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The stakes are increasingly interesting when it comes to Forging Presses market. In effect, predictions from numerous analysts indicate that, the global forging presses market can grow beyond a CAGR of 10.16% during the period 2017-2021.
For those who are unfamiliar, forging is considered an economical process when compared with casting and fabrication. While considering the product lifecycle, which includes everything from procuring and scrapping costs, the benefits realized by forging are much higher than the short-term cost benefits of casting and fabrication. With the growing use of CAD and innovations in forging techniques, the costs, as well as time, can be further optimized.
According to Research and Markets, one recent innovation in the global Forging Presses market is the use of a hybrid and open die-closed die design.
The firm revealed that, the design imparts additional flexibility to the product and can be used for low volume production where the costs incurred for dies are not justified.
In fact, Hybrid forging combines the advantages of open die casting with the net-shape abilities of closed die forging, which results in savings in terms of cost and time during the forging process. Moreover, the easy availability of the tool reduces the production lead time and can help in meeting flexible order quantities.