Automotive Forging Market Size, Share, Growth Analysis, By Vehicle type(Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Agriculture Machinery), By Material(Steel and Aluminum), By Application(Gears, Crankshaft, Pistons, Axle), By Technology(Closed Die, Open Die, and Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25C2093 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 122 | Figures: 77

Automotive Forging Market News

In March 2023, Ramkrishna Forgings established a subsidiary named RKFL Engineering Industry Private Limited, specializing in metal forging, pressing, rolling, and stamping processes. This subsidiary's formation is part of a resolution plan under the Corporate Insolvency Resolution Process (CIRP) for JMT Auto, an Amtek Auto group unit.

In February 2023, Jiangsu Pacific Precision Forging invested approximately $64.9 million in constructing a new energy vehicle parts plant in Thailand, set to become fully operational within five years. The company, based in Taizhou, will focus on producing vehicle gears, forging parts, and assembly products at this facility.

July 2022 saw Siderforgerossi Group S.p.A. acquire Grupo Euskal Forging, S.L. and its subsidiaries, a move that positions the company as a significant player in the forgings market for both offshore and onshore applications.

In May 2022, Ramkrishna Forgings Limited secured a multi-year contract worth $13.5 million annually for manufacturing critical chassis-related systems and components primarily used in trailers, trucks, and buses in the United States.

In March 2022, American Axle & Manufacturing announced winning multiple contracts for next-generation full-sized truck rear and front axles with global OEM customers. These contracts, along with a previously announced award in early 2021, are expected to generate more than $10 billion in revenue spanning from mid-decade into the 2030s.

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Automotive Forging Market size was valued at USD 45.92 Billion in 2022 and is poised to grow from USD 48.12 Billion in 2023 to USD 70.03 Billion by 2031, at a CAGR of 4.80% during the forecast period (2024-2031).

The competitive landscape in the automotive forging market is characterized by intense rivalry among established companies and new entrants striving to gain a foothold. These entities focus on leveraging advanced technologies and forging methods to produce high-quality components that meet the industry's evolving demands for lightweight and durable parts. 'ThyssenKrupp AG (Germany)', 'CIE Automotive (Spain)', 'NTN Corporation (Japan)', 'American Axle and Manufacturing Inc. (US)', 'Bharat Forge Limited (India)', 'Ramkrishna Forgings (India)', 'Dana Limited (US)', 'Meritor Inc. (US)', 'ZF Friedrichshafen AG (Germany)', 'Jiangsu Pacific Precision Forging (China)', 'Siderforgerossi Group S.p.A. (Italy)', 'Grupo Euskal Forging, S.L. (Spain)', 'Nippon Steel Corporation (Japan)', 'Nippon Steel & Sumitomo Metal Corporation (Japan)', 'FormTech Industries LLC (US)', 'Hirschvogel Automotive Group (Germany)', 'Norsk Hydro ASA (Norway)', 'Allegheny Technologies Incorporated (US)', 'SIFCO Industries, Inc. (US)', 'Precision Castparts Corp. (US)'

As automakers strive to meet stringent fuel efficiency and emission standards, they are turning to lightweight forged components made from materials like aluminum and advanced high-strength steels. These materials help reduce vehicle weight, improving fuel economy and overall performance. The growing consumer preference for fuel-efficient and environmentally friendly vehicles is propelling the adoption of lightweight forged parts, making it a crucial driver for the industry's growth.

Rise of Electric Vehicle (EV) Forging: As the automotive sector transitions towards cleaner and more sustainable transportation, forged parts are increasingly utilized in EV drivetrains and structural components due to their lightweight and high-strength characteristics. This trend is expected to drive substantial growth in the forging sector, with companies focusing on specialized forging techniques and materials tailored to the unique requirements of EVs. Additionally, the shift towards EVs is likely to spur innovation in forging technologies to meet the specific demands of this evolving market segment.

North America stands as the dominating and largest player in the automotive forging market due to several key factors. Firstly, it boasts a mature and well-established automotive industry, home to major automakers and a robust network of suppliers and forging companies. This ecosystem benefits from advanced manufacturing technologies, stringent quality standards, and a skilled workforce, enabling efficient and high-quality forging production. Moreover, North America's geographical proximity to its primary automotive export markets, such as the United States and Canada, provides a strategic advantage in terms of logistics and supply chain efficiency.

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