Steely resolve: Industry firms forge a new path as demand declines from major markets

The Iron and Steel Forging industry processes iron and steel by applying thermal and mechanical pressure to them until they reach the desired shape. Forging generally produces stronger steel components than metal casting, and the finished product is suitable for high-stress applications. Traditionally, forged products have been important inputs into motor vehicle manufacturing and the production of other machinery. However, these markets are steadily drying up as local manufacturers lose their competitive edge against imports.The industry forges iron and steel products for a variety of downstream more.

Industry Statistics & Market Size
Annual Growth 13-18
Forecast Growth 18-23
Market Share of Companies

Industry Threats & Opportunities

  • The closure of local car manufacturers has driven down sales of forged steel products
  • Enterprise numbers have increased as small operators have entered to produce bespoke products
  • Revenue will strengthen due to improved demand for construction, mining and railway equipment
  • Industry Report - Industry Products Chapter

    Forging is the application of thermal and mechanical energy to steel billets or ingots to cause the material to change shape while in a solid state. This process contrasts with metal casting, where metal is heated until molten and poured into a mould or vessel to create the desired shape.The forging process widely varies among firms and by product type. The principal products manufactured by the Iron and Steel Forging industry include grinding media, rail wheels and axles, fasteners, steel hooks, pipes and precision valves. The most common types of forging include open die forging, impression die forging, rolled ring forging (seamless ring forging), induction forging, cold forging and flashless forging (enclosed impression die forging)...purchase to read more.

    Additional Insights for the Iron and Steel Forging Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Iron and Steel Forging Industry are

  • Ability to pass on cost increases
  • Effective cost controls
  • Ability to alter goods and services produced in favour of market conditions
  • IBISWorld analysts also discuss how external factors such as Demand from construction and Demand from mining in the Iron and Steel Forging industry impact industry performance..

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    What's in this report

    What is the Iron and Steel Forging Industry?

    Industry operators are primarily engaged in forging iron and steel products. Forging involves shaping iron and steel into different forms. The forging process alters the physical properties of the metals, resulting in improved strength and durability.

    Industry Products
  • Grinding media
  • Railway parts
  • Forged fasteners
  • Rigging equipment
  • Automotive parts
  • Other products
  • Industry Activities
  • Steel chain forging
  • Iron or steel fitting
  • Horseshoe
  • Iron tube fittings and pipe fittings
  • Iron or steel valve
  • Other forged iron or steel products
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Demand from construction
  • Demand from mining
  • Demand from motor vehicle manufacturing
  • Demand from railway equipment manufacturing and repair
  • Electricity service price
  • Private capital expenditure on machinery and equipment

  • Current Performance
  • International Trade
  • Industry structure
  • Downstream markets
  • Profit and participation
  • Chart: Revenue Growth

  • Industry Outlook
  • Downstream markets
  • Profitability and other trends
  • Technological change
  • Table: Iron and Steel Forging Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Iron and Steel Forging Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Horse Farming
  • Mining
  • Motor Vehicle Manufacturing
  • Shipbuilding and Repair Services
  • Railway Equipment Manufacturing and Repair

  • Key Selling Industries
  • Industrial Machinery Manufacturing
  • Iron Smelting and Steel Manufacturing
  • Machine Tool and Parts Manufacturing
  • Power Automation Products and Other Electrical Equipment Manufacturing

  • Products & Services
  • Grinding media
  • Forged fasteners
  • Railway parts
  • Rigging equipment
  • Automotive parts
  • Other products
  • Chart: Iron and Steel Forging Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Mining firms
  • Construction firms
  • Transport firms
  • Other customers
  • Manufacturing firms
  • Chart: Major Market Segmentation for the Iron and Steel Forging Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Iron and Steel Forging

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Iron and Steel Forging Industry

  • Industry Globalization
    Grinding Media Pty Ltd,
  • Table: Grinding Media Pty Ltd - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Iron and Steel Forging Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Iron and Steel Forging Industry
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
  • A device used to alter an object's form and shape. The device may have either a flat or a contoured surface depending on the final product.
  • Flash
  • Excess metal by-product in forging processes that is generally removed in subsequent processing steps.
  • Grinding Media
  • Grinding media are the means used to crush or grind material in a mill.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Iron and Steel Forging market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

    IBISWorld industry market research reports enable you to:
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    This report on Iron and Steel Forging:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Iron and Steel Forging market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Iron and Steel Forging, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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