The Australia forged steel market size reached USD 3,151.5 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 6,195.7 Million by 2033, exhibiting a growth rate (CAGR) of 7.80% during 2025-2033. The market is expanding, supported by rising demand from construction, mining, and infrastructure projects. Innovations in green steel and sustainable production are also helping to increase Australia forged steel market share by attracting investment and aligning with national decarbonization goals.
Report Attribute
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024
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USD 3,151.5 Million |
Market Forecast in 2033
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USD 6,195.7 Million |
Market Growth Rate 2025-2033 | 7.80% |
Sustainable Production Driving New Demand
Australia’s forged steel sector is transforming through the adoption of sustainable production practices. Growing emphasis on reducing emissions in heavy industry has led to investments in cleaner steelmaking technologies and energy-efficient processes. This shift is not only lowering the environmental impact of steel manufacturing but also opening up new opportunities across public and private projects focused on sustainability. A notable example came in February 2025, when Future Forgeworks partnered with SMS group to install the country’s first Continuous Mill Technology (CMT® 350) mill at the Swanbank Green Steel Mill Project in Brisbane. This facility aims to produce rebar without the use of natural gas, cutting CO₂ emissions by up to 30%. The project reflects broader market trends where forged steel must meet both performance and environmental benchmarks. As the construction and infrastructure sectors seek low-carbon materials, producers that adopt greener forging methods are better positioned for long-term contracts. Government incentives and demand for certified sustainable materials are also boosting investment in domestic forging capacity. This trend is not only enhancing production efficiency but also helping to secure Australia’s position as a responsible supplier in the global forged steel market.
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Infrastructure Growth Accelerates Market Output
The forged steel market in Australia continues to benefit from large-scale infrastructure programs aimed at improving transportation, energy, and public services. Government and private sector investments in highways, railways, airports, and energy grids are generating steady demand for high-strength forged components. These materials are essential for structural support, heavy machinery, and load-bearing systems across multiple sectors. In line with this, recent industrial projects are prioritizing locally produced steel to support national manufacturing and reduce dependency on imports. For instance, the Future Forgeworks Swanbank project announced in February 2025 aims to meet domestic demand for rebar and structural steel with reduced emissions and faster production cycles. By supplying forged steel tailored to project specifications, local producers are securing long-term contracts and building stronger partnerships with construction and engineering firms. The emphasis on quality, reliability, and timely delivery is pushing manufacturers to enhance capacity and adopt better-forging technologies. With many public works programs still in progress or planning stages, Australia forged steel market growth is expected to continue steadily over the next several years. These developments highlight the strategic role of forged steel in national infrastructure and its contribution to a resilient, locally driven supply chain.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional level for 2025-2033. Our report has categorized the market based on component, material type, and end use industry.
Component Insights:
The report has provided a detailed breakup and analysis of the market based on the component. This includes forged steel shafts, forged steel gears, forged steel valves and fittings, forged steel flanges, forged steel rings, and forged steel bars and rods.
Material Type Insights:
A detailed breakup and analysis of the market based on the material type have also been provided in the report. This includes carbon steel, alloy steel, and stainless steel.
End Use Industry Insights:
The report has provided a detailed breakup and analysis of the market based on the end use industry. This includes automotive, aerospace, oil and gas, construction, industrial machinery, and renewable energy.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include Australia Capital Territory and New South Wales, Victoria and Tasmania, Queensland, Northern Territory and Southern Australia, and Western Australia.
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Million USD |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
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Components Covered | Forged Steel Shafts, Forged Steel Gears, Forged Steel Valves and Fittings, Forged Steel Flanges, Forged Steel Rings, Forged Steel Bars and Rods |
Material Types Covered | Carbon Steel, Alloy Steel, Stainless Steel |
End Use Industries Covered | Automotive, Aerospace, Oil and Gas, Construction, Industrial Machinery, Renewable Energy |
Region Covered | Australia Capital Territory and New South Wales, Victoria and Tasmania, Queensland, Northern Territory and Southern Australia, Western Australia |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |