Global Forged Steel Round Bars Market was valued at USD 1.5 Billion in 2022 and is projected to reach USD 2.3 Billion by 2030, growing at a CAGR of 6.0% from 2024 to 2030.
The Forged Steel Round Bars Market has experienced significant growth over the past few years, driven by the increasing demand for high-quality steel products in industries such as automotive, construction, and machinery. Forged steel round bars are essential for manufacturing critical components like shafts, axles, and gear blanks, which are known for their strength and reliability under extreme conditions. These products are made by heating steel billets and shaping them under high pressure, resulting in a superior material structure that enhances durability and performance.
One of the key drivers of this market is the growing demand for forged steel in the automotive sector. As vehicle manufacturers seek to improve the performance and safety of their products, the demand for high-quality, durable materials like forged steel is rising. Additionally, the construction and infrastructure industries are also contributing to the market's growth as they increasingly require strong, reliable materials for building projects and machinery.
Technological advancements in the manufacturing of forged steel round bars are another important factor shaping the market. New methods of forging and heat treatment have improved the strength and precision of these products, making them suitable for even more applications. Furthermore, the rising focus on sustainability and cost-efficiency in production processes is encouraging manufacturers to adopt more eco-friendly practices and invest in more efficient production technologies.
While the global demand for forged steel round bars is expected to grow steadily, there are also challenges facing the market. Raw material price volatility, environmental regulations, and competition from alternative materials like carbon fiber may pose risks. Nevertheless, the market is resilient, with ongoing innovations and strategic investments in production processes ensuring its long-term stability and growth.
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Riva Group
Sidenor
Tata Steel
Sandvik Materials Technology
Saarstahl
DEW-STAHL
IMS - SCHMOLZ+BICKENBACH
Ascometal
DAIDO
Sanyo Special Steel Co. Ltd
Georgsmarienhütte
Caparo Merchant Bar
Acerinox
Sverdrup Steel
Acentasteel
MMK
Huizhou Xing Ye Special Steel
XING CHENG
Mangalam Alloys
Daye Jiayong Metallurgy
BAGLIETTO Marine Steel Company
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Forged Steel Round Bars Market
Construction
Production Equipment
General Application
Based on Types the Market is categorized into Below types that held the largest Forged Steel Round Bars market share In 2023.
Carbon Steel
Alloy Steel
Other
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Forged Steel Round Bars Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Forged Steel Round Bars Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Forged Steel Round Bars Market, By Type
6. Global Forged Steel Round Bars Market, By Application
7. Global Forged Steel Round Bars Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Forged Steel Round Bars Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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