Forging is a manufacturing process involving the shaping of metal using compressive force. Automotive forging involves the manufacturing of automotive components, including engine parts (such as connecting rods, injection, crankshaft, camshaft, piston, etc.), chassis, bearings, gears, axles and others. The automotive forging process can be carried out on materials either in hot or cold state, depending upon the mechanical properties required.
Automotive forged products offer superior toughness, strength and high strength-to-weight ratios. Some of the most common materials utilized in the automotive forging market are aluminum and steel. Steel is commonly used in the automotive forging industry owing to its strength, availability and high resilience. Aluminum is gaining traction in the automotive forging industry owing to increasing demand for light weight vehicles.
Aluminum provides high strength, desirable anti-corrosion, surface finish, lower cost and design flexibility to automotive forging.
The global automotive forging market is expected to witness robust growth in the years to come. The growth in the market is mainly being driven by increasing vehicle demand owing to growing population and rising disposable income across the globe.
Despite unstable economic conditions in the market in the recent past, automotive production across the globe has witnessed steady growth owing to increasing demand for passenger cars and commercial vehicles, which in turn, is driving automotive forging market.
Furthermore, increasing investments for infrastructural development, growing construction activity and recovery and stabilization of mining sector are some other factors expected to drive the demand for commercial and off-road vehicles, which in turn, is expected to augment the growth of automotive forging market during the forecast period.
However, with the introduction of electric vehicles in the market, the automotive forging market is expected to be adversely impacted as electronic vehicles require limited forged components.
Although electronic vehicles have not become commercialized in the market yet, they are expected to have a significant impact on the automotive forging market during the forecast period.
Furthermore, one of the most significant trends being witnessed in the global automotive forging market is automation. Manufacturers in the global automotive forging market are focusing on plant automation and installing new pre-forming units and adopting technological advancements with an aim to boost the productivity of forged components.
Asia Pacific is estimated to be the most prominent region in the global automotive forging market and will be followed by North America. Development in infrastructure, industrialization and rapid economic growth in countries, such as India, China and Indonesia, will propel the growth of the automotive forging market in Asia Pacific.
Furthermore, India and China are the hubs for automotive forging manufacturers. Further, favorable government initiatives are driving the manufacturing sector in the region, which will propel the growth of the automotive forging market in near future. Europe and North America are expected to witness moderate growth in the automotive forging market.
Positive economic outlook and favorable political scenario in Latin America are the two factors expected to drive investments in the automotive industry, which in turn, will induce the growth of the automotive forging market.
Further, Middle East & Africa backed by growing construction industry is set to drive the growth of heavy vehicles in the region, which in turn, will drive the automotive forging market during the forecast period.
Examples of some of the prominent market participants operating in the global automotive forging market are:
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On the basis of vehicle type, the global automotive forging market can be segmented into:
On the basis of material type, the global automotive forging market can be segmented into:
On the basis of components, the global automotive forging market can be segmented into:
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Automotive Forging Market
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