Report Overview

The global metal forging market reached a value of nearly USD 97.55 billion in 2024. The metal forging market is further projected to grow at a CAGR of 6.5% between 2025 and 2034.

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 Size

Metal Forging Market Growth

Metal Forging Market Trends

Metal Forging Market Share

Metal Forging Companies

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 2024, 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 2025 and 2034.

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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