Global Steel Forging Market to Witness Impressive Growth, Revenue to Surge to USD 70.23 Billion By 2028

The global Steel Forging market accounted for USD 51.26 Billion in 2020 and is expected to reach USD 70.23 Billion by 2028, growing at a CAGR of around 3.9% between 2021 and 2028.   

The report covers forecast and analysis for the Steel Forgings market on a worldwide, regional and country level. The study provides historic information of 2016 together with a forecast from 2021 to 2028 based revenue (USD million). The entire study covers the key drivers and restraints for the Steel Forgings market. It also endow with the influence of market within the estimated period. Moreover, the report also includes the study of opportunities accessible within the Steel Forgings market on a global level.   

 In order to offer the users of this report a comprehensive read on the Steel Forgings market, we've also included the detailed value chain analysis. To represent the intensity of competitive landscape within the market, an analysis of Porter’s Five Forces model for the Steel Forgings market has additionally been enclosed within the study. The study encompasses a market attractiveness analysis, whereby type, application, and regional segments are standardized on the basis of their market size, rate, and general attractiveness.

The study provides an influential view on the global Steel Forgings market by bifurcating into type, application and regional segments. All the segments have been analyzed based on present and future trends and the market is estimated from 2016 to 2028. The important products covered under this study includes bearing, crankshaft, axle, piston, connecting rods, steering knuckle, CV joint, gear, beam, and others. Major vehicle types included in the study are the passenger car, light commercial vehicles, and heavy commercial vehicles.Moreover, based on the geographic segmentation, the global Steel Forging market includes the major region such as Europe, Middle East & Africa, Asia-Pacific, Latin America and North America.

With the more than 35% share, Asia Pacific led the global Steel Forgings market in 2020. The increasing demand for automobile coupled with the rising disposable incomes in Asia Pacific countries is expected to propel the demand for Steel Forgings market over the years to come. Growing demand for passenger vehicles because of emerging industrialization in the region is likely to drive the demand for the automotive industry. Piercing development in the automotive industry in China and India is likely to have positive effect on the steel forging market in this area. India is believed as the most important area for steel forging market. Some of the major reasons such as tie-ups with the potent automakers and government programs for outsourcing their forged elements add up to the development of steel forging market in this area. Furthermore, North America and Europe are also expected to exhibit the exponential growth for Steel Forgings market in the near future.

The study provides the detailed company profiles of the global market along with the exclusive elucidation of players that includes parameters such as company overview, the business strategy of the company, their financial overview and their recent development related to the market.

The major players of global steel forging market for automotive application includes GKN Plc, EL Forge Limited (EFL), ThyssenKrupp, Robert Bosch GmbH, American Axle & Manufacturing Holdings, Precision Castparts, Ellwood Group, ATI Ladish Forging, FRISA, NTN Corporation, HHI Forging, Scot Forge, Sumitomo, Kisaan Steels, Happy Forgings Limited and Bharat Forge Limited.

Browse the full “Steel Forging Market (Bearing, Crankshaft, Axle, Piston, Connecting Rods, Steering Knuckle, CV Joint, Gear, Beam And Others) For Automotive Application By Vehicle (Passenger Car, Light Commercial Vehicles And Heavy Commercial Vehicles): Global Market Perspective, Comprehensive Analysis And Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/steel-forging-market

The global Steel Forging Market is segmented as follows:

By Types

• Bearing
• Crankshaft
• Axle
• Piston
• Connecting rods
• Steering Knuckle
• CV joint
• Gear
• Beam
• Others

By Applications

• Passenger Car (PC)
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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