Global Steel Forging Market Revenue Estimated Around USD 134.51 Billion By 2034

According to the report, the global steel forging market size was valued at approximately USD 64.18 billion in 2024 and is predicted to reach around USD 134.51 billion by the end of 2034, expanding at a CAGR of around 7.68% from 2025 to 2034.

The report covers forecast and analysis for the Steel Forgings market on a worldwide, regional, and country level. The study provides historical information from 2025 to 2034 based on revenue (USD billion). The entire study covers the key drivers and restraints for the Steel Forgings market. It also endows the influence of the market within the estimated period. Moreover, the report also includes the study of opportunities accessible within the Steel Forgings market on a global level.

 In order to offer the users of this report a comprehensive read on the Steel Forgings market, we've also included a detailed value chain analysis. To represent the intensity of the competitive landscape within the market, an analysis of Porter’s Five Forces model for the Steel Forgings market has additionally been enclosed within the study. The study encompasses a market attractiveness analysis, whereby type, application, and regional segments are standardized on the basis of their market size, growth rate, and general attractiveness.

The study provides an influential view on the global Steel Forgings market by bifurcating into product, type, material, end-user, and regional segments. All the segments have been analyzed based on present and future trends and the market is estimated from 2025 to 2034. The important products covered under this study include bearing, crankshaft, axle, piston, connecting rods, steering knuckle, CV joint, gear, beam, and others. Major end-users included in the study are the passenger car, commercial vehicles, industrial machinery, and energy sector. Moreover, based on the geographic segmentation, the global steel forging market includes the major regions such as Europe, the Middle East & Africa, Asia-Pacific, Latin America and North America.

With more than 35.6% share, the Asia Pacific led the global Steel Forgings market in 2024. The increasing demand for automobiles, coupled with the rising disposable incomes in Asia Pacific countries, is expected to propel the demand for the steel forgings market over the years to come. The growing demand for passenger vehicles because of emerging industrialization in the region is likely to drive the demand for the automotive industry. Piercing development in the automotive industry in China and India is likely to have a positive effect on the steel forging market in this area. India is believed as the most important area for the steel forging market. Some of the major reasons, such as tie-ups with the potent automakers and government programs for outsourcing their forged elements, contribute to the development of the steel forging market in this area. Furthermore, North America and Europe are also expected to exhibit exponential growth for the Steel Forgings market in the near future.

The study provides the detailed company profiles of the global market along with the exclusive elucidation of players that includes parameters such as company overview, the business strategy of the company, their financial overview and their recent development related to the market.

The major players of the global steel forging market include Mitsubishi Materials, Bharat Forge, Thyssenkrupp, Nippon Steel Corporation, Engineered Precision Machining, Eagle Stainless, Sunrise Enterprises, Allegheny Technologies, Marmon Group, Aichi Steel, Precision Castparts, ArcelorMittal, Fountaintown Forge, Raymond Corporation, and Alcoa, among others.

Browse the full “Steel Forging Market By Product (Bearing, Crankshaft, Axle, Piston, Connecting Rods, Steering Knuckle, CV Joint, Gear, Beam, and Others), By Type (Open Die Forging, Closed Die Forging, Rolled Ring Forging, and Stamping), By Material (Carbon Steel, Alloy Steel, Stainless Steel, and Tool Steel), By End User (Passenger Car, Commercial Vehicles, Industrial Machinery, and Energy Sector), And By Region: Global Industry Analysis, Size, Share, Growth, Latest Trends, Regional Outlook, and Forecast 2025 - 2034” Report at https://www.zionmarketresearch.com/report/steel-forging-market

The global Steel Forging Market is segmented as follows:

By Product

• Bearing
• Crankshaft
• Axle
• Piston
• Connecting Rods
• Steering Knuckle
• CV Joint
• Gear
• Beam
• Others

By Type

• Open Die Forging
• Closed Die Forging
• Rolled Ring Forging
• Stamping

By Material

• Carbon Steel
• Alloy Steel
• Stainless Steel
• Tool Steel

By End User

• Passenger Car
• Commercial Vehicles
• Industrial Machinery
• Energy Sector

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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