Farmington, Feb. 02, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Forging Market Size Was Valued At USD 40.49 Billion In 2021. The Market Is Projected To Grow From USD 45.49 Billion In 2022 To USD 67.75 Billion By 2029, Exhibiting A CAGR Of 5.10% During The Forecast Period. The global COVID-19 pandemic has been unprecedented and shocking, and the market has seen less demand than expected compared to before the pandemic. Our research shows that the world market was 23.5% smaller in 2020 than in 2019.
Forging is a way to make things by pressing metal into the shape you want. Parts of the engine, chassis, bearings, axles, gears, and other parts are forged. This process can be done on different kinds of materials, depending on what mechanical properties are needed. Also, compared to other ways of making things, forging metal makes some of the parts that are the strongest and have the best mechanical properties.
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Recent Developments:
- In February 2021, ZF announced a $200 million investment to manufacture transmissions for commercial vehicles in North America. From 2023, ZF will produce the ZF Powerline 8-speed automatic transmission at the company's state-of-the-art manufacturing facility in Greycourt, SC.
- In February 2022, Cummins Inc. announced the acquisition of Meritor Inc., a global brake mobility, drivetrain, aftermarket and electric powertrain solution for the commercial automotive and industrial markets. Cummins acquired Meritor for approximately $3.7 billion. The deal is expected to close by the end of 2022. The addition of Meritor's complementary strengths will help Cummins address critical technology challenges, such as developing economically viable carbon-free solutions for commercial and industrial applications.
- In July 2020, Dana Limited introduced the new Spicer® Trac-Lok® Limited Slip Differential (LSD) for heavy duty truck applications. The new model autonomously delivers improved vehicle handling within a compact and lightweight design for improved traction, durability and performance.
Segment Analysis:
Vehicle Type Insights
In 2021, passenger cars made up the biggest part of the market, and this is likely to stay true for the rest of the forecast period. Passenger cars are being made in strong numbers again in 2021, with a 28% rise in China and a 61% rise in India. Electric cars will have parts that are much easier to design because simple shapes can be used to make big changes. Forged aluminium parts work better than machined or cast aluminium parts, which makes them more reliable. So these things can help the market grow in a good way.
Material Insights
The most common materials on the market are aluminium and steel. In 2021, most of the market for car forging was made of steel. Carbon steel, in particular, is in high demand in the auto industry because it can be easily forged, has a high impact strength, is easy to work with, and doesn't cost much to use. This might help the market grow over the next few years. Fuel economy and performance depend on a lot of things, and reducing a vehicle's weight is one of them.
Technology Insights
The segment is divided into open die, closed die, and other types of forging based on the technology used. In 2021, the closed die technique had the most market share and ruled the market. Closed dies allow parts with complicated shapes to be made. A closed die has a better surface finish and better mechanical properties. This makes it even less important to machine. Because of closed die forged parts, many designs can now handle more stress and load.
Application Insights
An axle is a shaft that connects two wheels on a car so they can move and stay in the same place. The axle segment was thought to have the highest CAGR in 2021 and the largest market share from 2022 to 2030. In this segment, you can also find input/output shafts, chassis, high-pressure valves, and other forged auto parts.
Supplier Type Insights
There are two types of suppliers on the market: local and international (import). From 2022 to 2030, the most market share and the leader was in the local segment. Europe and North America buy parts and accessories for cars and electric cars from China and other Asian countries. This is the main reason for its growth.
Regional Outlook:
Asia-Pacific (APAC) is expected to be the largest and fastest-growing segment compared to other regions. A lot of the world's forged parts come from China and India. Major players in the area are putting their new money into automation and high-tech machines that use less energy and work better.
Europe is expected to have a high growth rate because there are new ways to make things in this industry. The European market grows because government rules help products made in Europe.
North America is likely to keep moving up in the world market as the need for forged auto parts grows.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.10% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 45.49 Billion |
| By Vehicle Type | Passenger Cars, Light Commercial Vehicle, Medium & Heavy Commercial Vehicles, Agricultural Machinery, Construction Equipment, Others |
| By Application | Gears, Crankshaft, Piston, Axle, Bearings, Connecting Rods, Others |
| By Technology | Closed Die, Open Die, Others |
| By Material | Steel, Aluminum, Others |
| By Supplier Type | Local, International (Import), Others |
| By Companies | ThyssenKrupp AG (Germany), CIE Automotive (Spain), NTN Corporation (Japan), American Axle and Manufacturing Inc. (U.S.), Bharat Forge Limited (India), Ramkrishna Forgings (India), Dana Limited (U.S.), Meritor Inc. (U.S.), ZF Friedrichshafen AG (Germany) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Trends:
More and more people are using automation and smart manufacturing technologies in the market. Almost all of the top players are trying to automate their forging lines to make them safer, more productive, and more efficient. For example, in September 2021, ThyssenKrupp AG started up one of the world's most advanced forging lines. The company set up its advanced forging line in the city of Homburg/Saarland. About USD 85 million were put into the company's new facility for making parts for truck chassis.
Market Driving Factors:
People are more likely to buy cars because of the pandemic, which is making more people worry about their health and making cities more crowded. So, more people are likely to choose private transportation to avoid talking to people they don't need to. This is expected to boost auto sales and increase the need for forged parts and components. Over the past 10 years, urbanisation has been most noticeable in places like Asia and Oceania that are still developing. Also, the UN Department of Economics and Social Affairs says that by 2050, cities will be home to almost 68% of the world's population.
Key Segments Covered:
Top Market Players:
ThyssenKrupp AG (Germany), CIE Automotive (Spain), NTN Corporation (Japan), American Axle and Manufacturing Inc. (U.S.), Bharat Forge Limited (India), Ramkrishna Forgings (India), Dana Limited (U.S.), Meritor Inc. (U.S.), ZF Friedrichshafen AG (Germany), and others.
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicle
- Medium & Heavy Commercial Vehicles
- Agricultural Machinery
- Construction Equipment
- Other
By Material
- Steel
- Aluminum
- Others
By Technology
- LCD
- LED
- Projection
- Others
By Application
- Gears
- Crankshaft
- Piston
- Axle
- Bearings
- Connecting Rods
- Others
By Technology
- Closed Die
- Open Die
- Others
By Supplier Type
- Local
- International (Import)
- Other
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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