Steel Forging Market worth USD 56.0 Billion by 2022
Zion Market Research has published a new report titled “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, 2016 – 2022”. According to the report, global steel forging the market for automotive application was valued at USD 41.77 billion in 2016 and is expected to reach USD 56.0 billion in 2022, growing at a CAGR of 5.1% between 2017 and 2022. In terms of volume, global steel forging market for automotive application stood at approximately 29,645.3-kilo tons in 2016.
Forging helps to produce desired shape and size of components. It offers tensile strength, excellent uniformity of composition and structure. Moreover, forging extensively obtained using iron and steel metal. Automotive industry depends significantly on the steel forged metal components. Forged steel is utilized for demanding applications, such as crankshafts, transmission gears, and bearings. Forged steel is essential in handling the torque and stress placed on those components. Intense competition among key players is driving the demand for more attractive and lightweight vehicles.
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Growing automotive industry across the world is a major driving force of global steel forging the market for the automotive industry. In addition, cost-effective method of metal forming is likely to boost the demand for steel forging in the automotive industry. However, availability of alternate metal forming process is expected to hamper the market growth. Nonetheless, use of energy efficient and environment-friendly techniques in forging is projected to offer new avenues for the major players in the market in the coming years.
Based on different products, gear emerged as a leading component that accounted for more than 30% share of the global steel forging market for automotive application in 2016. Moreover, the crankshaft was second largest product segment of the market in the same year. Furthermore, this trend is likely to continue in the near future. Axle and bearings are the prominent products that predict to witness the significant growth of the market during the years to come.
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Passenger car dominated the global steel forging market for automotive application in 2016 and furthermore, this trend is likely to follow within the forecast period. It accounted for above 70% share of the total market in 2016. Moreover, this growth is attributed to surging demand for passenger car across the globe due to the increased disposable incomes of end users. Lightweight commercial vehicles segment is likely to grow at the fastest rate during the near future. Heavy commercial vehicles segment is projected to grow at the moderate pace over the forthcoming years.
Asia Pacific dominated the global steel forging market for automotive application in 2016 and is inclined to gain traction in the forecast period. Sharp growth in the automotive sector in India and China is anticipated to witness positive impact on the steel forging market for automotive application in this region. India is considered as the most prominent region for steel forging market. Some of the major factors such as government initiatives for outsourcing their forged components and tie-ups with the potent automakers contribute in the growth of forging market in this region.
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Major player of steel forging market for automotive industries 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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