Covina, Sept. 12, 2023 (GLOBE NEWSWIRE) -- Automotive forging is a manufacturing process widely used in the automotive industry to produce high-strength, precision-engineered metal components for vehicles. Forging involves shaping and compressing metal using extreme pressure and localized heating. This process results in parts with superior mechanical properties, durability, and resistance to fatigue, making them ideal for critical automotive applications.
Automakers are under increasing pressure to improve fuel efficiency and reduce emissions. Forged components, which are known for their high strength-to-weight ratio, can help in light weighting vehicles, leading to improved fuel efficiency. The demand for lightweight forged components, such as aluminum suspension parts, is expected to foster the Automotive Forging Market growth.
Automotive Forging Market Size:
Automotive Forging Market accounted for US$ 48.2 billion in 2022 and is estimated to be US$ 82.5 billion by 2032 and is anticipated to register a CAGR of 5.2%. Automotive Forging Market is segmented into Vehicle Type, Material Type, By Application, and region.
Key Highlights –
- In April 2023, Henkel launched a unique synthetic lubricant “Bonderite L-FG F 605” for automotive manufacturers that drives down the costs and environmental impact of forging. Bonderite L-FG F 605, a graphite-free, non-pigmented forging lubricant, is perfect for use on automotive forming applications such bearings, wheel hubs, tiny gears, and slip yokes. It also produces a great lubrication layer. The foundation of Bonderite L-FG F 605 is a special synthetic lubricant that creates a superb lubricating coating on the die, decreasing metal-to-metal contact that causes die degradation.
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Competitive Landscape:
The prominent player operating in the global automotive forging market includes Bharat Forge Limited, Thyssenkrupp AG, Meritor Inc., CIE Automotive, S.A., India Forge & Drop Stampings Ltd.,NTN Corporation, Dana Inc., American Axle & Manufacturing, Inc., Ramkrishna Forgings, and Nanjing Automobile Forging Co. Ltd.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
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Region Analysis:
Region analysis for the automotive forging market involves assessing the target market's performance and dynamics in different geographic regions. The automotive forging market can vary significantly from one region to another due to factors such as automotive manufacturing activity, economic conditions, technological advancements, and regulatory influences. Here's an overview of how region analysis might be conducted for the automotive forging market:
North America:
- United States: The United States has a well-established automotive industry, with a diverse range of vehicles, including passenger cars, trucks, and SUVs. Automotive forging is in high demand for producing critical components like engine parts, transmission components, and chassis parts.
- Canada and Mexico: Both countries have significant automotive manufacturing sectors, with Canada specializing in light-duty vehicles and Mexico being a major hub for automotive assembly. The demand for forged components is driven by the production of vehicles for the North American and global markets.
Europe:
- Germany: Germany is a powerhouse in the global automotive industry, known for its premium and high-performance vehicles. The country's automotive forging sector caters to the production of high-quality and precision-engineered components.
- France, Italy, and the UK: These countries also have strong automotive industries and contribute to the demand for forged components, especially in the luxury and sports car segments.
- Eastern Europe: Countries like Poland, Hungary, and the Czech Republic have become attractive destinations for automotive manufacturing. Forging is essential in supplying components for both domestic and export markets.
Asia-Pacific:
- China: China is the world's largest automotive market and has a significant impact on the global automotive forging industry. The growth of electric vehicles (EVs) and lightweight materials is driving changes in forging trends.
- Japan and South Korea: These countries have advanced automotive industries, known for their innovation and high-quality manufacturing. The demand for forged parts remains strong, particularly for traditional internal combustion engine vehicles and EVs.
- India: India's automotive sector is growing, and forging is crucial for producing components for both domestic consumption and export markets.
South America:
- Brazil: Brazil has a sizable automotive industry, with a focus on producing passenger cars and light trucks. The demand for forged parts is driven by domestic vehicle production and exports.
- Argentina: Argentina also contributes to the demand for forged components in the South American market.
Middle East and Africa:
- Turkey: Turkey has an emerging automotive sector, and forging plays a role in supplying components for domestic and international manufacturers.
- South Africa: South Africa's automotive industry is expanding, and the forging market is growing to meet the needs of both local production and exports.
Global Trends:
- Electric Vehicles (EVs): The shift toward electric vehicles is a global trend affecting the automotive forging market. Regions with higher EV adoption rates may see increased demand for forged components for EV drivetrains, battery systems, and lightweighting.
- Regulatory Environment: Regional differences in emissions regulations, safety standards, and trade policies can influence the demand for specific forged components and materials.
- Market Competition: The competitive landscape of the automotive forging market can vary by region, with some regions having a higher concentration of forging companies and others relying on imports.
- Supply Chain: Regional supply chain dynamics, including the availability of raw materials and logistics infrastructure, can impact the competitiveness of the automotive forging market.
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Analyst View –
The growth of electric and hybrid vehicles is driving demand for specialized forged components. These vehicles require lightweight components for batteries and electric motors, as well as durable components for drivetrain systems. The development of advanced materials, including high-strength alloys and composites, is expanding the possibilities for forging. New materials offer improved performance characteristics, such as increased strength and corrosion resistance, and can open up new applications in the automotive sector.
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