Automotive Closed Die Forgings Market size is estimated to be USD 6.2 Billion in 2024 and is expected to reach USD 8.5 Billion by 2033 at a CAGR of 4.1% from 2026 to 2033.
The South Korea Automotive Closed Die Forgings Market plays a significant role in the country's automotive industry, which is known for its global prominence. Automotive closed die forgings are critical in the manufacturing of high-strength, durable parts used in vehicles. These parts include components like engine blocks, transmission shafts, and other essential mechanical parts. The demand for these forgings is continuously rising due to the need for lightweight and durable materials that can withstand the intense pressure and stress in automotive applications.
The market's growth can be attributed to several key factors, including advancements in forging technology, increasing automotive production, and the rising demand for high-performance vehicles. South Korea, being home to leading automotive manufacturers like Hyundai and Kia, requires closed die forgings to meet the increasing production demands. The growth of the electric vehicle (EV) sector also adds a new layer of requirement for specialized forgings, as these vehicles require new designs and stronger components to ensure their efficiency and performance.
Industries in South Korea rely heavily on high-quality automotive closed die forgings to improve the safety and performance of vehicles. The automotive sector requires precision-engineered parts that can withstand various mechanical stresses. As a result, there is a growing need for suppliers who can meet these demanding specifications. Moreover, industries such as aerospace, heavy machinery, and energy also contribute to the growing demand for closed die forgings due to the overlap in requirements for durable, high-strength parts.
Manufacturers in South Korea are continuously innovating to meet these requirements by adopting the latest forging techniques. This includes techniques like die heating, hot die forging, and precision forging to ensure the highest quality and performance. The trend toward lightweight and energy-efficient components has spurred further investment in forging technologies that reduce weight while maintaining strength. These advancements contribute significantly to the evolving needs of the automotive industry, which is pushing manufacturers to offer higher standards of closed die forgings.
With the growing demand for sustainability and efficiency in vehicle production, industries are also looking for more eco-friendly forging solutions. The South Korean Automotive Closed Die Forgings Market is poised to evolve further as manufacturers develop innovative, cost-effective, and sustainable forging techniques to meet the needs of the automotive industry.
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Precision Castparts Corp
Arconic
Nippon Steel & SumitomoMetal
KOBELCO
Thyssenkrupp
Aichi Steel
Eramet Group
American Axle & Manufacturing Holdings
Bharat Forge Limited
Avic Heavy Machinery
VSMPO-AVISMA
Allegheny Technologies
WanXiang
FAW
VDM Metals
Mahindra Forgings Europe
JSW
CITIC Heavy Industries
ScotForge
Farinia Group
Longcheng Forging
KITZ Corporation
Tongyu Heavy Industry
Sinotruck
Dongfeng Forging
Jiangsu Pacific Precision Forging
China National Erzhong Group
China First Heavy Industries
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 South Korea Automotive Closed Die Forgings Market
Steel Forgings
Aluminium Forgings
Titanium Forgings
Alloy Forgings
Others
Crankshafts
Connecting Rods
Transmission Components
Engine Blocks
Others
Passenger Vehicles
Commercial Vehicles
Two-Wheelers
Heavy Machinery
Others
Large Enterprises
Small and Medium Enterprises (SMEs)
Startup Companies
Direct Sales
Distributors
Online Sales
OEM Partnerships
Aftermarket Sales
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Automotive Closed Die Forgings 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. South Korea Automotive Closed Die Forgings Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Automotive Closed Die Forgings Market, By Type
6. South Korea Automotive Closed Die Forgings Market, By Application
7. South Korea Automotive Closed Die Forgings Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Automotive Closed Die Forgings Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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