The global automotive forging market size was valued at around USD 37.49 million in 2022 and is projected to reach over USD 58.16 million by 2031, expanding at a CAGR of 5% during the forecast period, 2023 – 2031. The growth of the market is attributed to increasing demand for automobiles and rising disposable income of people.
Forging is a manufacturing process that uses compressive force to shape metal into the required size. Through efficient forging method, many auto parts react to the forging process, increasing their strength and making them durable.
Forged materials have properties such as ductility, hardness, and workability at high or low temperatures. Advancement in forging technology expanded the shape, size, and performance range of forged products to meet the ever-increasing requirements of various designs and performance.
Closed die forging is one of the most important forging techniques used for manufacturing key metal parts in the industry. Due to the closed die forging, the parts are precisely shaped to the required size. In the drop forging process, metal billets are heated and pressurized under the mold. This step helps to optimize the crystal structure of the metal. In addition, strength is improved in the drop forging process as compared with casting or machinery processes.
Market Trends, Dynamics, Restraints, and Opportunities
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Demand for automobiles increased, due to increasing population and rising disposable income of people. These factors are expected to drive the market during the forecast period.
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Increasing production of passenger and commercial cars is estimated to drive the market during the forecast period.
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Factors such as increasing investment in infrastructure development, growing construction activities, and recovery & stability of the mining industry are driving the demand for commercial vehicles and off-road vehicles, which in turn, is expected to drive the market during the forecast period.
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Manufacturers in the global automotive forging market are focusing on plant automation, installing new pre-forming units, and technological advancements to increase the productivity of forgings, which is driving the market during the forecast period.
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Fluctuation in raw material costs is anticipated to hamper the market growth during the forecast period.
Scope of Automotive Forging Market Report
The report on the global automotive forging market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Automotive Forging Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Vehicle Types (Passenger Car, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Agricultural Machinery, Construction Equipment, and Others), Material Types (Aluminum, Steel, Copper, and Others), Applications (Gears, Crankshafts, Piston, Axle, Bearing, Connecting Rods, and Others), Technologies (Open Die, Closed Die, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast
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Key Players covered in the Report
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Schweiger Fulpmes GMBH, NIPPON STEEL CORPORATION, thyssenkrupp AG, Agrasen Enginering Industries Pvt, Ltd., Happy Forgings, EL FORGE LIMITED, and Advance Forgings.
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Global Automotive Forging Market Segments Insights
Based on vehicle types, the market is divided into passenger car, light commercial vehicles, medium & heavy commercial vehicles, agricultural machinery, construction equipment, and others. The passenger cars segment is anticipated to dominate the market during the forecast period, owing to increasing production and sales in developing countries.
The light commercial vehicles segment captured a significant market share during the forecast period, due to growing popularity of SUVs in North America and Europe. The medium & heavy commercial vehicles segment has sluggish market growth during the forecast period.
On the basis of material types, the market is segregated into aluminum, steel, copper, and others. The steel segment is anticipated to dominate the market during the forecast period, due to its ability to make powerful vehicles from forged parts. The aluminum segment captured a significant market share during the forecast period, due to its extraordinary characteristics such as light weight and durability.
In terms of applications, the market is divided into gears, crankshaft, piston, axle, bearing, connecting rods, and others. The axle segment is anticipated to dominate the market during the forecast period. As the most valuable part of the vehicle transmission system, the axle and piston segment is expected to drive the market during the forecast period.
Based on technologies, the market is segmented into open die, closed die, and others. The closed die technology segment is anticipated to dominate the market during the forecast period, due to low operating cost and its application in forging almost all metals.
The open die technology segment captured a significant market share during the forecast period, due to its advantages such as enhanced microstructure, less chance of voids, and high profit flow.
On the basis of regions, the market is segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is expected to dominate the automotive forging market during the forecast period. This growth is attributed to increasing population, rising disposable income of people, and increasing forging production.
Europe captured a significant market share during the forecast period, due to increasing adoption of smart manufacturing methods. The growth of the regional market is attributed to the increasing popularity of alternative manufacturing processes in the manufacture of automotive forgings. North America is expected to have moderate growth during the forecast period, due to increasing demand for automotive forging components.
Segments
The global automotive forging market is segmented on the basis of:
By Vehicle Types
- Passenger Cars
- Light Commercial Vehicles
- Medium & Heavy Commercial Vehicles
- Agricultural Machinery
- Construction Equipment
- Others
By Material Types
- Aluminum
- Steel
- Copper
- Others
By Applications
- Gears
- Crankshaft
- Piston
- Axle
- Bearing
- Connecting Rods
- Others
By Technologies
- Closed Die
- Open Die
- Others
By Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
By Key Players
- Schweiger Fulpmes GMBH,
- NIPPON STEEL CORPORATION
- thyssenkrupp AG
- Agrasen Enginering Industries Pvt, Ltd
- Happy Forgings
- EL FORGE LIMITED
- Advance Forgings.
Competitive Landscape
In the competitive environment, companies are adopting different strategies to capture the market and offer tough competition to the competitors. Companies are focusing on product development, research and development (R&D) activities, mergers and acquisitions, technological advancement, partnerships, and collaborations.
Some key players in the market are Schweiger Fulpmes GMBH, NIPPON STEEL CORPORATION, thyssenkrupp AG, Agrasen Enginering Industries Pvt, Ltd., Happy Forgings, EL FORGE LIMITED, and Advance Forgings.
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