Global Ring Rolling Product Market sales totaled USD 3,436.5 million in 2018. Looking forward, global demand for ring rolling products is projected to rise at 4.9% CAGR. The worldwide ring rolling products market size is likely to expand from USD 4,146.7 million in 2023 to USD 6,716.2 million by the end of 2033.
Ring rolling product demand is expected to remain high in automotive sector. This is due to growing importance of ring rolling products in this thriving sector. As per Future Market Insights (FMI), the automotive segment is set to account for around 21.0% market share in 2023.
Key Market Shaping Factors:
In recent years, demand for ring rolling products such as seamless forged rings has increased dramatically and put ring rolling technology into the limelight. This is due to high adoption of rolled rings or ring rollers across various sectors.
A unique process employed for creating seamless ring-shaped components by means of specialized equipment (ring rolling machine) is known as ring rolling. It is gaining wider popularity due to its ability to create seamless rings with optimum mechanical properties and efficient machinability.
Growth of the market is propelled by the increasing demand for ring rolling products from the various end-use sectors. With the increasing demand for air travel and advanced aircraft technologies, demand for ring rolling products used in aerospace components is expected to rise steadily.
Rolled ring products are being increasingly used for applications such as clutches, drives, flanges, bearings, valves, ring gaskets, etc. Widening application of these products will therefore continue to boost the global ring rolling products industry.
Technological advancements coupled with development of advanced ring rolling machines are transforming the ring rolling products industry.
Manufacturers are using automated systems and computer-controlled equipment to develop high-quality ring rolling products with greater precision, consistency, and efficiency. Adoption of these novel equipment is also helping companies to reduce manufacturing costs.
The integration of automation and robotics into the manufacturing process has enabled ring rolling manufacturers to increase production efficiency and reduce costs. Automated systems can perform repetitive tasks with greater accuracy and speed while reducing the need for manual labor.
High demand for ring rolling products from the automobile and aerospace sectors is expected to boost the global market.
Ring rolling technology is well-suited to meet the unique demands of the automotive sector, which requires components that are lightweight, high-strength, and able to withstand harsh operating conditions.
By using ring rolling technology, manufacturers can produce complex, high-strength components with precise tolerance, which are essential characteristics for meeting the requirements of the automotive sector.
Rising production and sales of vehicles globally is expected to create lucrative growth prospects for the target market.
As per the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle production cross 85 million in 2022 and this figure is estimated to further rise during the forthcoming period. This in turn will generate high demand for ring rolling products.
| Attributes | Key Insights |
|---|---|
| Estimated Global Ring Rolling Products Market Size (2023) | USD 4,146.7 million |
| Projected Ring Rolling Products Market Value (2033) | USD 6,716.2 million |
| Value CAGR (2023 to 2033) | 4.9% |
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Global sales of ring rolling products increased at 4.4% CAGR during the historical period from 2018 to 2022. Total market value at the end of 2022 reached around USD 3,945.4 million as per Future Market Insights’ (FMI) latest analysis.
Looking ahead, the global market for ring rolling products is anticipated to progress at a steady CAGR of 4.9% through 2033. It is likely to attain a valuation of USD 6,716.2 million by the end of 2033.
Increasing need for ring rolling products across sectors such as automotive, construction, wind power, aerospace, etc. is expected to boost the global market.
Various sectors are dependent on ring rolling production for producing multiple components. For instance, the aerospace sector relies on ring rolling products to produce landing gears, engine rings, and other structural components.
The exponential growth of aerospace sectors along with increasing demand for air travel and advanced aircraft technologies will continue to boost the ring rolling product sales. the demand for ring rolling products used in aerospace components is expected to grow further.
Leading ring rolling product manufacturers are focusing on developing high-quality ring rolling products with enhanced mechanical properties to meet end user requirements and enhance the product's reliability and safety.
The automotive sector's expansion is another significant driver of the ring rolling industry. The target sector relies on ring rolling products to manufacture engine components, transmission systems, and drive shafts.
With increasing automotive production, demand for ring rolling products used in the automotive sector is expected to rise at a steady pace.
Manufacturers are concentrating on developing lightweight and high-strength ring rolling products to enhance the automobile's fuel efficiency and performance. This will help them to increase their sales during the forecast period.
Despite a positive growth trajectory, certain factors might limit growth of the target market. Rising cost of ring rolling products is one such restraining factor.
Ring rolling machinery requires regular maintenance and repair to ensure optimal performance, which can be costly for manufacturers. The high maintenance and repair costs can increase production costs and ultimately lead to higher product prices.
The maintenance and repair of ring rolling machines involve the replacement of various components such as bearings, rollers, and other mechanical parts, which can wear out over time due to the high mechanical stresses involved in the ring rolling process.
The replacement of these components can be expensive and time-consuming, causing disruptions in the production process.
Further, the complexity of ring rolling machinery requires skilled technicians to conduct maintenance and repairs. Finding qualified personnel to maintain and repair the machines can be challenging, especially in regions with a shortage of skilled labor. This can further increase the maintenance and repair costs
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The increased focus on sustainability is a key trend in the ring rolling industry as companies are seeking to reduce their environmental impacts and meet the demands of customers who are increasingly environmentally conscious.
By using ring rolling technology and products, manufacturers can produce high-quality components with minimal waste, reduced energy consumption, and optimized use of resources, thereby contributing to a more sustainable future
The integration of digitalization to optimize various aspects of the ring rolling manufacturing process is another factor that is positively impacting the market.
In the context of the ring rolling products market, digitalization involves the use of advanced technologies such as artificial intelligence (AI), machine learning (ML), big data analytics, and the Internet of Things (IoT) to enhance productivity, quality, and efficiency.
Adoption of these novel technologies could transform the target market and help companies to improve their revenues and reduce costs.
Growing Applications in Aerospace Sector to Elevate Ring Rolling Product Demand in the United States
According to Future Market Insights (FMI), the United States will continue to remain a key market for ring rolling products. It is expected to create an incremental opportunity of USD 396.7 million between 2023 & 2033.
Over the next ten years, ring rolling sales in the United States are likely to thrive at a robust CAGR. By 2033, the United States ring rolling products industry is forecast to cross a valuation of USD 1,069.4 million.
Growing demand for ring rolling products across thriving aerospace and oil & gas sectors is expected to boost the United States market.
The United States houses one of the leading aerospace sectors in the world. As per the Aerospace Industries Association (AIA), aerospace & defense sector’s sales contributed around 18.8% of all non-food manufacturing revenue in the United States in 2020.
Rapid expansion of the aerospace sector is anticipated to uplift ring rolling product demand. This is because ring rolling products such as seamless rolled rings are increasingly used in critical components like helicopter gearboxes, aircraft engines, and jet turbines in the aerospace sector.
Strong presence of leading ring rolling component manufacturers and ring rolling machine companies is boosting the United States market.
Booming Automotive Sector Fueling Ring Rolling Product Sales in China
China is emerging as a lucrative market for ring rolling products and ring rolling machine manufacturers. This is due to rising flourishing automotive and wind power generation sectors.
As per the latest report, China ring rolling products market is projected to thrive at 4.0% CAGR from 2023 to 2033. It is expected to hold a dominant share of the East Asia market throughout the projection period.
Over the years, China has become a leading automotive manufacturing country in the world. According to the OICA’s report, total vehicle production reached over 27 million in 2022 in China.
The increasing production of vehicles in turn is expected to bolster ring rolling product sales. This is because these products are being used in various automotive components.
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Seamless Rings to Generate Lucrative Revenues in the Global Market
Based on product, demand is expected to remain high for seamless rings. Seamless ring segment is likely to account for a prominent market share of 38.1% in 2023. This is due to growing applications of seamless rings in sectors such as mining, oil, and power generation.
According to Future Market Insights (FMI), seamless ring segment is anticiapted to create an incremental opportunity of USD 1,048.4 million between 2023 & 2033. By 2033, the target segment is expected to reach a value of USD 2,629.3 million.
Seamless forged rings are made through ring rolling process which uses rolling mill machines. These rings are produced using a range of configurations. They (seamless rolled rings) are widely used in clutches, bearings, drives, robotics, valves, flanges, gears, machines, and several other components.
Automotive Sector to Create Significant Opportunities for Ring Rolling Product Companies
As per Future Market Insights (FMI), automotive is expected to create a plethora of opportunities for ring rolling product manufacturers. The target segment is set to generate an incremental opportunity of USD 606.3 million between 2023 & 2033, reaching a total valuation of USD 1,478.0 million by the end of 2033.
Growth of the target segment is attributed to rising usage of ring rolling products in the automotive sector.
Ring rolled products are being widely used in bearings, turbine disks, and gear blanks. They have become crucial components of automobiles. Hence, increasing production and sales of vehicles will continue to bolster ring rolling product sales.
Aerospace sector on the other hand is likely to create an incremental opportunity of USD 567.5 million between 2023 & 2033, totaling a valuation of USD 1,328.0 million by the end of 2033.
The global ring rolling products industry is moderately fragmented with top players holding around 45% to 50% of total market share. ThyssenKrupp AG, Bharat Forge Limited, Schaeffler, SMS group GmbH and others are leading ring rolling product manufacturers globally profiled in the report.
The market participants are strategically focusing on introducing high durability and lightweight materials along with focus on public and private investments in automotive, aerospace, and wind turbines sectors to attain higher market shares. They are launching new products and production facilities to meet end user demand and improve their sales.
Recent Developments:
| Attribute | Details |
|---|---|
| Estimated Market Value (2023) | USD 4,146.7 million |
| Projected Market Value (2033) | USD 6,716.2 million |
| Anticipated Growth Rate (2023 to 2033) | 4.9% CAGR |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million, Volume in Units and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product, Material Used, Production Technology, End Use, Size, and Region |
| Regions Covered | North America; Latin America; East Asia; South Asia Pacific; Western Europe; Eastern Europe; Central Asia; Russia & Belarus; Balkan & Baltic Countries; Middle East & Africa |
| Key Countries Covered | United States, Canada , Brazil, Mexico, Argentina, Germany, Italy, France, United Kingdom, Spain, BENELUX, Nordics, Czech Republic, Poland, Romania, Hungary, China, Japan, South Korea, India, ASEAN, ANZ, KSA, United Arab Emirates, Türkiye, Saudi Arabia, Algeria, Egypt, Morocco |
| 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 |
The ring rolling products industry is valued at USD 4,146.7 million until 2023.
ThyssenKrupp AG, Siemens AG, and Mitsubishi Heavy Industries, Ltd. are the leading market players.
The seamless rings segment is expected to lead the ring rolling products market.
The Industry registered a 4.4% CAGR between 2018 and 2022.
The United States is expected to reach a valuation of USD 6,716.2 million until 2033.
1. Executive Summary
2. Market Overview
3. Key Market Trends
4. Key Success Factors
5. Global Market Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033
6. Global Market - Pricing Analysis
7. Global Market Demand (in Value or Size in USD Million) Analysis 2018 to 2022 and Forecast, 2023 to 2033
8. Market Background
9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product
9.1. Slew Bearings
9.2. Turbine Disk
9.3. Gear Blanks
9.4. Aerospace Component
9.5. Wind Turbine components
9.6. Seamless Ring
9.7. Pressure Vessels
10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Size
10.1. Up to 500 mm
10.2. 500 to 1000 mm
10.3. 1000 to 2000 mm
10.4. 2000 to 3000 mm
10.5. 3000 to 4000 mm
10.6. 4000 to 5000 mm
11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material Used
11.1. Steel
11.2. Aluminum
11.3. Titanium
11.4. Nickel based Alloy
11.5. Others
12. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Production Technology
12.1. Horizontal ring rolling
12.2. Vertical ring rolling
12.3. Radial-axial ring rolling
13. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use
13.1. Automotive industry
13.2. Aerospace industry
13.3. Railway Industry
13.4. Marine
13.5. Oil and Gas
13.6. Wind Power
13.7. Construction
13.8. Others
14. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
14.1. North America
14.2. Latin America
14.3. Western Europe
14.4. Eastern Europe
14.5. Central Asia
14.6. Russia & Belarus
14.7. Balkan & Baltic Countries
14.8. Middle East and Africa
14.9. East Asia
14.10. South Asia and Pacific
15. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
16. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
17. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033
18. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033
19. Central Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
20. Russia & Belarus Market Analysis 2018 to 2022 and Forecast 2023 to 2033
21. Balkan & Baltic Countries Market Analysis 2018 to 2022 and Forecast 2023 to 2033
22. South Asia & Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033
23. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
24. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033
25. Country Wise Market Analysis
26. Market Structure Analysis
27. Competition Analysis
27.1. ThyssenKrupp AG
27.2. Siemens AG
27.3. Mitsubishi Heavy Industries, Ltd.
27.4. Nippon Steel & Sumitomo Metal Corporation
27.5. Bharat Forge Limited
27.6. Zollern GmbH & Co. KG
27.7. SMS group GmbH
27.8. China First Heavy Industries
27.9. Kuhn Special Steel North America, Inc.
27.10. Precision Rings Inc.
27.11. Fountaintown Forge, Inc.
27.12. Seamless Rolled Rings & Open Die Forgings
27.13. Ringmasters LLC
27.14. All Metals & Forge Group, LLC
27.15. Wuxi Paike New Materials Technology Co., Ltd.
27.16. Jiangsu Zhuhong Forging Co., Ltd.
27.17. Jiangyin Hengrun Heavy Industries Co., Ltd.
27.18. Suzhou Seamay Metal Materials Co., Ltd.
27.19. Zhangjiagang Zhongzhong Import&Export Co., Ltd.
28. Assumptions and Acronyms Used
29. Research Methodology
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Ring Rolling Products Market
