Increase industrial GVA to support forging demand
United States, Rockville MD, 06 Jul. 2022 (GLOBE NEWSWIRE) — According to the latest forging lubricants report from Fact.MR, a market research and competitive intelligence provider, the global market is expected to be valued at US$6.1 billion in 2022 and grows at a CAGR of 3.7% between 2022 and 2032.
Defense budgets around the world have increased over the past decade. This has bolstered the demand for defense equipment in major economies such as the United States, China, and Russia, among others. The growing demand for ammunition is also driving the demand for forging lubricants. Many developing countries are interested in acquiring advanced defense technologies and are investing in the establishment of new defense industrial bases, which would also involve the installation of newer forging equipment.
The forging lubricants market is also driven by the constant demand from automobile manufacturers, who are the main users of forging lubricants in their manufacturing plants where they forge metals, non-ferrous metals and different alloys to achieve highly specialized designs. .
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Key insights from market research
- Water-based forging lubricants have captured half of the global forging lubricant market share.
- Coating-based lubricants are poised to create an absolute dollar opportunity of US$804.8 million by 2032.
- Among the applications, hot forging is expected to represent the highest consumption of forging lubricants and create an absolute dollar opportunity of US$1.7 billion.
- Among forging operations, hydraulic press is the fastest growing segment, expected to grow 1.5 times its market value by 2032.
- Among the regions considered, Europe is expected to dominate the market revenue in 2022 and create an absolute dollar opportunity of $571.4 million by 2032.
An important strategy for forged lubricant manufacturers is to establish production facilities in specific locations and invest in research and development of innovative products to meet the varied demands of end-use industries.
Manufacturers must increase capacity, focus on sustainability and aim to deliver innovative products tailored to the individual needs of end users.
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Key segments of the forging lubricants industry survey
- Forging Lubricants Market by Product Type:
- Water based forging lubricants
- With graphite
- Graphite free
- Oil-Based Forging Lubricants
- Coating based forging lubricants
- Glass powder
- Dry molybdenum
- Water based forging lubricants
- Forging Lubricants Market by Forging Material:
- titanium alloy
- super alloys
- Forging Lubricants Market by Process Type:
- Forging Lubricants Market by Forging Operation:
- mechanical press
- Hydraulic presses
- Circular and radial rolling mill
- Horizontal press
- Forging Lubricants Market by Region:
- North America
- Latin America
- East Asia
- Southeast Asia and Oceania
- Middle East and Africa
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Fact.MR, in its new offering, presents an unbiased analysis of the forging lubricants market, presenting historical market data (2017-2021) and forecast statistics for the period 2022-2032.
The study reveals essential information based on the type of lubricant (water-based (with graphite, without graphite), oil-based (graphite oil, others), coating-based (glass powder , frit, enamel, dry molybdenum, phosphates), forging material (steel, aluminum, bronze, brass, titanium alloy, nickel, superalloys, others), application (hot forging, cold forging), and forging operation ( hydraulic press, mechanical press, hammers, circular & radial rolling mill, horizontal press, others), in six major regions (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East and Africa).
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