The global metal forging market reached a value of nearly USD 97.55 billion in 2023. The metal forging market is further projected to grow at a CAGR of 6.5% between 2024 and 2032.
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Forging is a process of manufacturing using localised compression forces to shape metal. Forging is often classified by the temperature at which it takes place: cold forging, warm forging, or hot forging.
One of the key drivers supporting metal forging market expansion is the demand for metal forged parts in aerospace industry, driven by the increase in the number of air travelers globally and the subsequent rise in aircraft production. For instance, in 2021 Boeing delivered 302 aircraft, nearly double the previous year, and doubled the production of the 737 Max in 2022.
Rising demand for titanium in aviation, advancements in forging technology, and growing use of forged carbon steel in construction applications are factors accelerating metal forging market development
The metal forging market outlook can witness a significant shift towards environmentally friendly forging processes, driven by the need to reduce carbon footprints. Companies like Scot Forge Company are already recycling and reusing metals to reduce their environmental impact.
The demand for high-tech materials like titanium is increasing as it provides high strength-to-weight ratio and resistance to corrosion. Reportedly, 95% of titanium is consumed in the form of titanium sponge, which is used in aerospace, medical, defence, and chemical manufacturing industries.
The metal forging market is also experiencing significant advancements in digitalisation and automation. Companies like Brück GmbH are investing in automation technologies to streamline their forging processes and improve product consistency.
Carbon steel is the most widely used raw material in the market due to its low cost and widespread availability. The demand for carbon steel is expected to surge over the decade, driven by its increased use in various applications such as construction, automotive, and energy.
The recovery in the U.S. economy, with GDP growth of 1.3% in Q1 2024, has also boosted industrial activities and augmented the demand for metal forgings. Increased investments in energy, infrastructure, aerospace, and transportation sectors, such as the USD 1 trillion U.S. infrastructure bill passed in 2021, are expected to further provide impetus to metal forging market growth.
Moreover, factors like the adoption of new forged metals, including high-performance and special alloys and R&D for new production methods, are expected to boost the industry’s growth. The growing construction industry is another significant factor driving the demand for forged metal for manufacturing of construction equipment.
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The EMR’s report titled “Metal Forging Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Metal
Market Breakup by Application
Market Breakup by Region
Metals like carbon steel, aluminium, and titanium are high in demand due to their excellent strength-to-weight ratios
Carbon steel dominates the product segment as it is widely used due to its strength, durability, and cost-effectiveness. Alloy steel is another significant material in metal forging. Its composition includes various alloying elements, enhancing properties such as hardness, corrosion resistance, and heat resistance. As per industry reports, The EU steel sector produces approximately 152 million tonnes of finished steel per year, showcasing extensive demand for steel.
According to metal forging market report, aluminum forgings find applications in aerospace, automotive, and construction industries as it produces lightweight yet robust components. Magnesium forgings are also lightweight and possess excellent strength-to-weight ratios. They are used in aerospace and automotive applications. Titanium forgings are valued for their high strength, corrosion resistance, and biocompatibility. They are commonly used in aerospace, medical, and chemical industries.
Automotive application segment holds a significant market share due to the rising demand for light-weight vehicles
The automotive industry is the largest consumer of metal forging, driven by the need for high-strength, lightweight, and durable components. Forged metal components are used in various automotive parts, including piston forgings, and connecting rods, which offer superior mechanical properties compared to other manufacturing methods. Moreover, new emission regulations from governments, such as the EPA's stricter environmental rules for light and medium-duty vehicles is driving the demand for forged metals like aluminium and stainless steel in automotive sector.
As per metal forging market analysis, the aerospace industry is another significant user of metal forging. Titanium alloy forging is commonly used in the aerospace industry due to its high strength-to-weight ratio and corrosion resistance. The demand for metal forging in the aerospace sector is driven by the need for durable and lightweight components, such as frames for airplane fuselages and rings for rocket walls. The oil and gas industry also uses metal forging for various components, including pipes, valves, and fittings. The demand for metal forging in the oil and gas sector is driven by the need for strong and corrosion-resistant components that can withstand harsh environments.
Market players are investing in research and development, new manufacturing facilities, and strategic partnerships to increase production capacities and market share
Founded in 1961 and based in Maharashtra, India, is one of the largest and technologically most advanced manufacturers of forged and machined components, primarily for the automotive industry. The company has a significant presence in the aerospace and defence sectors as well.
Is one of China's key industrial enterprises. Founded in 1954 and based in Tianjin, China, it specialises in h...
Is one of the largest steel producers globally. Founded in 1950 and headquartered in Tokyo, Japan, it has a di...
Is a leading speciality materials company that provides high-performance materials for aerospace, and defence ...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other key players in the global metal forging market include Bruck GmbH, Jiangyin Hengrun Heavy Industries Co. Ltd., and Arconic Corporation, among others.
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Asia Pacific leads the market due to its robust industrial base and wide metal production
The Asia Pacific region emerged as the largest market due to the region's broad industrial base and increasing demand for forged metals from various sectors such as automotive, aerospace, and defense. China's aircraft demand is another key factor driving growth in the region. Boeing projects that Chinese airlines will purchase 8,600 new aircraft valued at USD 1.4 trillion and incur expenses of approximately USD 1.7 trillion over the next 20 years, which will drive demand for metal forgings in the region.
The presence of major metal forging nations like China, India, and Japan also contributes to the region's growth. These countries have significant manufacturing capabilities, which enable them to cater to the growing demand for metal forgings. In February 2022, Goodluck India Ltd. completed the installation of a new press for its forging unit, which will help the company produce larger components for aerospace, defense, and critical industrial machinery. This expansion demonstrates the company's commitment to meeting the growing demand for metal forgings in the region.
The North American region also has a significant metal forging market share due to the rising demand for commercial and military aircraft in USA. Additionally, increased investments in infrastructure projects, such as construction and power generation, are also contributing to the growth of the market in North America. The regional growth is also driven by the expansion of manufacturing capabilities in the region. In March 2024, ATI Inc., a leading speciality materials company, celebrated the commissioning of its state-of-the-art 12,500-ton billet forging press, which produces titanium for aerospace and defense applications.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the metal forging market reached an approximate value of USD 97.55 billion.
The market is expected to grow at a CAGR of 6.5% between 2024 and 2032.
The major drivers of the market include the increasing air traffic, growing vehicle sales, and surging construction activities.
The market is driven by various trends, including the rapidly increasing production of metal components with improved uniformity, the increasing need for high-strength forged components in aviation sector, advancements in forging technology, and the growing usage of pre-assembled products and ready-to-fit components.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The different type of metals considered in the market report are carbon steel, alloy steel, aluminium, magnesium, stainless steel, and titanium, among others.
Based on application, the market is divided into automotive, aerospace, oil and gas, construction, and agriculture, among others.
Key players in the market are Bharat Forge Limited, China First Heavy Machinery Co., Ltd, Nippon Steel Corporation, Allegheny Technologies (ATI), Bruck GmbH, Jiangyin Hengrun Heavy Industries Co. Ltd., and Arconic Corporation, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:'
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| Breakup by Metal |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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