NEWARK, Del, Oct. 18, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the global ring rolling products market value is estimated to reach US$ 4,146.7 Million in 2023. Over the next ten years (2023 to 2033), global sales of ring rolling products are anticipated to rise at 4.9% CAGR, taking the total market valuation to US$ 6,716.2 Million by 2033.
Growing demand for ring rolling products in a wide range of sectors including automotive, aerospace, oil & gas, etc is expected to drive the global market during the assessment period.
Robust growth of the aerospace sector is emerging as a significant driver of the ring rolling products industry. This is due to rising applications of ring rolling products in this sector.
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The aerospace sector relies on ring rolling products to produce engine rings, landing gears, and other structural components. Rising demand for air travel and advanced aircraft technologies will elevate demand for ring rolling products used in aerospace components.
Manufacturers are focusing on developing high-quality ring rolling products with improved mechanical properties to meet the industry's requirements and enhance the product's reliability and safety.
The ring rolling products market's growth is also driven by technological advancements that have revolutionized manufacturing processes.
Automated systems and computer-controlled equipment have enabled manufacturers to produce high-quality ring rolling products with greater precision, efficiency, and consistency. These advancements have also reduced manufacturing costs, enabling manufacturers to produce ring rolling products at a lower cost and thus increasing market competitiveness.
The development of advanced materials and alloys has enabled ring rolling product manufacturers to produce components with improved strength, durability, and corrosion resistance. These materials include titanium alloys, superalloys, and composite materials, which are widely used in the aerospace, automotive, and energy industries.
Key Takeaways from Ring Rolling Products Market Study:
- During the forecast period, the global ring rolling products industry will expand at a CAGR of 4.9%.
- By product, seamless rings segment is estimated to account for more than 38.1% value share in 2023.
- Based on end use, automotive segment will lead the market creating an incremental opportunity of nearly US$ 606.3 Million from 2023 to 2033.
- Ring rolling product demand in China market is forecast to rise at 4.0% CAGR through 2033.
- The United States ring rolling products industry is projected to create an incremental opportunity of US$ 396.7 Million through 2033.
“Robust growth of end-use sectors such as automotive, aerospace, railway, marine, and so on is expected to uplift demand for ring rolling product demand during the forecast period. Further, growing demand for lightweight materials will present significant opportunities for ring rolling product manufacturers.” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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Who is Winning?
The global market of ring rolling products is moderately fragmented with Tier-I players holding around 45% to 50% of total market share. These players are likely to invest in new technology developments and expansion of their distribution networks to maintain their market presence.
Leading players are also forming alliances, partnerships, and collaborations as well as employing the merger & acquisition strategy to gain profits.
Key Companies Profiled:
- ThyssenKrupp AG
- Siemens AG
- Mitsubishi Heavy Industries, Ltd.
- Nippon Steel & Sumitomo Metal Corporation
- Bharat Forge Limited
- Zollern GmbH & Co. KG
- SMS group GmbH
- China First Heavy Industries
- Kuhn Special Steel North America, Inc.
- Precision Rings Inc.
- Fountaintown Forge, Inc.
- SKF
- Ringmasters LLC
- All Metals & Forge Group, LLC
- Wuxi Paike New Materials Technology Co., Ltd.
- Schaeffler
- Jiangyin Hengrun Heavy Industries Co., Ltd.
- Others
Recent Developments:
- In October 2022, to strengthen its position and expand its product portfolio in extraction lines and forging presses, SMS Group acquired Italian Companies OMAV and Hydromec.
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Find More Valuable Insights:
The research report analyzes the demand for ring rolling products. The global ring rolling products industry has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background.
As per Future Market Insights (FMI), the market has been analyzed based on product type, material used, production technology, end use, size, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both supply-side and demand factors.
Ring Rolling Products Industry Segmentation Analysis:
By Product:
- Slew Bearings
- Turbine Disc
- Gear Blanks
- Aerospace Components
- Wind Turbine Components
- Seamless Ring
- Pressure Vessels
By Material Used:
- Steel
- Aluminum
- Titanium
- Nickel Based Alloy
- Others
By Production Technology:
- Horizontal
- Vertical
- Radial Axial
By End Use:
- Automotive
- Aerospace
- Railway Industry
- Marine
- Oil & Gas
- Wind Power
- Construction
- Others
By Size:
- Upto 500mm
- 500 to 1000mm
- 1000 to 2000mm
- 2000 to 3000mm
- 3000 to 4000mm
- 4000 to 5000mm
By Region:
- North America
- Latin America
- East Asia
- South Asia and Pacific
- Western Europe
- Eastern Europe
- Central Asia
- Russia and Belarus
- Balkan and Baltics Countries
- Middle East and Africa
About Future Market Insights (FMI) – Industrial Automation:
The Industrial Automation division of Future Market Insights (FMI) offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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