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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 Analysis by Region
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.
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