Steel Forging Market Size, Share, Trends, Growth and Forecast 2028

Steel Forging Market Size And Industry Analysis

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 developing automotive sector everywhere on the planet may be a major catalyst of the global steel forging market. Its cost-effective technique is anticipated to drive the event of the steel forging market within the automotive sector. On the opposite hand, the availability of an optional metal gorging process is probably going to hinder the expansion of steeling forging market.

Nevertheless, employment of environment-friendly and energy-efficient techniques in forging is planned to supply new opportunities for the main companies within the coming years within the steel forging market. Moreover, different mergers and acquisitions by major players of the steel forging market are set to bolster the event of the market. For instance, in May 2018, ArcelorMittal got approval from European Commission for its acquirement of Ilva, fostering the event of global steel forging market.

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COVID-19 Impact Analysis

The global Steel Forging market has witnessed a slight decline in the sales for short term to the lockdown enforcement placed by governments to contain COVID spreading. Retail sales of vehicles across all the regions are also likely to suffer due to subdued consumer sentiment because of the rising infections and curbs. The automotive industry in the U.S remains fragile, vehicles sales decline by 5-10%, whereas China vehicles sales continue their fast recovery. Europe automotive shows a decline of 8- 12% Y-o-Y. The restrictions imposed by various nations to contain COVID had stopped the production resulting in disruption across the whole supply chain. However, the global markets are slowly opening to their full potential, and theirs a surge in demand for auto parts of the vehicles.

Growth Factors

Increasing demand for steel forging in the automotive and aerospace industries is one of the major driving factors for the growth of the Steel Forging market. Moreover, stringent norms and regulations specific to CO2 emission especially in the region such as North America and Europe are anticipated to spur the market size in the region during the forecast period. However, the high cost can lead to limit the growth of the market. Furthermore, growth in the automotive industry is predicted to provide fruitful results for the market. For example, India is witnessing a positive growth rate, in terms of vehicle sales, in the second half of 2020. Passenger vehicle sales increased by 14% in August 2020 from the previous year.   

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Product Segment Analysis Preview  

On the idea of various products, gear surfaced as a top component that added up to over 30% share in 2018 for the global steel forging market. Furthermore, the crankshaft was the second-biggest product section of the steel forging market in 2018. Moreover, this fashion is predicted to sustain within the forecast period for the steel forging market. Bearings and axles are important products that are believed to exhibit significant development during the approaching years within the steel forging market.

Applications Segment Analysis Preview  

The passenger car application segment accounted for the largest volume share of more than 55% in 2019 and this trend is expected to continue over the forecast period. Automotive components or parts manufactured by forging are sturdier than those manufactured by casting or machining. In addition, forged parts need little or no machining, which aids in saving both cost and time. Cumulative investments in the automotive industry are anticipated to augment the product demand in near future. For example, in October 2020, Nissan announced to build two new vehicle-assembly plants in China.

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Region Segment Analysis Preview  

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.

Key Market Players & Competitive Landscape

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.

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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