Consumer Insights
Uncover trends and behaviors shaping consumer choices today
Procurement Insights
Optimize your sourcing strategy with key market data
Industry Stats
Stay ahead with the latest trends and market analysis.
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 Share
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.
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.*
Looking for specific insights?
Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!
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.
Purchase Full Report
Datasheet
- Selected Sections, One User
- Printing Not Allowed
- Email Delivery in PDF
Free Limited CustomisationPost Sales Analyst Support50% Discount on Next Update
Single User License
One User
- All Sections, One User
- One Print Allowed
- Email Delivery in PDF
Free Limited CustomisationPost Sales Analyst Support50% Discount on Next Update
Five User License
Five Users
- All Sections, Five Users
- Five Prints Allowed
- Email Delivery in PDF
- Free Limited Customisation
- Post Sales Analyst Support
50% Discount on Next Update
Corporate License
Unlimited Users
- All Sections, Unlimited Users
- Unlimited Prints Allowed
- Email Delivery in PDF + Excel
- Free Limited Customisation
- Post Sales Analyst Support
- 50% Discount on Next Update
How To Order
Our step-by-step guide will help you select, purchase, and access your reports swiftly, ensuring you get the information that drives your decisions, right when you need it.
Select License Type
Choose the right license for your needs and access rights.
Click on ‘Buy Now’
Add the report to your cart with one click and proceed to register.
Select Mode of Payment
Choose a payment option for a secure checkout. You will be redirected accordingly.
Strategic Solutions for Informed Decision-Making
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Connect For More Information
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.
Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.
We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.
- Our Insights Store:
-
Industry Statistics
-
Procurement Insights
-
Consumer Insights
Our Offices
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
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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