The Global Steel Forgings Market was valued at USD 77.6 Billion in 2023 and is projected to reach USD 102.4 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.1% during the forecast period (2024–2030). This growth is driven by escalating demand from the automotive, aerospace, and energy sectors, coupled with advancements in forging technologies for producing high-strength, lightweight components.

As global infrastructure and manufacturing activities intensify, the demand for durable and reliable forged steel components is at an all-time high. These components form the critical backbone of everything from vehicles and aircraft to power plants and heavy machinery. In this analysis, we profile the Top 10 Companies in the Steel Forgings Industry—a group of established forgemasters and specialized manufacturers shaping the future of industrial strength and reliability.

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🔟 1. Bharat Forge Ltd.

Headquarters: Pune, Maharashtra, India
Key Offering: Automotive Components, Industrial Forgings, Defence & Aerospace Parts

Bharat Forge is one of the world’s leading forging manufacturers, with a dominant presence in the automotive sector and a rapidly expanding footprint in industrial, energy, and aerospace applications. The company operates state-of-the-art manufacturing facilities across India, Europe, and North America.

Innovation & Expansion Initiatives:

• Heavy investment in light-weighting technologies for electric vehicles (EVs)
• Strategic expansion into aluminum and advanced alloy forgings
• Developing complex critical components for defense and aerospace sectors

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9️⃣ 2. Scot Forge

Headquarters: Spring Grove, Illinois, USA
Key Offering: Open Die Forgings, Seamless Rolled Rings, Custom Forgings

Scot Forge is a 100% employee-owned, premier open die forging manufacturer with over 130 years of industry experience. They specialize in producing large, complex forgings for demanding applications in aerospace, defense, mining, and energy.

Innovation & Expansion Initiatives:

• Pioneer in additive manufacturing-enhanced forging processes
• Extensive metallurgical expertise and in-house heat treating
• Focus on producing forgings with superior structural integrity

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8️⃣ 3. CIE Automotive

Headquarters: Bilbao, Spain
Key Offering: Automotive Components, Chassis Systems, Powertrain Parts

CIE Automotive is a global leader in automotive components and systems, with a significant forging division that supplies major OEMs worldwide. The company’s integrated approach covers everything from forging and machining to assembly.

Innovation & Expansion Initiatives:

• Focus on cost-efficient, high-volume production for global automotive markets
• Development of integrated systems to reduce vehicle weight and complexity
• Strong global footprint with manufacturing plants on three continents

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7️⃣ 4. ThyssenKrupp AG

Headquarters: Essen, Germany
Key Offering: Large Forgings for Industrial Applications, Wind Energy Components, Axles

ThyssenKrupp’s forging division is a key player in the European market, producing large-scale forgings for the mechanical engineering, marine, and renewable energy sectors. Their products are known for exceptional quality and performance under extreme conditions.

Innovation & Expansion Initiatives:

• Leading supplier of forged components for the wind energy industry
• Investment in digitalization and automation of forging processes
• Commitment to sustainable manufacturing practices

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6️⃣ 5. Nippon Steel Corporation

Headquarters: Tokyo, Japan
Key Offering: Steel Bars, Forgings for Automotive and Industrial Use

As one of the world’s largest steel producers, Nippon Steel has a formidable forging business that leverages its raw material advantage. The company supplies high-quality forged products to the automotive, industrial machinery, and energy sectors globally.

Innovation & Expansion Initiatives:

• Development of high-strength, lightweight steel grades for forging
• Strategic partnerships with global automotive manufacturers
• R&D focus on improving material performance and durability

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5️⃣ 6. Kalyani Forge

Headquarters: Pune, Maharashtra, India
Key Offering: Automotive Front Axle Beams, Steering Knuckles, Crankshafts

Kalyani Forge is a part of the USD 3 billion Kalyani Group and is a leading manufacturer of critical automotive components. The company specializes in heavy-duty forgings for commercial vehicles and has a strong export orientation.

Innovation & Expansion Initiatives:

• Specialization in front axle beams and other safety-critical components
• Implementation of lean manufacturing and quality management systems
• Expansion of capacities to serve growing domestic and international demand

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4️⃣ 7. Ellwood Group, Inc. (EGI)

Headquarters: New Castle, Pennsylvania, USA
Key Offering: Ingots, Open Die Forgings, Rolled Rings, Finished Machined Components

Ellwood Group is a leading, vertically integrated producer of custom engineered forgings, castings, and machined components. They serve niche markets requiring high-integrity products, including power generation, defense, and metals processing.

Innovation & Expansion Initiatives:

• Vertical integration from molten metal to finished machined parts
• Focus on difficult-to-forge alloys and complex geometries
• Investment in advanced non-destructive testing capabilities

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3️⃣ 8. Arconic Corporation

Headquarters: Pittsburgh, Pennsylvania, USA
Key Offering: Aerospace Fasteners, Engine Components, Forged Aluminum Wheels

Arconic is a global leader in multi-material, precision-engineered products, with a strong focus on the aerospace industry. Their forging division produces some of the most demanding components for jet engines and airframes.

Innovation & Expansion Initiatives:

• World-leading expertise in titanium and nickel-based superalloy forgings
• Long-term contracts with major aerospace OEMs like Boeing and Airbus
• R&D focused on next-generation aerospace materials and processes

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2️⃣ 9. ATI Inc.

Headquarters: Pittsburgh, Pennsylvania, USA
Key Offering: Specialty Materials, Forgings for Aerospace & Defense, Energy

ATI is a global manufacturer of high-performance materials and complex components. Their forging capabilities are critical for producing parts that operate in the most demanding environments, particularly in jet engines and power generation turbines.

Innovation & Expansion Initiatives:

• Leader in isothermal forging and other advanced thermomechanical processes
• Supplier of critical rotating components for aerospace engines
• Focus on materials science to push the boundaries of performance

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1️⃣ 10. Aubert & Duval

Headquarters: Les Ancizes, France
Key Offering: High-Performance Alloys, Aerospace Forgings, Powder Metallurgy Parts

Aubert & Duval, a subsidiary of the Eramet Group, develops high-performance metal alloys and forgings for the aerospace, energy, and tooling industries. They are renowned for their expertise in managing the entire value chain, from alloy formulation to finished part.

Innovation & Expansion Initiatives:

• Expertise in nickel, titanium, and steel superalloys for extreme conditions
• Strong focus on research and development of new material solutions
• Key partner for European aerospace and defense programs

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🏭 Outlook: The Future of Steel Forgings Is Smarter and More Sustainable

The steel forgings market is undergoing a significant transformation. While traditional applications continue to drive volume, the industry is increasingly focused on advanced materials, digitalization, and sustainability. The push for cleaner energy and more efficient transportation is creating new opportunities for innovative forging solutions.

📈 Key Trends Shaping the Market:

• Rising demand for lightweight, high-strength components in automotive and aerospace
• Adoption of Industry 4.0 technologies for process optimization and quality control
• Growth in capital expenditure across energy (oil & gas, renewables) and infrastructure sectors
• Strategic consolidations and partnerships to enhance global reach and technological capabilities

Get Full Report Here:
Steel Forgings Market – View in Detailed Research Report

The companies listed above are not only supplying critical components—they are innovating the very materials and processes that will build a stronger, more efficient, and sustainable industrial future.