Report : Asia Pacific Cold Forming and Cold Heading Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Material (Aluminum, Alloy Steel, Stainless Steel, and Others) and Industry (Aerospace and Defense, Automotive, Industrial Equipment and Machinery, and Others)
At 6.9% CAGR, the Asia Pacific Cold Forming and Cold Heading Market is speculated to be worth US$ 13,720.86 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific cold forming and cold heading market was valued at US$ 9,183.18 million in 2022 and is expected to reach US$ 13,720.86 million by 2028, registering an annual growth rate of 6.9% from 2022 to 2028. The rising demand from electrical & construction sector and increasing demand for cold forming and cold heading in automotive industry are the critical factors attributed to the market expansion.
The electronics industry in developing countries has grown rapidly in recent years. The appliances industry benefits from cold heading machines by manufacturing gears and fasteners for assembly. Cold heading avoids the porosity, segregation, large inclusions, and other imperfections of the casting and reduces the chances of cold heading parts leaking under high pressure. Therefore, this factor makes cold heading ideal for a few high-pressure and hydraulic components. For instance, rod ends and fittings for 3,000 psi cylinders can be replaced with leak-proof rod materials. The electrical industry uses cold heading machines to manufacture cold heading rivets for electrical contacts. The most popular are solids and bimetals. In special cases, appliances also require custom cold pressed parts such as rivets and fasteners. Therefore, the above factors are expected to boost the demand for cold forming and cold heading materials and increase the demand for cold heading and cold forming in electrical applications. Therefore, this segment is expected to grow strongly in the coming years. The growth of the construction industry is expected to promote the use of cold forming and cold heading machines. Cold forming and cold heading machines are used to manufacture connectors that are widely used in the construction industry. Therefore, investment and development in this sector will support the growth of the cold forming and cold heading market. Thus, increasing demand from the electrical industry & construction sector is expected to boost the growth of the cold forming and cold heading market.
On the contrary, cold forming and cold heading metalworking requires greater forces hurdles the growth of Asia Pacific cold forming and cold heading market.
Based on material, the Asia Pacific cold forming and cold heading market is segmented into aluminum, alloy steel, stainless steel, and others. The alloy steel segment held 45.6% market share in 2022, amassing US$ 4,185.82 million. It is projected to garner US$ 6,194.50 million by 2028 to expand at 6.8% CAGR during 2022–2028.
Based on industry, the Asia Pacific cold forming and cold heading market is segmented into aerospace and defense, automotive, industrial equipment and machinery, and others. The automotive segment held 57.2% market share in 2022, amassing US$ 5,249.86 million. It is projected to garner US$ 8,158.53 million by 2028 to expand at 7.6% CAGR during 2022–2028.
Based on country, the Asia Pacific cold forming and cold heading market is segmented into Australia, China, India, Japan, South Korea, and the rest of Asia Pacific. Our regional analysis states that China captured 40.9% market share in 2022. It was assessed at US$ 3,754.23 million in 2022 and is likely to hit US$ 5,762.76 million by 2028, exhibiting a CAGR of 7.4% during the forecast period.
Key players dominating the Asia Pacific cold forming and cold heading market are Altra Industrial Motion Corp; Bharat Forge; Deringer-Ney Inc; Fukui Byora Co., Ltd.; KALYANI FORGE; and STANLEY among others.
Contact Us
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: sam@businessmarketinsights.com