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Add to CartGlobal Steel Forging Market Growth, Share, Size, Trends and Forecast (2025 - 2031)
By Type;
Bearing, Crankshaft, Piston, and Other.By Application;
Passenger Car and Commercial Vehicle.By Geography;
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America - Report Timeline (2021 - 2031).Introduction
Global Steel Forging Market (USD Million), 2021 - 2031
In the year 2024, the Global Steel Forging Market was valued at USD 65,710.30 million. The size of this market is expected to increase to USD 85,889.94 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 3.9%.
The Global Steel Forging Market is a vital segment within the broader steel industry, encompassing the production of forged steel components used in various high-demand applications. Forging involves shaping steel through compressive forces, resulting in products that exhibit enhanced strength, durability, and resistance to stress and fatigue. This process is essential for manufacturing components used in industries such as automotive, aerospace, energy, and construction, where high performance and reliability are critical. The market for steel forging is experiencing robust growth due to increasing industrial activities and the rising need for high-strength components across multiple sectors.
In the automotive industry, steel forgings play a crucial role in producing key components such as engine parts, suspension systems, and transmission gears. The demand for forged steel in automotive applications is driven by the need for components that can withstand high stress and operational conditions while contributing to vehicle safety and performance. As automotive manufacturers continue to innovate and produce advanced vehicle models, the requirement for high-quality forged steel components remains strong, supporting market growth in this sector.
The aerospace and energy sectors also significantly contribute to the steel forging market. In aerospace, forged steel components are used in critical applications such as aircraft engines, landing gear, and structural parts, where performance and safety are paramount. Similarly, the energy sector relies on forged steel products for equipment used in oil and gas extraction, power generation, and infrastructure. The increasing investments in these industries and the demand for more efficient and reliable equipment drive the growth of the steel forging market.
Geographically, the Global Steel Forging Market exhibits diverse dynamics across regions. Asia Pacific leads the market, driven by rapid industrialization, infrastructure development, and a strong manufacturing base in countries like China and India. North America and Europe also represent significant markets, supported by their advanced industrial and automotive sectors. Emerging markets in the Middle East, Africa, and Latin America offer additional growth opportunities as they continue to develop their infrastructure and industrial capabilities. As global industries evolve and demand for high-performance components increases, the steel forging market is set to experience continued expansion and innovation.
Global Steel Forging Market Recent Developments
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In May 16, 2022, significant developments in the global steel forging market were highlighted by growing competition among key players. This competition has been driven by increasing horizontal and vertical expansions, which are expected to fuel market growth
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January 15, 2024, saw Aubert & Duval, a leading European metallurgy company, invest in new forging technology. The company ordered a hydraulic closed,die forging press from SMS Group for its Pamiers site in France. This strategic move aims to strengthen its position in the aerospace, energy, and defense sectors
Segment Analysis
The Global Steel Forging Market is segmented based on Type, Application, and Geography, each providing insights into the growth drivers and trends across various regions and industries. The Type segmentation includes Open-Die Forging and Closed-Die Forging. Open-die forging, which involves shaping the steel with hammers or presses without using a mold, is used for large, custom components in industries like aerospace and heavy machinery. Closed-die forging, on the other hand, uses molds to produce more precise and complex parts, commonly found in high-volume applications such as automotive parts, gears, and industrial equipment.
The Application segmentation reveals that steel forgings are critical across multiple industries, including automotive, aerospace, defense, industrial machinery, and oil & gas. In the automotive industry, forged components like gears, crankshafts, and suspension parts are essential for strength and durability. Aerospace relies on forged parts for critical components such as engine parts and landing gear. The defense sector also demands high-strength, durable forged steel for military vehicles, weapon systems, and heavy machinery. In industrial machinery, components like shafts and connecting rods are produced through forging, and in the oil & gas industry, forgings are used for pumps, valves, and drilling rigs that require high resistance to extreme conditions.
Geographically, the Global Steel Forging Market is driven by demand from various regions, with North America, Europe, and Asia-Pacific being key markets. North America sees significant demand from the automotive, aerospace, and defense sectors, while Europe is a hub for high-quality forged components, particularly in automotive and industrial machinery. Asia-Pacific, led by countries like China, India, and Japan, is experiencing rapid growth in steel forging due to industrialization and increasing demand from automotive and manufacturing industries. Latin America and Middle East & Africa are emerging markets with growing demand for steel forgings, particularly in the oil & gas and construction sectors.
Global Steel Forging Segment Analysis
In this report, the Global Steel Forging Market has been segmented by Type, Application and Geography.
Global Steel Forging Market, Segmentation by Type
The Global Steel Forging Market has been segmented by Type into Bearing, Crankshaft, Piston and Other.
The Global Steel Forging Market is projected to experience substantial growth from 2024 to 2030, driven by diverse factors across various segments. The market is categorized by type into Bearings, Crankshafts, Pistons, and other components. Bearings are a crucial segment due to their role in reducing friction and wear in machinery, which makes them essential for both automotive and industrial applications. The demand for high-quality bearings is expected to rise as industries continue to seek reliable and efficient components for enhancing performance and extending the lifespan of their machinery.
Crankshafts and Pistons also play vital roles in the steel forging market. Crankshafts, integral to converting engine power into rotational motion, are critical components in automotive engines, and their demand is anticipated to increase with the growth of the automotive sector. Pistons, which convert pressure into mechanical work within engines, are essential for performance and reliability, especially in high-demand applications. The emphasis on advanced automotive technologies and performance improvements continues to drive the need for high-quality forged steel components, positioning these segments for significant growth in the coming years.
Global Steel Forging Market, Segmentation by Application
The Global Steel Forging Market has been segmented by Application into Passenger Car and Commercial Vehicle.
The Global Steel Forging Market is segmented by application into Passenger Car and Commercial Vehicle segments, each driven by distinct demands and trends. The Passenger Car segment is influenced by the increasing need for high-performance and durable components in everyday vehicles. With ongoing advancements in automotive technology and a growing consumer preference for more efficient and reliable cars, the demand for high-quality forged steel components is expected to rise. These components are crucial for enhancing vehicle performance, safety, and longevity, aligning with the automotive industry's focus on innovation and quality.
The Commercial Vehicle segment, encompassing trucks, buses, and industrial vehicles, is also a significant contributor to the steel forging market. The expansion of logistics and transportation industries drives the need for robust and heavy-duty components that ensure the performance and safety of commercial vehicles. As the demand for efficient and reliable transportation solutions grows, so does the requirement for durable forged steel parts. These components are essential for withstanding the rigorous conditions faced by commercial vehicles, making them a key focus for manufacturers in the steel forging industry.
Global Steel Forging Market, Segmentation by Geography
In this report, the Global Steel Forging Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Global Steel Forging Market Share (%), by Geographical Region, 2024
Geographically, the Global Steel Forging Market shows varied growth patterns across different regions. Asia Pacific holds the largest market share, largely due to its rapid industrialization and significant automotive production. Countries like China and India are major contributors, with extensive infrastructure and industrial projects fueling the demand for forged steel components. The region's robust manufacturing sector and ongoing economic development continue to drive substantial growth in the steel forging market.
North America and Europe also represent significant markets, supported by their advanced automotive technologies and strong industrial bases. Both regions benefit from established manufacturing infrastructures and a high demand for performance-oriented steel components. Meanwhile, the Middle East and Africa, along with Latin America, are emerging markets with increasing infrastructure and industrial activities. These regions present new opportunities for market expansion as they enhance their manufacturing capabilities and develop their industrial infrastructure, contributing to the overall growth of the global steel forging market.
Market Trends
This report provides an in depth analysis of various factors that impact the dynamics of Global Steel Forging Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.
Drivers, Restraints and Opportunity Analysis
Drivers
- Growing Automotive Industry
- Infrastructure Development:Significant investments in infrastructure development, especially in developing regions, drive the need for heavy-duty and specialized tires. Steel cords are essential for reinforcing tires used in construction and agricultural machinery, which are crucial for infrastructure projects. This increased demand for robust tires enhances the growth prospects for the steel cord market.
The expanding automotive industry, particularly in emerging economies like China and India, is a major driver for the Global Steel Cord Market. As vehicle production and sales increase, the demand for high-quality tires, which rely on steel cords for reinforcement, also grows. Innovations in tire technology and rising consumer expectations for performance, safety, and durability further fuel this demand.
Restraints
- Fluctuating Raw Material Prices
- Environmental Regulations:Increasing environmental regulations related to manufacturing processes and waste management pose challenges for steel cord manufacturers. Compliance with stringent regulations requires investment in cleaner technologies and processes, which can increase operational costs. Additionally, the push for more sustainable and eco-friendly materials may affect traditional steel cord production methods.
The cost of raw materials used in the production of steel cords, such as steel and alloy metals, can be volatile. Fluctuations in these prices can impact manufacturing costs and profitability for steel cord producers. This price volatility can be a significant restraint, particularly for smaller manufacturers who may struggle to absorb cost increases.
Opportunities
- Technological Advancements
- Expansion into Emerging Markets:The expanding automotive and infrastructure sectors in emerging markets, including Southeast Asia, Latin America, and parts of Africa, offer substantial growth opportunities for steel cord manufacturers. As these regions continue to develop, the demand for durable and high-performance tires will increase, creating new avenues for market expansion and investment.
Innovations in steel cord technology, such as the development of advanced high-tensile steel cords and eco-friendly production processes, present significant opportunities for market growth. Manufacturers can capitalize on these advancements to offer enhanced products that meet evolving industry standards and consumer demands for performance and sustainability.
Competitive Landscape Analysis
Key players in Global Steel Forging Market include:
- GKN
- EL Forge Limited,
- ThyssenKrupp
- Robert Bosch GmbH
- American AxleManufacturing Holdings
- Precision Castparts
- Ellwood Group
- ATI Ladish Forging
- FRISA
- Scot Forge
- Sumitomo
- Kisaan Steels
- Happy Forgings
In this report, the profile of each market player provides following information:
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Introduction
- Research Objectives and Assumptions
- Research Methodology
- Abbreviations
- Market Definition & Study Scope
- Executive Summary
- Market Snapshot, By Type
- Market Snapshot, By Application
- Market Snapshot, By Region
- Global Steel Forging Market Dynamics
- Drivers, Restraints and Opportunities
- Drivers
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Growing Automotive Industry
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Infrastructure Development
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- Restraints
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Fluctuating Raw Material Prices
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Environmental Regulations
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- Opportunities
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Technological Advancements
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Expansion into Emerging Markets
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- Drivers
- PEST Analysis
- Political Analysis
- Economic Analysis
- Social Analysis
- Technological Analysis
- Porter's Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitutes
- Threat of New Entrants
- Competitive Rivalry
- Drivers, Restraints and Opportunities
- Market Segmentation
- Global Steel Forging Market, By Type, 2021 - 2031 (USD Million)
- Bearing
- Crankshaft
- Piston
- Other
- Global Steel Forging Market, By Application, 2021 - 2031 (USD Million)
- Passenger Car
- Commercial Vehicle
- Global Steel Forging Market, By Geography, 2021 - 2031 (USD Million)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Nordic
- Benelux
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- South Korea
- ASEAN (Association of South East Asian Countries)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- North America
- Global Steel Forging Market, By Type, 2021 - 2031 (USD Million)
- Competitive Landscape
- Company Profiles
- GKN
- EL Forge Limited,
- ThyssenKrupp
- Robert Bosch GmbH
- American Axle＆Manufacturing Holdings
- Precision Castparts
- Ellwood Group
- ATI Ladish Forging
- FRISA
- Scot Forge
- Sumitomo
- Kisaan Steels
- Happy Forgings
- Company Profiles
- Analyst Views
- Future Outlook of the Market