The global Steel Forgings market was valued at US$ 63.45 billion in 2022 and is projected to reach US$ 92.71 billion by 2029, at a CAGR of 5.6% during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.

The USA market for Global Steel Forgings market is estimated to increase from USD 12.8 billion in 2022 to reach USD 18.9 billion by 2030, at a CAGR of 5.0% during the forecast period of 2023 through 2030.

The China market for Global Steel Forgings market is estimated to increase from USD 14.2 billion in 2022 to reach USD 22.3 billion by 2030, at a CAGR of 6.3% during the forecast period of 2023 through 2030.

The Europe market for Global Steel Forgings market is estimated to increase from USD 11.5 billion in 2022 to reach USD 15.8 billion by 2030, at a CAGR of 4.2% during the forecast period of 2023 through 2030.

Steel Forgings are manufactured through the controlled deformation of metal under compressive forces, resulting in superior strength and fatigue resistance compared to cast or machined counterparts. This process improves grain flow, eliminates porosity, and enhances mechanical properties, making forged steel components indispensable across industries requiring high reliability.

The market growth is primarily driven by increasing demand from automotive and aerospace sectors, growing focus on lightweight yet strong materials, and infrastructure development in emerging economies. The manufacturing of energy equipment, particularly in renewable sectors like wind turbines, is creating new demand avenues.

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Segmentation by Product Type

The Steel Forgings market is classified into two primary product categories based on manufacturing process and customization:

1. Conventional Steel Forgings

Conventional (standard) steel forgings follow established industry designs and specifications for general applications across multiple industries. These products offer cost-effective solutions with reliable performance characteristics.

• Market Insight: This segment accounted for 68% of market volume in 2022. The automotive sector remains the largest consumer, particularly for drivetrain and suspension components where standardized designs meet most requirements.

• Trend: Asian manufacturers are increasingly adopting conventional forgings for industrial machinery and construction equipment, supported by local supply chains and competitive pricing.

2. Custom Steel Forgings

Custom forgings are engineered to meet specific application requirements, offering tailored mechanical properties, complex geometries, or specialized material compositions not available in standard products.

• Market Insight: Representing the fastest-growing segment at 7.1% CAGR, custom forgings are critical in aerospace, defense, and energy applications where component failure is not an option.

• Trend: The shift toward renewable energy infrastructure is driving demand for custom forgings in wind turbine shafts and nuclear power components, requiring collaboration between forgers and end-users from design stages.

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Segmentation by Application

Steel forgings find diverse applications where high strength, reliability, and fatigue resistance are paramount. Key sectors and their specific requirements drive product innovation and market growth.

1. Automotive

The automotive industry is the largest application segment, consuming approximately 45% of total steel forgings. Critical components include crankshafts, connecting rods, axle beams, and transmission parts.

• Insight: Despite the shift toward electric vehicles, forgings remain essential in EV drivetrains, chassis components, and commercial vehicle applications.

• Trend: Lightweight forging techniques and advanced high-strength steels are emerging responses to automotive OEMs’ weight reduction demands without compromising safety.

2. Aerospace & Military

Aerospace applications demand the highest-performance forgings for landing gear, turbine disks, and structural airframe components where failure is unacceptable.

• Insight: This high-value segment is growing at 6.9% CAGR, with increasing defense budgets and commercial aircraft production supporting demand.

• Trend: Near-net-shape forging technologies are gaining traction to reduce material waste and machining costs for aerospace-grade components.

3. Electrical Industry

Forgings serve in power generation and transmission equipment, including turbine shafts, generator components, and large switchgear parts.

• Insight: The energy transition is creating demand for specialized forgings in wind turbine main shafts and hydroelectric components.

• Trend: Offshore wind farms are driving the need for larger, more durable forged components capable of withstanding harsh marine environments.

4. Engineering Machinery

Construction, mining, and agricultural equipment rely on forged components for durability under extreme operating conditions.

• Insight: Infrastructure development in Asia-Pacific and governmental stimulus packages are supporting steady demand from this sector.

• Trend: Equipment manufacturers are specifying higher-grade forged components to extend maintenance intervals and improve total cost of ownership.

5. Other Applications

Forgings find niche applications in oil & gas, medical equipment, and marine industries where reliability is critical.

• Insight: Emerging applications include renewable hydrogen production equipment and carbon capture technologies.

• Trend: Specialized corrosion-resistant alloys are being developed for chemical processing and subsea applications.

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Segmentation by End-User

The Steel Forgings market serves diverse industries through both direct supply and distribution channels.

1. Automotive Manufacturers

Original Equipment Manufacturers (OEMs) and Tier 1 suppliers represent the largest customer group for steel forgings.

• Insight: Just-in-time delivery and stringent quality requirements are reshaping supplier relationships in this sector.

• Trend: Electric vehicle platforms are creating new forging requirements for battery housing and motor components.

2. Aerospace & Defense Contractors

High-performance aircraft and defense system manufacturers demand the most stringent quality forgings with comprehensive material certifications.

• Insight: Long lead times and extensive testing characterize contracts in this segment.

• Trend: Increased R&D investment in advanced alloys for next-generation aircraft components.

3. Energy Equipment Manufacturers

Turbine producers, renewable energy developers, and electrical equipment manufacturers comprise this growing segment.

• Insight: Certification requirements for nuclear-grade forgings create high barriers to entry in this sector.

• Trend: Local content requirements in renewable energy projects are fostering regional forging capacity development.

4. Industrial Equipment Producers

Manufacturers of construction, mining, and material handling equipment form a stable demand base.

• Insight: Equipment life extension programs are driving aftermarket demand for replacement forged components.

• Trend: Digital inventory management is transforming supply chain relationships in this sector.

5. Forging Distributors & Service Centers

These intermediaries serve smaller manufacturers and aftermarket needs, providing value-added services.

• Insight: Distributors are increasingly offering machining and finishing services to provide complete solutions.

• Trend: Digital platforms are emerging for spot purchases of standard forgings.

The Steel Forgings market exhibits different dynamics across segments. By product type, the shift toward custom solutions is accelerating, particularly in high-tech applications. By application, while automotive dominates volume, aerospace and energy applications are driving value growth. By end-user, direct relationships with major OEMs remain crucial, but distribution channels are evolving to serve fragmented demand.

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