Automotive Steel Forging Market: Competitive Analysis, Market Trends and Forecast to 2031

Executive Summary

The global Automotive Steel Forging market is projected to grow at a CAGR of % during the forecasted period. This growth is attributed to the increasing demand for lightweight and durable automotive components, which steel forging provides. The market research reports indicate that factors such as the rising demand for fuel-efficient vehicles, stringent government regulations regarding vehicle emissions, and the growing automotive industry are driving the growth of the Automotive Steel Forging market.

In terms of market trends, technological advancements in steel forging processes are leading to the development of high-strength and cost-effective automotive components. Additionally, the shift towards electric vehicles is also anticipated to boost the demand for steel forgings in the automotive sector. Moreover, strategic collaborations and partnerships between key players in the market are expected to further drive the growth of the Automotive Steel Forging market.

Geographically, the market for Automotive Steel Forging is segmented into North America, Asia Pacific, Europe, the United States, and China. North America and Europe are mature markets for steel forgings, with a high adoption rate of advanced manufacturing technologies in the automotive industry. On the other hand, the Asia Pacific region, particularly China, is witnessing significant growth in the Automotive Steel Forging market due to the rapid expansion of the automotive sector and increasing investments in manufacturing facilities.

In conclusion, the Automotive Steel Forging market is poised for considerable growth in the coming years, driven by the increasing demand for lightweight and durable automotive components. Technological advancements, strategic partnerships, and the shift towards electric vehicles are key trends shaping the market. The geographic spread of the market across regions such as North America, APAC, Europe, the United States, and China highlights the global reach and potential for growth in the Automotive Steel Forging market.

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Market Segmentation:

This Automotive Steel Forging Market is further classified into Overview, Deployment, Application, and Region. 

In terms of Components, Automotive Steel Forging Market is segmented into:

• 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

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The Automotive Steel Forging Market Analysis by types is segmented into:

• Bearing
• Crankshaft
• Axle
• Piston
• Other

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The Automotive Steel Forging Market Industry Research by Application is segmented into:

• Passenger Car
• Commercial Vehicle

In terms of Region, the Automotive Steel Forging Market Players available by Region are:

North America:

• United States


• Canada

Europe:

• Germany


• France


• U.K.


• Italy


• Russia

Asia-Pacific:

• China


• Japan


• South Korea


• India


• Australia


• China Taiwan


• Indonesia


• Thailand


• Malaysia

Latin America:

• Mexico


• Brazil


• Argentina Korea


• Colombia

Middle East & Africa:

• Turkey


• Saudi


• Arabia


• UAE


• Korea

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Key Drivers and Barriers in the Automotive Steel Forging Market

Key drivers in the Automotive Steel Forging market include the increasing demand for lightweight materials to improve fuel efficiency, the growth of the automotive industry, and the high strength-to-weight ratio of forged steel components. However, barriers such as the high cost of raw materials, stringent regulations on emissions and safety standards, and competition from alternative materials like aluminum and composites hinder market growth. Additionally, challenges faced in the market include the impact of the COVID-19 pandemic on supply chains, fluctuating steel prices, and the need for advanced technological capabilities to meet the evolving demands of automotive manufacturers.

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Competitive Landscape

One of the key players in the Automotive Steel Forging market is GKN, a UK-based multinational automotive and aerospace components manufacturer. GKN has a long history dating back to 1759 and has been consistently growing its market presence in the automotive steel forging industry. The company has a strong global footprint and is known for its high-quality products and innovative solutions. In 2020, GKN reported a sales revenue of $ billion.

Another significant player in the market is ThyssenKrupp, a German multinational conglomerate with a focus on industrial engineering and steel production. ThyssenKrupp has a strong presence in the automotive steel forging industry and has been expanding its market share through strategic acquisitions and partnerships. The company reported a sales revenue of $29.6 billion in 2020.

Bharat Forge Limited, an Indian multinational company specializing in metal forming and forging technologies, is also a major player in the Automotive Steel Forging market. The company has a rich history dating back to 1961 and has grown to become one of the largest forging companies in the world. Bharat Forge Limited reported a sales revenue of $1.2 billion in 2020.

Overall, the Automotive Steel Forging market is highly competitive with several key players vying for market share. The market is characterized by technological advancements, innovative product offerings, and strategic collaborations to expand global presence. With the increasing demand for lightweight and durable automotive components, the market is expected to continue to grow in the coming years.

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