Steel Shaft Market Size and Outlook 2030

Report Description

Forecast Period	2026-2030
Market Size (2024)	USD 50.09 Billion
CAGR (2025-2030)	6.91%
Fastest Growing Segment	Construction
Largest Market	Asia Pacific
Market Size (2030)	USD 74.79 Billion

Market Overview

The Global Steel Shaft Market, valued at USD 50.09 Billion in 2024, is projected to experience a CAGR of 6.91% to reach USD 74.79 Billion by 2030. A steel shaft is a cylindrical mechanical component primarily designed to transmit power or rotational motion within various machinery and systems. The market for these essential components is robust, driven significantly by ongoing industrialization, extensive global infrastructure development initiatives, and consistent demand from the automotive manufacturing sector, including growth in electric and hybrid vehicles. According to the World Steel Association, total world crude steel production, which forms the raw material basis for these shafts, was 1,882.6 million tonnes in 2024.

These fundamental drivers support continuous market expansion. However, a significant challenge impeding market growth is the persistent volatility in raw material prices, specifically for inputs such as iron ore and coking coal, which directly affects manufacturing costs and producer profitability across the value chain.

Key Market Drivers

The Global Steel Shaft Market is primarily propelled by the expanding automotive sector demand, which critically relies on these components for power transmission and motion control. Steel shafts are integral to vehicle powertrains, including drive shafts, axle shafts, and steering mechanisms, ensuring efficient and reliable operation. As the global automotive industry sustains its production cycles, the consistent need for these essential parts remains robust. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), in 2024, China produced 31,281,592 vehicles, signifying a substantial underlying demand for diverse steel shaft applications within vehicular manufacturing processes. The evolving landscape of automotive technology, particularly advancements in electric and hybrid vehicles, further drives innovation in steel metallurgy for shafts requiring enhanced strength to weight characteristics and durability.

Concurrently, growing infrastructure development and construction worldwide represent another profound determinant for the steel shaft market. Extensive projects spanning transportation networks, commercial edifices, and industrial facilities necessitate a wide array of heavy construction machinery, each incorporating various types of steel shafts for optimal functionality and sustained power delivery. This includes equipment like excavators, cranes, and concrete mixers, where the integrity of steel shafts is paramount for operational safety and efficiency. Reflecting this foundational growth, according to the World Steel Association (worldsteel), in its October 2024 Short Range Outlook, India's steel demand is projected to increase by 8.0% over 2024 and 2025, largely driven by infrastructure investments across the nation. These significant sectoral demands operate within a broader steel industry context, where according to the World Steel Association (worldsteel), in October 2024, global steel demand was forecast to reach 1,751 million tonnes, reflecting extensive material requirements for steel-based components in 2024.

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Key Market Challenges

A significant challenge impeding the growth of the Global Steel Shaft Market is the persistent volatility in raw material prices, particularly for essential inputs such as iron ore and coking coal. These unpredictable fluctuations directly impact the manufacturing costs for steel shaft producers, creating considerable uncertainty in financial planning and operational budgeting.

According to SMM, the Platts index for iron ore displayed a fluctuating trend throughout 2023, ranging from 97 to 140 US dollars per ton. Similarly, coking coal prices in Asian markets experienced significant movement, rising from an average of 253.18 US dollars per metric ton in July 2023 to 332.14 US dollars per metric ton by December of the same year, as reported by Procurement Resource. Such substantial price swings directly erode producer profitability across the entire value chain. Manufacturers face increased difficulty in forecasting expenses, setting competitive product prices, and maintaining stable profit margins. This instability ultimately hampers investment in new production capabilities and technology, thereby constraining the overall expansion of the global steel shaft market.

Key Market Trends

The Global Steel Shaft Market is being shaped by transformative trends focused on technological integration and sustainability. These shifts are enabling more efficient production processes and meeting growing demands for environmentally responsible materials within key industrial sectors.

Smart Manufacturing and IoT Integration is a key trend, integrating advanced digital technologies throughout the steel shaft production lifecycle to enhance efficiency, precision, and traceability. Incorporating IoT sensors, artificial intelligence, and automation enables real-time machinery monitoring, predictive maintenance, and optimized material flow. This minimizes downtime and reduces waste, leading to improved operational profitability and facilitating custom shaft production with tighter tolerances. According to World Steel Association, in 2022, the steel industry invested 6.29% of its revenue in new processes and products, reflecting a commitment to technological advancements. According to Autobody News, in August 2025, Hyundai Motor Group increased its US investment to $26 billion, including a new steel mill and a robotics innovation hub, signifying advanced manufacturing adoption within the automotive supply chain for steel components.

Concurrently, the Circular Economy and Green Steel Adoption significantly influences the Global Steel Shaft Market by addressing increasing environmental regulations and growing customer demand for sustainable products. This trend compels manufacturers to reduce carbon footprints and incorporate recycled materials. Green steel, produced with lower emissions, is a key differentiator, influencing sourcing decisions across sectors. According to Fastmarkets, in October 2024, European governments granted over €10 billion in public investment during 2023-2024 to finance new green steel capacity. This transition also involves redesigning shafts for easier recycling and optimizing material usage. According to a JFE Holdings environmental management strategy briefing in May 2025, the company aimed to expand its green steel supply capacity to 500,000 tons in fiscal 2024 from approximately 200,000 tons in fiscal 2023, driven by emission reduction efforts.

Segmental Insights

In the Global Steel Shaft Market, the construction segment is identified as the fastest growing. This rapid expansion is primarily driven by significant worldwide investments in infrastructure development and diverse construction projects, notably prominent in emerging economies and supported by ongoing initiatives in developed nations. Steel shafts are indispensable components within critical construction machinery, including excavators, cranes, and piling rigs, where their inherent strength, durability, and versatility are essential for operational reliability. The continuing trends of urbanization and the development of new infrastructure further bolster the demand for high-performance steel shafts in various construction applications.

Regional Insights

The Asia Pacific region consistently leads the Global Steel Shaft Market, primarily driven by extensive infrastructure development and rapid urbanization across its key economies. Significant government and private sector investments in critical construction projects, such as highways, bridges, and commercial and residential buildings, substantially fuel the demand for steel components. Furthermore, the robust automotive manufacturing sector, particularly in countries like China and India, greatly contributes to market expansion through the high production of vehicles that require diverse steel shaft applications. The region's broad industrial manufacturing base and increasing demand from various consumer goods and renewable energy initiatives further solidify its prominent market position.

Recent Developments

In September 2025, Fujikura Golf unveiled its new AXIOM iron shafts, incorporating advanced VeloCore Technology. These shafts are designed to offer golfers improved control, consistency, and feel, representing a notable product launch in the golf equipment segment. The introduction of these technologically advanced iron shafts, which aim to provide an alternative to traditional steel, directly impacts the niche of the Global Steel Shaft Market dedicated to sporting goods. This innovation signals a shift in material science affecting performance characteristics sought after in precision shaft manufacturing.

In June 2025, Nippon Steel finalized its acquisition of U.S. Steel, forming a world-leading steelmaker with enhanced technological and manufacturing capabilities. This partnership represents a significant consolidation within the global steel industry, involving investments of approximately $11 billion in steelmaking operations across the United States. The integration of these two major steel producers is expected to influence the supply and technological advancements of various steel products, including the raw materials essential for manufacturing steel shafts utilized in diverse sectors, thereby impacting the broader Global Steel Shaft Market.

In April 2025, SSAB Americas was recognized with the Sustainability Breakthrough Award from GE Vernova for its provision of SSAB Zero steel, which supported GE Vernova’s sustainability initiatives. This breakthrough in steel manufacturing involves supplying Iowa-produced steel for wind turbine towers, demonstrating a commitment to decarbonization. The development and commercial application of sustainable steel, such as SSAB Zero, represent a significant advancement in the overall steel industry. Such innovations in steel production technology can influence the future material choices and environmental standards for steel shafts across various industrial applications.

In September 2024, Wabash, a provider of transportation solutions, announced a 10-year strategic agreement with Steel Dynamics, a prominent North American steel producer. This partnership is designed to secure priority access to critical domestic steel supplies, including hot-rolled, galvanized, painted steel coils, and steel crossmembers. This long-term collaboration strengthens Wabash’s supply chain reliability and ensures consistent availability of foundational steel components. The agreement indirectly supports the Global Steel Shaft Market by contributing to the stable and efficient supply of steel, a primary material for producing various industrial and commercial shafts.

Key Market Players

Topcon Corporation
Nippon Steel Corporation
ArcelorMittal
ThyssenKrupp AG
NSK Ltd
Tata Steel Limited
Schaeffler AG
Nippon Thompson Co. Ltd
Timken Company
SKF AB

By Type	By Application	By Shape	By Region
Mild Steel Shaft Alloy Steel Shaft Stainless Steel Shaft Carbon Steel Shaft Others	Machinery & Equipment Automotive Construction Aerospace Medical Others	Cylindrical Square/ Rectangular Hexagonal Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Steel Shaft Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Steel Shaft Market, By Type:

o Mild Steel Shaft

o Alloy Steel Shaft

o Stainless Steel Shaft

o Carbon Steel Shaft

o Others

Steel Shaft Market, By Application:

o Machinery & Equipment

o Automotive

o Construction

o Aerospace

o Medical

o Others

Steel Shaft Market, By Shape:

o Cylindrical

o Square/ Rectangular

o Hexagonal

o Others

Steel Shaft Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Europe

§ France

§ United Kingdom

§ Italy

§ Germany

§ Spain

o Asia Pacific

§ China

§ India

§ Japan

§ Australia

§ South Korea

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East & Africa

§ South Africa

§ Saudi Arabia

§ UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Steel Shaft Market.

Available Customizations:

Global Steel Shaft Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Steel Shaft Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Steel Shaft Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Type (Mild Steel Shaft, Alloy Steel Shaft, Stainless Steel Shaft, Carbon Steel Shaft, Others)

5.2.2. By Application (Machinery & Equipment, Automotive, Construction, Aerospace, Medical, Others)

5.2.3. By Shape (Cylindrical, Square/ Rectangular, Hexagonal, Others)

5.2.4. By Region

5.2.5. By Company (2024)

5.3. Market Map

6. North America Steel Shaft Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Type

6.2.2. By Application

6.2.3. By Shape

6.2.4. By Country

6.3. North America: Country Analysis

6.3.1. United States Steel Shaft Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Type

6.3.1.2.2. By Application

6.3.1.2.3. By Shape

6.3.2. Canada Steel Shaft Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Type

6.3.2.2.2. By Application

6.3.2.2.3. By Shape

6.3.3. Mexico Steel Shaft Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Type

6.3.3.2.2. By Application

6.3.3.2.3. By Shape

7. Europe Steel Shaft Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Type

7.2.2. By Application

7.2.3. By Shape

7.2.4. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Steel Shaft Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Type

7.3.1.2.2. By Application

7.3.1.2.3. By Shape

7.3.2. France Steel Shaft Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Type

7.3.2.2.2. By Application

7.3.2.2.3. By Shape

7.3.3. United Kingdom Steel Shaft Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Type

7.3.3.2.2. By Application

7.3.3.2.3. By Shape

7.3.4. Italy Steel Shaft Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Type

7.3.4.2.2. By Application

7.3.4.2.3. By Shape

7.3.5. Spain Steel Shaft Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Type

7.3.5.2.2. By Application

7.3.5.2.3. By Shape

8. Asia Pacific Steel Shaft Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Type

8.2.2. By Application

8.2.3. By Shape

8.2.4. By Country

8.3. Asia Pacific: Country Analysis

8.3.1. China Steel Shaft Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Type

8.3.1.2.2. By Application

8.3.1.2.3. By Shape

8.3.2. India Steel Shaft Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Type

8.3.2.2.2. By Application

8.3.2.2.3. By Shape

8.3.3. Japan Steel Shaft Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Type

8.3.3.2.2. By Application

8.3.3.2.3. By Shape

8.3.4. South Korea Steel Shaft Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By Type

8.3.4.2.2. By Application

8.3.4.2.3. By Shape

8.3.5. Australia Steel Shaft Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By Type

8.3.5.2.2. By Application

8.3.5.2.3. By Shape

9. Middle East & Africa Steel Shaft Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Type

9.2.2. By Application

9.2.3. By Shape

9.2.4. By Country

9.3. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia Steel Shaft Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Type

9.3.1.2.2. By Application

9.3.1.2.3. By Shape

9.3.2. UAE Steel Shaft Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Type

9.3.2.2.2. By Application

9.3.2.2.3. By Shape

9.3.3. South Africa Steel Shaft Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Type

9.3.3.2.2. By Application

9.3.3.2.3. By Shape

10. South America Steel Shaft Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By Type

10.2.2. By Application

10.2.3. By Shape

10.2.4. By Country

10.3. South America: Country Analysis

10.3.1. Brazil Steel Shaft Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Type

10.3.1.2.2. By Application

10.3.1.2.3. By Shape

10.3.2. Colombia Steel Shaft Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Type

10.3.2.2.2. By Application

10.3.2.2.3. By Shape

10.3.3. Argentina Steel Shaft Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Type

10.3.3.2.2. By Application

10.3.3.2.3. By Shape

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)

12.2. Product Launches (If Any)

12.3. Recent Developments

13. Global Steel Shaft Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Topcon Corporation

15.1.1. Business Overview

15.1.2. Products & Services

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. SWOT Analysis

15.2. Nippon Steel Corporation

15.3. ArcelorMittal

15.4. ThyssenKrupp AG

15.5. NSK Ltd

15.6. Tata Steel Limited

15.7. Schaeffler AG

15.8. Nippon Thompson Co. Ltd

15.9. Timken Company

15.10. SKF AB

16. Strategic Recommendations

17. About Us & Disclaimer

Report Description

Table of content

Figures and Tables

Frequently asked questions

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