Global steel forging market to reach $56 billion by 2022

According to Zion Market Research, the global steel forging the market for automotive application was valued at US$41.77 billion in 2016 and is expected to reach US$56 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.

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.

Asia Pacific led the steel forging market for automotive application in 2016. This region is likely to gain significant share during the forecast period owing to the rise in manufacturing activities in countries such as Japan, China, and India. The rise in foreign investment and favourable government policies in these countries is driving the demand for these products. Additionally, growth in this market is likely to fuel due to the escalating vehicle productions, improved driving experience in terms of smooth gear shifting & progress in acceleration, and enhancement in the installation of automated parts in the automobile.

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.