Report Forecasts 9% Annual Global Forging Growth
A recent report published by ResearchMoz, an Albany, N.Y.-based market research firm, expects the global forging industry to grow at a compounded annual growth rate of 9.42% during the 2012-2016 time period. One of the key factors contributing to this growth is increased demand from the automotive industry. According to the report, the global forging industry has also seen an increase in the sourcing of forging activities to low-cost countries, and the increasing cost of resources could pose a challenge to the growth of this market. The report was prepared based on an in-depth market analysis with input from industry experts.