$834.7m
$XX.Xm
1,360
127
$XXX.Xm
The Iron and Steel Forging industry generates revenue from selling products to the downstream construction, mining, automotive manufacturing, transport infrastructure and railway equipment manufacturing markets. Forging typically produces stronger steel components than metal casting, and the finished product is suitable for high-stress applications. The forging process varies considerably by firm and product type. The industry is characterised by many small manufacturers that produce customised, low-volume forged products. Still, the industry's leading company, Grinding Media Pty Ltd, currently generates nearly 40.0% of industry revenue.
Industry revenue has declined at a CAGR of 2.4 % over the past five years, to reach an estimated $834.7m in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2025 | Revenue ($m)
2025 |
---|---|---|
Grinding Media | 319.0 | |
Pandrol | 18.5 | |
Townley Drop Forge Pty Ltd | 18.0 |
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Industry revenue is measured across several distinct product and services lines, including Grinding media, Railway parts and Forged fasteners. Grinding media is the largest segment of the Iron and Steel Forging in Australia.
The slump in commodity exports has dampened the need for grinding media
Industry operators primarily forge iron and steel products. Forging involves shaping iron and steel into different forms. The forging process alters the metals’ physical properties, improving their strength and durability.
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ANZSIC 2210 - Iron and Steel Forging in Australia
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Increased capital expenditure on mining and an upswing in mining output boosted the forging of grinding media and steel parts in 2022-23. Even so, sales to mining companies h...
Learn about an industry's products and services, markets and trends in international trade.
The weakening of Australia’s mining performance has dampened the need for grinding media rods and balls. Mining output peaked in 2022-23 but has since waned because of lower ...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
New South Wales is home to the industry’s largest company, Grinding Media. Still, the state is underrepresented in enterprises compared with its one-third share of the nation...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Despite Grinding Media Pty Ltd accounting for the most significant revenue share, the Iron and Steel Forging industry displays moderate concentration. The industry has a frag...
Learn about the performance of the top companies in the industry.
Grinding Media Pty Ltd dominates the industry and is the only major player. The company, operating through its subsidiaries, Moly-Cop and Comsteel, has consistently grown thr...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
There is limited assistance for iron and steel forges in Australia. The industry receives minimal to no assistance from both the public and private sectors.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profit margins are shrinking, reflecting the weakening sales to the downstream construction and mining markets. Still, some companies have generated solid profitability from ...
Including values and annual change:
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Key data sources in Australia include:
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The market size of the Iron and Steel Forging industry in Australia is $834.7m in 2024.
There are 127 businesses in the Iron and Steel Forging industry in Australia, which has declined at a CAGR of 1.9 % between 2018 and 2023.
The market size of the Iron and Steel Forging industry in Australia has been declining at a CAGR of 2.4 % between 2018 and 2023.
Over the next five years, the Iron and Steel Forging industry in Australia is expected to grow.
The biggest companies operating in the Iron and Steel Forging market in Australia are Grinding Media, Pandrol and Townley Drop Forge Pty Ltd
Grinding Media and Railway Parts are part of the Iron and Steel Forging industry.
The company holding the most market share in Australia is Grinding Media.
The level of competition is moderate and increasing in the Iron and Steel Forging industry in Australia.