Automotive Forging Market Size, Share & Growth Report | 2031

Segments - Automotive Forging Market by 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), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Akash Vedpathak

Fact-checked by : Vineet Pandey

Editor : Shruti Bhat

Report Description

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

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.
Increasing production of passenger and commercial cars is estimated to drive the market during the forecast period.
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.
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.
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.

Attributes	Details
Report Title	Automotive Forging Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	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)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Trends, and Revenue Forecast
Key Players covered in the Report	Schweiger Fulpmes GMBH, NIPPON STEEL CORPORATION, thyssenkrupp AG, Agrasen Enginering Industries Pvt, Ltd., Happy Forgings, EL FORGE LIMITED, and Advance Forgings.

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.

Automotive Forging Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Automotive Forging Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Automotive Forging Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Automotive Forging Market - Supply Chain
  4.5. Global Automotive Forging Market Forecast
     4.5.1. Automotive Forging Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Automotive Forging Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Automotive Forging Market Absolute $ Opportunity
5. Global Automotive Forging Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Automotive Forging Market Size and Volume Forecast by Applications
     5.3.1. Gears Crankshaft Piston Axle Bearing Connecting Rods Others&a
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Automotive Forging Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Automotive Forging Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Automotive Forging Demand Share Forecast, 2019-2026
7. North America Automotive Forging Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Automotive Forging Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Automotive Forging Market Size and Volume Forecast by Applications
     7.4.1. Gears Crankshaft Piston Axle Bearing Connecting Rods Others&a
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Automotive Forging Demand Share Forecast, 2019-2026
8. Latin America Automotive Forging Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Automotive Forging Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Automotive Forging Market Size and Volume Forecast by Applications
     8.4.1. Gears Crankshaft Piston Axle Bearing Connecting Rods Others&a
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Automotive Forging Demand Share Forecast, 2019-2026
9. Europe Automotive Forging Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Automotive Forging Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Automotive Forging Market Size and Volume Forecast by Applications
     9.4.1. Gears Crankshaft Piston Axle Bearing Connecting Rods Others&a
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Automotive Forging Demand Share Forecast, 2019-2026
10. Asia Pacific Automotive Forging Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Automotive Forging Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Automotive Forging Market Size and Volume Forecast by Applications
     10.4.1. Gears Crankshaft Piston Axle Bearing Connecting Rods Others&a
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Automotive Forging Demand Share Forecast, 2019-2026
11. Middle East & Africa Automotive Forging Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Automotive Forging Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Automotive Forging Market Size and Volume Forecast by Applications
     11.4.1. Gears Crankshaft Piston Axle Bearing Connecting Rods Others&a
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Automotive Forging Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Automotive Forging Market: Market Share Analysis
  12.2. Automotive Forging Distributors and Customers
  12.3. Automotive Forging Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Schweiger Fulpmes GMBH, NIPPON STEEL CORPORATION thyssenkrupp AG Agrasen Enginering Industries Pvt, Ltd Happy Forgings EL FORGE LIMITED