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Report Overview
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.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- Steel currently makes up about 54% of the average vehicle, with the potential to reduce vehicle weight by up to 25% using advanced high-strength steels (AHSS).
- The amount of aluminum used in vehicles has increased by 62 pounds to 458 pounds between 2016 and 2020 and is projected to rise to 551 pounds by 2026.
- As per industry reports, iron and steel account for about 95% of all metal produced annually in the United States and the world.
Metal Forging Market Growth
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.
Metal Forging Market Report Snapshots
Metal Forging Market Regional Analysis
*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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Key Questions Answered in the Report
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.
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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