U.S.: Market for Iron And Steel Forging 2025

Market Size for Iron And Steel Forging in the U.S.

In 2021, the U.S. iron and steel forging market decreased by -1.4% to $X, falling for the third year in a row after two years of growth. In general, consumption continues to indicate a mild reduction. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Production of Iron And Steel Forging in the U.S.

In value terms, iron and steel forging production shrank slightly to $X in 2021. Over the period under review, production continues to indicate a slight curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 11% against the previous year. Iron and steel forging production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Exports of Iron And Steel Forging

Exports from the U.S.

Iron and steel forging exports from the United States declined to X tons in 2021, remaining constant against the previous year's figure. In general, exports continue to indicate a sharp shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 23% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, iron and steel forging exports reached $X in 2021. Overall, exports recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2020 when exports increased by 45%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for iron and steel forging exports from the United States, accounting for a 89% share of total exports. Moreover, iron and steel forging exports to China exceeded the volume sent to the second major destination, Costa Rica (X tons), more than tenfold. The third position in this ranking was taken by the Netherlands (X tons), with a 3.5% share.

From 2013 to 2021, the average annual rate of growth in terms of volume to China amounted to +3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (+22.6% per year) and the Netherlands (-25.6% per year).

In value terms, the largest markets for iron and steel forging exported from the United States were Canada ($X), China ($X) and Mexico ($X), together accounting for 41% of total exports.

China, with a CAGR of +15.0%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average iron and steel forging export price stood at $X per ton in 2021, standing approx. at the previous year. Over the period under review, the export price saw strong growth. The most prominent rate of growth was recorded in 2020 when the average export price increased by 300% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while the average price for exports to Costa Rica ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (+179.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Iron And Steel Forging

Imports into the U.S.

In 2021, supplies from abroad of iron and steel forging increased by 19% to X tons for the first time since 2017, thus ending a three-year declining trend. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when imports increased by 66%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, iron and steel forging imports skyrocketed to $X in 2021. Overall, imports recorded buoyant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 91% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), India (X tons) and South Korea (X tons) were the main suppliers of iron and steel forging imports to the United States, together comprising 75% of total imports.

From 2013 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +37.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest iron and steel forging suppliers to the United States were India ($X), China ($X) and Germany ($X), together comprising 55% of total imports. These countries were followed by Mexico, Canada, South Korea, Italy and Taiwan (Chinese), which together accounted for a further 40%.

Among the main suppliers, Italy, with a CAGR of +62.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average iron and steel forging import price amounted to $X per ton, surging by 2.4% against the previous year. Overall, the import price saw a prominent increase. The pace of growth appeared the most rapid in 2020 when the average import price increased by 114% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+31.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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