Press Release

Automotive Forging Market to Grow with a CAGR of 4.56% in South America through to 2028

The major drivers for the South America Automotive Forging Market include the region's growing automotive industry, the demand for lightweight and fuel-efficient vehicles, and the need for high-strength components to meet safety and performance standards, driving the demand for forged automotive parts in South America.

 

According to TechSci Research report, “South America Automotive Forging Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the South America Automotive Forging Market stood at USD 9 Billion in 2022 and is anticipated to grow with a CAGR of 4.56% in the forecast period, 2024-2028. Several key factors are driving the remarkable growth of the South America Automotive Forging Market. Firstly, the regional automotive industry is experiencing a substantial expansion, characterized by a remarkable increase in vehicle production and a surge in the demand for both commercial and passenger vehicles. This surge in demand has significantly fueled the market, creating a favorable environment for market growth.

Secondly, the market is being propelled by the continuous advancements in forging processes. Technological breakthroughs in forging techniques have led to improved efficiency and enhanced quality of forged parts. This has caught the attention of automotive manufacturers, who increasingly recognize the benefits of incorporating forged parts into their vehicles. As a result, more and more automotive manufacturers are embracing forging processes, further driving the growth of the market.

Moreover, the South American region’s economic growth and the increasing purchasing power of consumers are also contributing factors to the escalating demand for automobiles. As the economy continues to flourish, more consumers are able to afford cars, leading to a surge in the demand for vehicles. This favorable economic climate fosters market growth, creating a positive outlook for the South America Automotive Forging Market.

In summary, the combined effects of the expanding automotive industry, technological advancements in forging processes, and the region’s economic growth and increasing consumer purchasing power are driving the rapid growth of the South America Automotive Forging Market. These factors create a promising landscape for automotive manufacturers and forge new opportunities for market players in the region.

 

Browse over 26 market data Figures spread through 91 Pages and an in-depth TOC on “South America Automotive Forging Market 

 

The South America Automotive Forging Market is a vital component of the region's automotive industry, providing essential forged components that contribute to vehicle performance, safety, and efficiency. This market overview offers insights into the current landscape, key players, market dynamics, growth drivers, challenges, and emerging trends shaping the South America Automotive Forging Market.

South America is home to a growing automotive industry, with countries like Brazil, Argentina, and Mexico playing key roles in vehicle manufacturing. The South America Automotive Forging Market serves as a crucial supplier to this thriving industry, supplying high-strength and precision components. Forged components are integral to meeting stringent safety and emissions standards, and their production aligns with the region's automotive manufacturing sector's growth and stability.

The market is characterized by a diverse range of key players, including established global forging firms and regional manufacturers. Prominent global companies like Mahindra CIE, Tupy, and Iochpe-Maxion operate alongside specialized and locally-focused forging companies. Manufacturing clusters are strategically located across South America, with Brazil being a major hub for forging operations due to its strong automotive manufacturing presence. These clusters benefit from proximity to automotive OEMs and advanced infrastructure, facilitating efficient production and delivery.

The South America Automotive Forging Market encompasses the production of a wide range of forged components that are crucial to vehicle manufacturing. These components include engine and transmission parts, suspension and chassis components, steering systems, drivetrain components, and safety-critical parts like airbag housings and seatbelt anchors. Forged components are valued for their superior strength, durability, and resistance to wear and tear, making them indispensable for meeting stringent safety and performance standards in South American vehicles.

The adoption of advanced manufacturing technologies is a notable trend within the South America Automotive Forging Market. Improved forging processes, including hot, warm, and cold forging, enable the production of high-precision and complex components. Automation, robotics, and digitalization are increasingly integrated into forging operations, enhancing efficiency and quality control. Innovations in material science, including the use of lightweight alloys and advanced steel grades, are driving the development of forged components that align with the industry's lightweighting objectives, reducing fuel consumption and emissions.

The South America Automotive Forging Market is propelled by several drivers, including the region's growing automotive industry, the pursuit of fuel efficiency and emissions reduction, technological advancements, safety and regulatory compliance, the demand for customized and flexible solutions, and the rise of electric vehicles (EVs). These drivers collectively fuel the demand for forged components that are integral to vehicle performance and safety in South America.

Despite its growth prospects, the market faces challenges such as the need for substantial technological investments, global economic uncertainties, environmental regulations, intense competition, supply chain vulnerabilities, and fluctuations in raw material prices. Sustainability considerations are gaining prominence, prompting forging companies to adopt eco-friendly practices, responsible waste management, and energy-efficient manufacturing processes. Navigating these challenges is essential for the long-term sustainability and competitiveness of the South America Automotive Forging Market.

Emerging trends within the South America Automotive Forging Market include the shift towards lightweighting, the increasing importance of electric vehicles (EVs) and autonomous technology, the adoption of advanced manufacturing technologies, sustainability practices to reduce the environmental impact of forging operations, and the focus on building resilient supply chains to mitigate future disruptions. These trends reflect the industry's response to evolving consumer preferences, regulatory changes, and technological advancements.

In conclusion, the South America Automotive Forging Market is a crucial component of the region's automotive industry, supplying critical forged components that ensure vehicle performance, safety, and sustainability. The market's growth is closely intertwined with the dynamic and evolving South American automotive landscape, where innovation, technological advancement, and sustainability are driving forces shaping the future of the industry.

 

Major companies operating in South America Automotive Forging Market are:

  • Nanjin Automobile Forging Co Ltd
  • ThyssenKrupp AG
  • Bharat Forge Limited
  • Meritor Inc
  • Aichi Forge USA Inc
  • Kovarna Viva
  • CIE Automotive SA
  • Dana Inc
  • NTN Corporation
  • American Axle & Manufacturing Inc  

 

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“Several factors are driving the growth of the South America Automotive Forging Market. Firstly, the regional automotive industry's expansion, characterized by increased vehicle production and a surge in the demand for commercial and passenger vehicles, has significantly fuelled the market. Secondly, technological advancements in forging processes have improved efficiency and quality, attracting more automotive manufacturers to incorporate forged parts. Lastly, the region's economic growth and increasing consumer purchasing power also contribute to the escalating demand for automobiles, thereby fostering market growth.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Automotive Forging Market South America Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Material (Aluminium, Steel, Others), By Component (Gears, Piston, Bearing, Axel, Connecting Roads, Crankshaft, Others) and By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Country, Competition”, has evaluated the future growth potential of South America Automotive Forging Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in South America Automotive Forging Market.           

 

 

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Mr. Ken Mathews

Techsci Research LLC

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New York, United States- 10170

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Website: www.techsciresearch.com

Relevant Reports

South America Automotive Forging Market By Material (Aluminium, Steel, Others), By Component (Gears, Piston, Bearing, Axel, Connecting Roads, Crankshaft, Others) and By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), Competition, Forecast & Opportunities 2018-2028

Automotive | Nov, 2023

The major drivers for the South America Automotive Forging Market include the region's growing automotive industry, the demand for lightweight and fuel-efficient vehicles, and the need for high-strength components to meet safety and performance standards, driving the demand for forged automotive parts in South America.

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