Global Market Trends in Shaft Forging

The shaft forging market is experiencing rapid growth, primarily driven by the automotive, new energy, and high-end manufacturing sectors. The Asia-Pacific region has become the core growth engine globally. Key trends include:

I. Market Growth and Regional Landscape
Asia-Pacific Dominance: Projected to exceed 51% market share by 2025, driven by strong industrialization and new energy vehicle demand in countries like China and India. Chinas large forging market reached a revenue of 92.631 billion yuan in 2023 and is projected to reach 125.368 billion yuan by 2030.
Mature Markets in Europe and North America: North America and Europe are technologically advanced, focusing on high-end applications such as aerospace, but experiencing slower growth.
II. Technology-Driven and Application Expansion
Technological Upgrades: 3D printing, digital manufacturing, and advanced materials (such as high-strength steel) are improving precision and efficiency.
Application Expansion: Demand for new energy vehicle drive shafts, wind turbine main shafts, and aerospace engine shafts is surging, while traditional fields such as shipbuilding and heavy machinery continue to upgrade.
III. Industry Challenges and Competitive Landscape
Cost Fluctuations: Unstable raw material (such as steel and aluminum) and energy prices impact profits.
Competitive Landscape: The global market has a high concentration, with leading companies dominating and consolidating their advantages through capacity expansion and technological research and development.