Global Automotive Components Forging Market Size By Product (Closed Die Forgings, Open Die Forgings, Rolled Rings Forgings), By Application (Power Train Components, Chassis Components, Transmission Parts), By Geographic Scope And Forecast

Automotive Components Forging Market Size And Forecast

Automotive Components Forging Market size was valued at USD 49.12 Billion in 2024 and is projected to reach USD 75.6 Billion by 2031, growing at a CAGR of 4.8% from 2024 to 2031.

The market is seeing a surge in demand for automobiles with lower emissions and better fuel economy. The Global Automotive Components Forging Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Automotive Components Forging Market Definition

Forging is a manufacturing method that involves compressive force to shape metal. Engine parts (such as connecting rods, injection, crankshaft, camshaft, piston, etc.) are manufactured by automotive forging, as are chassis, bearings, gears, axles, and other automotive components. Depending on the mechanical qualities required, the automobile forging process can be performed on hot or cold materials. Toughness, strength, and high strength-to-weight ratios are all advantages of automotive forged products.

Aluminum and steel are two of the most popular materials used in the automotive forging industry. Steel is widely utilized in the automotive forging industry because of its strength, availability, and great resistance to corrosion. Because of the growing demand for lighter automobiles, aluminum is gaining traction in the automotive forging sector. Automotive forging benefits from aluminum’s high strength, desirable anti-corrosion, surface polish, reduced cost, and design flexibility. Forging is a manufacturing method that involves applying compressive forces to a metal with the appropriate tools to shape it.

Due to increased vehicle manufacturing, the automotive sector relies heavily on steel-forged automobile components. Forged steel is used to make automobile components including crankshafts, axles, joints, and bearings, and it is required for torque management. Steel, titanium, aluminum, and other alloys can be forged in a restricted number of 3-D geometries using closed-die forging and impression-die forging. Hydraulic, hammer, and mechanical presses with capacities of up to 50,000 tones, 20,000 tones, and 50,000 pounds are commonly used to make impression-die forgings. In addition, finisher dies are employed in the bending operations of symmetric and non-symmetric automobile components.

Global Automotive Components Forging Market Overview

Vehicle production is increasing globally as a result of rising urbanization and a growing middle class in developing countries. The market is seeing a surge in demand for automobiles with lower emissions and better fuel economy. By upgrading the sector’s knowledge level to the twenty-first century, the automobile forging industry aims to improve its global competitiveness and secure growth and survival. The major automakers are putting their limited resources to good use by collaborating with the government, suppliers, customers, and other forgers to track down important technology that is in use or being developed. In addition, the sector is looking for help from its suppliers in developing novel materials, forming, and processing equipment.

The industry will engage in the development of the automobile forging industry through cooperation, which will support and implement the goal for the future. In addition, industry leaders are accelerating the creation, deployment, and marketing of innovative technology in their respective fields. This will contribute to the market’s expansion. The automotive industry has seen considerable changes in vehicle designs, functionality, and performance during the last few years. The use of electronic components in automobiles has risen in response to changing client demands for high-performance and lightweight vehicles, as well as the growing popularity of fuel-efficient vehicles.

Similarly, manufacturers have been driven to lower the overall weight and size of all engine components due to the growing need for improved and technologically developed vehicle engine performance. Aluminum is in high demand nowadays because of its advantageous features, such as its lightweight, high strength, long durability, extreme corrosion resistance, and enhanced high-temperature handling capabilities. As a result, vehicle parts made of aluminum alloy can reduce energy loss due to friction and increase operating efficiency. During the forecast period, all of these factors are expected to propel the Automotive Components Forging Market forward.

Unstable and uneven global business sectors have an unequal impact on industries’ manufacturing sectors. Unexpected hurdles are upsetting the supply chain network and making it difficult for automakers to maintain their jobs, from rising energy costs to astonishing fluctuations in raw material costs. Automakers could either face additional costs, find better ways to reduce costs, or offer pricing increases to people who are currently hesitant to invest. Makers should transition from the current direct economy (mining, assembly, use, and disposal) to a more “circular economy,” in which waste from one industry is recycled as raw material for another. This could aid the sector in overcoming damage incurred by raw material price fluctuations.

Global Automotive Components Forging MarketSegmentation Analysis

The Global Automotive Components Forging Market is Segmented on the basis of Product, Application, and Geography.

Automotive Components Forging Market, By Product

• Closed Die Forgings
• Open Die Forgings
• Rolled Rings Forgings

Based on Product, the market is segmented into Closed Die Forgings, Open Die Forgings, and Rolled Die Forgings. The Automotive Components Forging Market was dominated by the Closed Die Forgings segment. Due to their operational cost advantages and the fact that they can forge practically any metal, the close die segment has the highest share of the global market. However, because of advantages such as improved microstructure, decreased voids, and smoother grain movement, the open die segment is rising exponentially in this market.

Automotive Components Forging Market, By Application

• Power Train Components
• Chassis Components
• Transmission Parts
• Other Parts

Based on Application, the market is segmented into Power train Components, Chassis Components, Transmission Parts, and Other Parts. During the forecast period, the transmission parts application is expected to account for the largest share of the Automotive Components Forging Market.

Automotive Components Forging Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, the Global Automotive Components Forging Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. In the global market, North America is predicted to develop steadily. Because of the expanding need for forged components in the automotive industry, forging industries are becoming more prevalent in North America.

Key Players

The “Global Automotive Components Forging Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Nippon Steel & Sumitomo Metal, Aichi Steel, ThyssenKrupp, AAM, Bharat Forge Limited, KOBELCO, Wanxiang, FAW, Arconic, Mahindra Forgings Europe, Farinia Group, and Longcheng Forging

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In September 2019, In a Securities Exchange Commission statement, Arconic Inc. disclosed an agreement to sell its forging business in the United Kingdom to Aero Forgings Bidco Ltd., a company that was allegedly formed to carry out the sale. There are no further details about the purchase or its ambitions for UK operations.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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