961, Nilkanthrao A. Kalyani established the business.

Key Strengths

• High economies of scale, leading to competitive cost advantage.

• They have good financial leverage, which allows them to expand their business and increase profit

Nippon Steel Corporation

In 2012, the former Nippon Steel and Sumitomo Metal merged to establish Nippon Steel Corporation. In 1970, Fuji Iron & Steel and Yawata Iron & Steel merged to become the first Nippon Steel Corporation. As of 2019, Nippon Steel is the third-largest volume manufacturer of steel in the world.

Key Strengths

• NSSMC manufactures products for a diverse group of end markets, such as automotive, energy, construction, transportation, and electronics through its various business divisions.

• NSSMC has strong research and development capabilities. Conducts research to develop new products and improve the existing products

ATI

With capabilities ranging from carbon and alloy steel to superalloys, titanium, and other materials, ATI Forged Products is an industry leader in specialty metal forging. Because of its excellent R&D capabilities, ATI has a competitive edge and is better able to innovate and introduce new products.

Key Strengths

• Diversified end markets help to avoid dependence on any single market for revenue.

• Robust and diversified portfolio of manufacturing facilities helps the company to mitigate geographical specific risks and helps it to strengthen its manufacturing capabilities

ThyssenKrupp AG

A German multinational company with an emphasis on steel manufacturing and industrial engineering is called ThyssenKrupp AG. With operating headquarters in Duisburg and Essen, it is the outcome of the 1999 merger of Thyssen AG and Krupp.

Key Strengths

• A strong focus on research and development activities enables ThyssenKrupp to increase its focus on high-value products/services and helps to attain a competitive advantage over its peers.

• Diversified operations, in terms of seven business segments and presence in 78 countries, with 471 subsidiaries and 25 investments

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