A new report entitled “Steel Forging Market (Bearing, Crankshaft, Axle, Piston, Connecting Rods, Steering Knuckle, CV Joint, Gear, Beam and Others) for Automotive Application by Vehicle (Passenger Car, Light Commercial Vehicles and Heavy Commercial Vehicles): Global Market Perspective, Comprehensive Analysis and Forecast, 2016 – 2022” was published by Zion Market Research.
Based on the reports, the global steel forging the market for automotive application reached a value of USD 41.77 billion last year and is expected to hit USD 56.0 billion in 2022, marking a 5.1% growth at CAGR between 2017 and 2022.
Given a better-than-expected estimate, the global steel forging market for automotive application settled at around 29,645.3-kilo tons in 2016 in terms of volume.
Forging improves the desired shape and size of a component as it offers flexible strength, exceptional uniformity of composition and structure.
Subsequently, the Automotive industry significantly relies on the steel forged metal components as it obtains iron and steel metal. It is also utilized for demanding applications like crankshafts, transmission gears, and bearings.
Forged steel plays a big role in handling the torque and stress placed on those components given a tight competition among key players, which boosts demand for a more eye-catching and lightweight vehicles.
CIE Automotive to Acquire Newcor
International component and sub-assemblies manufacturer and supplier CIE Automotive acquires Newcor, with the settlement of EXX.
The transaction is set for customary closing conditions and regulatory approvals.
The partnership with CIE gives Newcor the opportunity to leverage CIE’s capabilities as a machined components manufacturer and gives massive exposure in the US. Moreover, Newcor proposes to expand its operations from its three existing manufacturing facilities in the State of Michigan.
Sagent Advisors served as a financial adviser to EXX and Newcor, while Horwood Marcus & Berk Chartered which acted as a legal adviser to EXX and Newcor on the transaction.
CIE Automotive is an international industrial group that manages two high value processes: Automotive and Dominion.
Given the partnership with CIE, it will allow Newcor to have a larger opportunity in terms of machined components, and is expected to give a massive exposure in the country, which will lead to higher demands.
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