Market Overview:
The global steel forgings market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to the increasing demand for steel forgings from various end-use industries, such as automotive, aerospace & military, electrical industry, engineering machinery, general industrial machinery and others. Steel forgings are extensively used in these industries owing to their properties such as high tensile strength and durability. In addition, the growing demand for customized steel forgings is also propelling the growth of this market. Based on type, conventional steel forging accounted for a major share of the global steel forging market in 2017. This can be attributed to its low cost and easy availability compared with custom forged steels. However, custom forged steels are witnessing higher growth rates due to their superior properties that make them suitable for specific applications in various end-use industries. Regionally, North America held a dominant position in the global steel forging market in 2017 followed by Europe and Asia Pacific respectively. The dominance of North America can be attributed to factors such as presence of key players operating in this region along with rising demand from automotive sector. However,.
Product Definition:
Metal objects that are made by shaping hot metal into a desired form, usually by hammering or pressing. Steel forgings are often used in the manufacture of machinery, tools, and weapons.
Conventional Steel Forgings:
Conventional steel forgings are used in the construction of buildings. These products have a wide range of applications such as scaffolding, cranes, bridge bearings and others. The growth factor for conventional steel forgings is mainly driven by the growing demand from the construction sector which includes residential & non-residential buildings, infrastructure and other.
The global growth rate for conventional steel forgings was estimated at 3% from 2015 to 2022.
Custom Steel Forgings:
Custom steel forgings are manufactured by hot forming a mild steel part in the shape of the desired component. The process allows for complex designs that would not be possible through other means. It is primarily used to produce housings and casters for heavy machinery, but it is also used to make gears, shafts, crankshafts, brake systems components and many more parts that have critical dimensions greater than stock materials can provide.
Application Insights:
The automotive application segment led the global steel forgings market in 2017 and is projected to expand at a CAGR of XX% over the forecast period. The growth can be attributed to increasing production of vehicles, especially in China, India and Japan. In addition, stringent regulations on reducing vehicular weight are expected to augment product demand from this sector over the coming years.
Aerospace & military was another prominent segment accounting for a share of 22% in 2017 owing to rising defense expenditure across countries such as U.S.
Regional Analysis:
Asia Pacific dominated the global steel forgings market in 2016 and is expected to continue its dominance over the forecast period. The region is home to several emerging economies, including China, India, and Japan. Increasing industrial activities in these countries coupled with growing investments by foreign players for expanding their operations in this region are some of the major factors contributing toward growth of the regional market.
The Asia Pacific was followed by Europe which accounted for a share of more than 20% in 2016 owing to high demand from automotive industry as well as other industries such as aerospace & defense and electrical industry. In addition, presence of key manufacturers including Al-Mashreq Forging Company (AMPCO), FÜRBAUFABRIK Riester GmbH & Co., Kgf Magnesita SNC di Torino Aprile SPA will support growth over next eight years.
Growth Factors:
- Increasing demand from the automotive and construction industries
- Growing popularity of steel forgings in the aerospace industry
- Rising demand for lightweight and high-strength steel forgings
- Technological advancements in forging processes and equipment
- Growing number of small-scale forging businesses
Scope Of The Report
Report Attributes
Report Details
Report Title
Steel Forgings Market Research Report
By Type
Conventional Steel Forgings, Custom Steel Forgings
By Application
Automotive, Aerospace & Military, Electrical Industry, Engineering Machinery, General Industrial Machinery, Others
By Companies
Scot Forge, Anderson Shumaker, Canada Forgings Inc., Drop Forging, Bharat Forge, Trenton Forging, CIE Automotive, Walker Forge Tennessee, Akar Tools, SDF Automotive, Kalyani Forge, Accurate Steel Forgings, TSM Forging, Harihar Alloys Pvt. Ltd., Accurate Steel Forgings, Investacast, Sinteris, Sintex A/S, Ecosteel, Sun Fast International
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
250
Number of Tables & Figures
175
Customization Available
Yes, the report can be customized as per your need.
Global Steel Forgings Market Report Segments:
The global Steel Forgings market is segmented on the basis of:
Types
Conventional Steel Forgings, Custom Steel Forgings
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Automotive, Aerospace & Military, Electrical Industry, Engineering Machinery, General Industrial Machinery, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Scot Forge
- Anderson Shumaker
- Canada Forgings Inc.
- Drop Forging
- Bharat Forge
- Trenton Forging
- CIE Automotive
- Walker Forge Tennessee
- Akar Tools
- SDF Automotive
- Kalyani Forge
- Accurate Steel Forgings
- TSM Forging
- Harihar Alloys Pvt. Ltd.
- Accurate Steel Forgings
- Investacast
- Sinteris
- Sintex A/S
- Ecosteel
- Sun Fast International
Highlights of The Steel Forgings Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Conventional Steel Forgings
- Custom Steel Forgings
- By Application:
- Automotive
- Aerospace & Military
- Electrical Industry
- Engineering Machinery
- General Industrial Machinery
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Steel Forgings Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Steel forgings are pieces of metal that have been shaped by a forging process. The metal is heated until it becomes malleable, and then it is forced into a mold to create the desired shape.
Some of the key players operating in the steel forgings market are Scot Forge, Anderson Shumaker, Canada Forgings Inc., Drop Forging, Bharat Forge, Trenton Forging, CIE Automotive, Walker Forge Tennessee, Akar Tools, SDF Automotive, Kalyani Forge, Accurate Steel Forgings, TSM Forging, Harihar Alloys Pvt. Ltd., Accurate Steel Forgings, Investacast, Sinteris, Sintex A/S, Ecosteel, Sun Fast International.
The steel forgings market is expected to grow at a compound annual growth rate of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Steel Forgings 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. Steel Forgings Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Steel Forgings Market - Supply Chain
4.5. Global Steel Forgings Market Forecast
4.5.1. Steel Forgings Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Steel Forgings Market Size (000 Units) and Y-o-Y Growth
4.5.3. Steel Forgings Market Absolute $ Opportunity
5. Global Steel Forgings Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Steel Forgings Market Size and Volume Forecast by Type
5.3.1. Conventional Steel Forgings
5.3.2. Custom Steel Forgings
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Steel Forgings Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Steel Forgings Market Size and Volume Forecast by Application
6.3.1. Automotive
6.3.2. Aerospace & Military
6.3.3. Electrical Industry
6.3.4. Engineering Machinery
6.3.5. General Industrial Machinery
6.3.6. Others
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Steel Forgings Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Steel Forgings Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Steel Forgings Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Steel Forgings Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Steel Forgings Demand Share Forecast, 2019-2026
9. North America Steel Forgings 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
9.2. North America Steel Forgings Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Steel Forgings Market Size and Volume Forecast by Application
9.4.1. Automotive
9.4.2. Aerospace & Military
9.4.3. Electrical Industry
9.4.4. Engineering Machinery
9.4.5. General Industrial Machinery
9.4.6. Others
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Steel Forgings Market Size and Volume Forecast by Type
9.7.1. Conventional Steel Forgings
9.7.2. Custom Steel Forgings
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Steel Forgings Demand Share Forecast, 2019-2026
10. Latin America Steel Forgings 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. Latin America Average Pricing Analysis
10.2. Latin America Steel Forgings Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Steel Forgings Market Size and Volume Forecast by Application
10.4.1. Automotive
10.4.2. Aerospace & Military
10.4.3. Electrical Industry
10.4.4. Engineering Machinery
10.4.5. General Industrial Machinery
10.4.6. Others
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Steel Forgings Market Size and Volume Forecast by Type
10.7.1. Conventional Steel Forgings
10.7.2. Custom Steel Forgings
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Steel Forgings Demand Share Forecast, 2019-2026
11. Europe Steel Forgings 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. Europe Average Pricing Analysis
11.2. Europe Steel Forgings Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Steel Forgings Market Size and Volume Forecast by Application
11.4.1. Automotive
11.4.2. Aerospace & Military
11.4.3. Electrical Industry
11.4.4. Engineering Machinery
11.4.5. General Industrial Machinery
11.4.6. Others
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Steel Forgings Market Size and Volume Forecast by Type
11.7.1. Conventional Steel Forgings
11.7.2. Custom Steel Forgings
11.8. Basis Point Share (BPS) Analysis by Type
11.9. -o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Steel Forgings Demand Share, 2019-2026
12. Asia Pacific Steel Forgings Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Steel Forgings Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Steel Forgings Market Size and Volume Forecast by Application
12.4.1. Automotive
12.4.2. Aerospace & Military
12.4.3. Electrical Industry
12.4.4. Engineering Machinery
12.4.5. General Industrial Machinery
12.4.6. Others
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Steel Forgings Market Size and Volume Forecast by Type
12.7.1. Conventional Steel Forgings
12.7.2. Custom Steel Forgings
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Steel Forgings Demand Share, 2019-2026
13. Middle East & Africa Steel Forgings Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Steel Forgings Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Steel Forgings Market Size and Volume Forecast by Application
13.4.1. Automotive
13.4.2. Aerospace & Military
13.4.3. Electrical Industry
13.4.4. Engineering Machinery
13.4.5. General Industrial Machinery
13.4.6. Others
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Steel Forgings Market Size and Volume Forecast by Type
13.7.1. Conventional Steel Forgings
13.7.2. Custom Steel Forgings
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Steel Forgings Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Steel Forgings Market: Market Share Analysis
14.2. Steel Forgings Distributors and Customers
14.3. Steel Forgings Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Scot Forge
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Anderson Shumaker
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Canada Forgings Inc.
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Drop Forging
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Bharat Forge
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Trenton Forging
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. CIE Automotive
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Walker Forge Tennessee
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Akar Tools
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. SDF Automotive
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Kalyani Forge
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. Accurate Steel Forgings
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. TSM Forging
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. Harihar Alloys Pvt. Ltd.
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. Accurate Steel Forgings
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. Investacast
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. Sinteris
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. Sintex A/S
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. Ecosteel
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. Sun Fast International
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
