Radial Forging Machines Market Size, Share, Growth, and Industry Growth by Type (Forging Force Less Than 500ton, Forging Force Between 500-1000ton, Forging Force More than 1000ton), By Application (Metal Processing, Automotive, Defense, and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Radial Forging Machines Market REPORT OVERVIEW

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The global radial forging market size was USD 179.7 million in 2021 and market is projected to touch USD 355.77 million by 2031, exhibiting a CAGR of 7.1% during the forecast period.

Radial forging is a process that includes transmitting high pressures through superficial interaction to transform the width of a work piece. Fluctuating revolving energy of the manipulator in radial forging apparatuses revolves around the work piece in an ideal, direct-controlled way. With the outline of electric automobiles, the procedure is gaining admiration. The radial forging method is frequently used to produce small parts with intricate figures.

COVID-19 Impact: Lockdown Restrictions to Impede Market Progress

The COVID-19 pandemic has hindered the progress of the radial forging machines market considerably from last year and is expected to continue through 2022. The growing demand for the product in the market is observed in huge manufacturing nations, which are extremely affected by the spread of coronavirus. From raw materials to end users of this business are examined systematically, and the tendencies of product flow and sales network will be obtainable as well. 

LATEST TRENDS

"Increasing Adoption from Automotive Sector to Foster Market Growth"

The radial forging machines market growth can be credited to the growing demand for radial forging machines from the automotive business and end-user sectors. Radial forging machines are used for manufacturing high-quality gears with exact sizes and brilliant external texture. These machines are also capable of controlling great forgings, which makes them appropriate for use in heavy manufacturing machines.

Radial Forging Machines Market SEGMENTATION

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• By Type

Based on type; the market is divided into Forging Force Less Than 500ton, Forging Force Between 500-1000ton, Forging Force More than 1000ton.

• By Application

Based on the application; the market is divided into Metal Processing, Automotive, Defense, and Others.

DRIVING FACTORS

"Increasing Demand from SMEs to Foster Market Growth"

The increasing demand for lightweight and fuel-efficient automobiles and rising automotive manufacturing in emerging nations are anticipated to foster product demand in the coming years. The rising admiration for radial forging machines amid small and medium-sized enterprises (SMEs) and the rising trend of customization in the automotive sector are likely to drive market growth during the forecasted period. Moreover, technological advancements expand the performance of radial forging machines.

"Increasing Adoption for Processing of Alloys to Promote Growth"

The usage of titanium alloys is substantial in the manufacturing industry. This dwells a superior prominence on the processing of these alloys to attain positive metallurgical and functional features. Therefore, radial forging technology is suitable to upkeep these processing requests. Due to the exceptional abilities of the radial forging machine, the creation of contoured machinery can be skilled for the necessities of several industries comprising aerospace, energy generation and medical. Radial forging is an extremely creative and adaptable technology for the processing of titanium alloys and can be a fundamental fragment in the processing of gears that consume titanium alloys.

RESTRAINING FACTORS

"High Initial Investments to Hamper Market Growth"

In the forging process, it is problematic to achieve subordinate processes. It is restricted to simple figures. Moreover, the capital cost is high, and material security techniques are essential to be tracked.

Radial Forging Machines Market REGIONAL INSIGHTS

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"Growing Demand in Asia Pacific to Drive Market Share "

Asia Pacific holds the largest part of the global radial forging machines market share. The region has observed a flow in demand from China, India, Japan, South Korea, and Taiwan among other countries due to their speedily growing manufacturing segment. The region is anticipated to observe the maximum progression rate due to the increasing demand from emerging countries such as China and India during the forecast period.

Europe is anticipated to have a sizable market share. This is due to the increasing demand from Germany and European countries that are intricate with heavy machinery manufacturing such as mining and construction machines both diesel-driven and gas turbine-powered components. Therefore, motivating product acceptance across this region during the projected period.

KEY INDUSTRY PLAYERS

"Market Players to Boost Market Growth"

The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• GFM (U.S.)
• SMS (India)
• Lansland (China)
• Taiyuan Tongze (China)
• HDMECH (U.S.)
• Qingdai Hengjun (China)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.