Global Steel Forging Market will reach USD 56.0 Billion by 2022: Zion Market Research
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.
Sarasota, FL, Feb. 08, 2017 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled âSteel 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 â 2022â. According to the report, globalÂ steel forging the marketÂ 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 tonnes 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 utilised 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.
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.
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.
North America stainless steel forgings market is extensively driven by robust demand from the automotive industry. The key revenue contributing countries in the region are the U.S., Mexico, and Canada. The huge customer base coupled with high disposable income of end-users has bolstered the demand for vehicles in the country, which has exploited in improved the local manufacturing activities. Thus, growth in the automotive industry in North America is expected to accelerate the future opportunities for manufacturers of automotive parts such as the crankshaft, gears, axle, bearing, and piston among others.
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Europe was the key contributor to the steel forging for automotive application market in 2016. Germany, Italy, France, Spain, the Czech Republic, and Poland are the leading revenue contributors in this region. Germany accounted for a major share in the forged components produced in Europe, followed by the UK. Increasing sales of automobiles, coupled with rising R&D investments by auto component manufacturers in the country are expected to drive Europe automotive and automotive components market within the forecast period. The presence of leading automotive OEMs such as Bosch, Continental, ThyssenKrupp, and ZF Group in the region is anticipated to augur well for automotive market in Europe through 2022.
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.
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The Latin American automotive market has tremendous potential. Latin America is expected to witness significant revenue growth, growing at a significant CAGR between 2017 and 2022. The major countries contributing to the automotive market were Brazil, Argentina, and Columbia. The major vehicle-producing nation in the Latin American region is Brazil. This growth can mainly be attributed to the growth in demand for passenger cars and light-duty commercial vehicles, respectively in the domestic as well as export markets. The Middle East and Africa is poised to witness considerable growth in demand for forged parts on account of the growing industrialisation in Middle East countries. In addition, rising investments in the automotive sector in the Middle East and Africa is expected to drive the forging market during the forecast period.
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.Â