South Korea Automotive Forging Market was valued at USD 3.00 Billion in 2022 and is projected to reach USD 4.40 Billion by 2030, growing at a CAGR of 4.8% from 2024 to 2030.
The South Korea automotive forging market is experiencing significant growth, driven by the increasing demand for high-performance and durable automotive components. As the global automotive industry shifts toward lightweight and fuel-efficient vehicles, the need for precision-forged components has risen. Automotive forging ensures strength, durability, and dimensional accuracy, making it an essential process in manufacturing critical vehicle parts such as crankshafts, gears, axles, and transmission parts.
South Korea’s automotive sector, home to leading manufacturers like Hyundai, Kia, and SsangYong, requires high-quality forged components to meet stringent performance and safety standards. As electric vehicle (EV) production surges, the demand for forged aluminum and other lightweight materials has also increased. Forged parts offer enhanced mechanical properties and can withstand high stress, making them suitable for both internal combustion engine (ICE) vehicles and EVs.
Key industries driving demand in the South Korea automotive forging market include OEMs (Original Equipment Manufacturers), aftermarket services, and EV manufacturers. OEMs require forged components to enhance vehicle durability and reduce overall weight, while the aftermarket sector seeks forged replacement parts that offer extended service life. EV manufacturers focus on forging lightweight materials to improve battery efficiency and increase range.
To meet industry requirements, forging companies in South Korea are investing in advanced technologies such as automated forging processes, die design improvements, and real-time quality monitoring systems. Hot forging, cold forging, and precision forging methods are widely adopted, with an emphasis on minimizing material waste and improving product consistency. Moreover, the use of high-strength alloys such as aluminum, titanium, and magnesium is gaining traction, further catering to evolving industry demands.
The growing emphasis on sustainability and carbon footprint reduction is prompting manufacturers to adopt eco-friendly forging techniques. By leveraging innovative heat treatment processes and optimizing energy consumption, South Korea’s forging industry is aligning itself with global sustainability goals. As the market evolves, forging companies are expected to focus on enhancing production efficiency and maintaining high-quality standards to meet the changing needs of the automotive sector.
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Bharat Forge
Thyssenkrupp
CIE Automotive
NTN
American Axle
Meritor
Dana
Ramkrishna Forgings
India Forge & Drop Stampings
Nanjing Automobile Forging
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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 Forging Market
Steel Forgings
Aluminum Forgings
Iron Forgings
Titanium Forgings
Special Alloys
Hot Forging
Cold Forging
Warm Forging
Isothermal Forging
Forged Bars
Forged Rings
Forged Discs
Forged Shafts
Forged Plates
Engine Components
Transmission Components
Chassis Components
Suspension Components
Others (e.g., Brake Components, Wheel Hubs)
Passenger Vehicles
Commercial Vehicles
Electric Vehicles
Heavy-Duty Vehicles
Two-Wheelers
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Automotive Forging 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 Forging Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Automotive Forging Market, By Type
6. South Korea Automotive Forging Market, By Application
7. South Korea Automotive Forging Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Automotive Forging Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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