What is Global Automotive Steel Forging Market?
The Global Automotive Steel Forging Market is a vast and dynamic sector that plays a crucial role in the automotive industry. Steel forging is a manufacturing process where metal is heated and shaped by plastic deformation using localized compressive forces. In the automotive industry, this process is used to produce various components that are integral to the functioning of vehicles. The global market for automotive steel forging is significant, with a value of US$ 48380 million in 2023. It is projected to reach a staggering US$ 70010 million by 2030, growing at a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2024 to 2030. This growth is driven by the increasing demand for durable and high-strength components in the automotive industry.
Bearing, Crankshaft, Axle, Piston, Other in the Global Automotive Steel Forging Market:
The Global Automotive Steel Forging Market is segmented based on the type of components produced, including bearings, crankshafts, axles, pistons, and others. Bearings are essential components that reduce friction between moving parts in a vehicle, while crankshafts convert the linear motion of pistons into rotational motion for the wheels. Axles, on the other hand, are responsible for transferring power from the engine to the wheels. Pistons are a part of the engine's combustion chamber, playing a critical role in generating power for the vehicle. Each of these components has unique requirements in terms of strength, durability, and performance, which are met through the process of steel forging. The market for these components is vast, with each having its own share based on the demand and application in the automotive industry.
Passenger Car, Commercial Vehicle in the Global Automotive Steel Forging Market:
The usage of steel forged components in the Global Automotive Steel Forging Market is widespread, covering both passenger cars and commercial vehicles. In passenger cars, these components are used in various systems including the engine, transmission, suspension, and braking systems. They contribute to the overall performance, safety, and efficiency of the vehicle. In commercial vehicles, steel forged components are used in larger quantities due to the heavy-duty nature of these vehicles. They are used in the construction of chassis, axles, engine components, and more. The demand for these components in both passenger cars and commercial vehicles is driven by the need for high-strength, durable parts that can withstand the rigors of daily use and harsh driving conditions.
Global Automotive Steel Forging Market Outlook:
The market outlook for the Global Automotive Steel Forging Market is promising. In 2023, the market was valued at US$ 48380 million and is projected to reach US$ 70010 million by 2030, growing at a CAGR of 5.5% during the forecast period from 2024 to 2030. This growth is primarily driven by the increasing demand for high-strength, durable components in the automotive industry. Currently, over 90% of the world's automobiles are produced in Asia, Europe, and North America. Asia leads the pack with a 56% share in global automobile production, followed by Europe with 20%, and North America with 16%. This distribution of automobile production across these continents significantly influences the demand and growth of the automotive steel forging market.
| Report Metric | Details |
| Report Name | Automotive Steel Forging Market |
| Accounted market size in 2023 | US$ 48380 million |
| Forecasted market size in 2030 | US$ 70010 million |
| CAGR | 5.5% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | GKN, EL Forge Limited, ThyssenKrupp, Robert Bosch GmbH, American Axle＆Manufacturing Holdings, Precision Castparts, Ellwood Group, ATI Ladish Forging, FRISA, NTN Corporation, Scot Forge, Sumitomo, Kisaan Steels, Happy Forgings, Bharat Forge Limited |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
