Metal Forging Market

Metal Forging Market Analysis by Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, and Titanium for Automotive, Aerospace, Oil & Gas, Construction, and Agriculture from 2023 to 2033

Analysis of Metal Forging Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Metal Forging Market Outlook (2023 to 2033)

According to a detailed industry analysis by Fact.MR, in 2023, the global metal forging market stands at US$ 103.8 billion and is predicted to reach US$ 208 billion by 2033. Worldwide demand for metal forging solutions is forecasted to rise at a CAGR of 7.2% from 2023 to 2033.

Metal is shaped utilizing localized compressive stresses during the forging process. Forging can be categorized as hot, warm, or cold, depending on its temperature. Because forging dies do not distort the workpiece material, the mechanical characteristics and value of forged items are higher than those produced by other manufacturing techniques such as casting or extrusion. Metal can be forged or stamped by striking it against a die.

The need for strong and durable forged components is increasing due to a rise in the production of electric cars. An increase in air travelers throughout the world is a major factor in the need for metal-forged components from the aerospace sector, which is boosting aircraft manufacturing and fostering market expansion. Growing investments in the modernization of power generation and renewable energy are driving demand for metal-forged components.

  • Carbon steel outperforms all other metallic materials such as alloy steel, aluminum, magnesium, stainless steel, titanium, and others used in the forging process. Demand for carbon steel metal forging techniques is projected to surge at a CAGR of 8.4% over the decade.
  • Carbon steel is the more preferred raw material due to its low cost and widespread availability. In addition, the raw material provides end products with increased ductility and strong impact strength.

Rapid growth in new ship deliveries is boosting the need for lightweight materials for shipbuilding applications. This is projected to fuel market expansion over the coming years.

Use of forged components is anticipated to increase as people become more concerned about climate change and as governments invest more in renewable energy sources. Key market players are concentrating on innovations that will lead to profitable growth for the metal forging industry as a consequence of growing demand from end-use industries for customized products and equipment.

The market for metal forging is expanding as a result of an increase in the use of metal forging in a variety of production processes for gears, hardware, and other components. The aviation sector is anticipated to see rapid growth over the coming years as a result of the rising demand for forged components due to their high strength.

Report Attributes Details

Metal Forging Market Size (2023)

US$ 103.8 Billion

Forecasted Market Value (2033)

US$ 208 Billion

Global Market Growth Rate (2023 to 2033)

7.2% CAGR

Market Share of Automotive Applications (2023)

52%

United States Market Growth Rate (2023 to 2033)

7.4% CAGR

Japan Market Value (2023)

US$ 9.24 Billion

China Market Growth Rate (2023 to 2033)

7.3% CAGR

India Market Value (2023)

US$ 7.16 Billion

Key Companies Profiled

  • Arconic Corp.
  • Nippon Steel Corp.
  • Precision Castparts Corp.
  • Scot Forge
  • Ellwood Group, Inc.
  • Brück GmbH
  • China First Heavy Industries
  • Japan Casting & Forging Corp.
  • Jiangyin Hengrun Heavy Industries Co. Ltd.
  • Kovárna Viva
  • Larsen & Toubro Ltd.
  • Bharat Forge Ltd.
  • ThyssenKrupp Group

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Why are Several End-use Industries Resorting to Metal Forging Techniques?

“Rapidly Increasing Production of Metal Components with Improved Uniformity”

Recent inventions and the surging use of technology, such as sensors, have significantly increased the need for metal forging processes. Compared to other methods of producing metal, metal forging has many advantages, including superior performance, maximum strength, favorable metallurgical properties, and enhanced internal integrity.

Growing usage of pre-assembled products and ready-to-fit components is boosting market growth. Forgers can employ advanced processing tools and control systems to quickly produce metal components with improved uniformity and extremely close dimensional tolerances to meet customer delivery deadlines.

It is anticipated that rapid innovations in metal forging techniques will provide profitable growth prospects for market participants. Many businesses engaged in metal forging have embraced advanced technology such as Industry 4.0 technology. Internet of Things (IoT), Artificial Intelligence (AI), cloud connection, automation, a better operator interface, and other characteristics are used in Industry 4.0 technology, which increases the efficiency of the metal forging sector.

“Increasing Need for High-strength Forged Components in Aviation Sector”

The aircraft manufacturing industry prefers large aluminum alloy forging because of its durability, low weight, and high level of dependability. The frames for airplane fuselages and the rings for rocket walls are made using high-temperature, high-pressure metal forging. Titanium alloy forging is most commonly utilized in the aerospace industry

Metal forging procedures are used in aircraft to make pieces for the wings, pylons, major mounting elements in the wing box, and engine discs. The need for airplanes is rising throughout various regions. Given their benefits, forged metals are likely to have a wide range of potential applications in the aerospace sector. As a result, the growing aviation sector will encourage the metal forging business.

What are the Key Challenges to Metal Forging Industry Expansion?

“Availability of Substitute Methods and High Initial Costs”

It is projected that over the next ten years, the metal forging market would experience growth restraints due to process restrictions. Forging processes, make it challenging to produce components with proper surface finishes and complicated shapes.

The forging process is estimated to be limited due to the growing demand for alternative metal-forming techniques such as casting. High initial costs are anticipated to impede market expansion.

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How Can New Companies Make a Mark in This Industry?

“Integrating Advanced Technologies to Offer High-quality Products”

New companies are investing heavily in R&D to expand their product offerings. Aspiring market players are implementing advanced technologies to offer high-quality and affordable products.

  • A start-up based in the United States, Sortera Alloys, Inc., offers low-cost, high-quality metal alloys for domestic production using its unique artificial intelligence technology. Metal alloys are extremely accurately sorted by Sortera's highly automated sorting facilities at a significantly reduced cost, making them important feedstock for domestic manufacturing.

Metal Forging Market Size, Share, Trends, Growth, Demand and Sales Forecast Report by Fact.MR

Country-wise Insights

Will the United States Be a Lucrative Space for Key Market Players?

“Surging Deployment of Metal Forging Techniques in Power Generation Sector”

  • Use of metal forging methods in the United States is predicted to reach US$ 40.15 billion by 2033.

The United States is a key user of forged components because of the high demand from several end-use sectors. A key factor fueling market revenue is increasing end-user awareness of metal forging's capacity to impart high strength to produced items and components.

Use of metal forging techniques is being driven by rising demand from the power generation sector. An increase in automotive production and expanding industrial activities are supporting market growth in the country.

Increased demand for customized forgings from a variety of industries is responsible for market growth. Additionally, rising demand for rolled rings forging from the aerospace sector is boosting market value.

How is the Metal Forging Industry Faring in Germany?

“Rapid Expansion of Construction Sector in the Country”

  • The metal forging market in Germany is set to increase at a CAGR of 7.6% over the next ten years.

Market growth in Germany is attributed to due to the long-established aircraft manufacturing industry as well as the presence of major automakers and automobile component manufacturers. The market is driven by the expanding usage of forged metal components in the production of high-pressure valves, flanges, valve bodies, and fittings for the automobile sector.

High government spending to guarantee sustainable and safe building operations is driving market revenue growth in Germany. Increased customer demand for high-end and luxury vehicles and the expanding construction sector are assisting market expansion.

Why is the Metal Forging Technique Growing Rapidly in China?

“Increase in Government Regulations to Encourage Use of Electric Vehicles”

  • The market in China is valued at US$ 26.47 billion in 2023.

A host of infrastructure projects aimed at enhancing transportation across the country have been planned. This is predicted to provide massive traction to the domestic automotive industry during the forecast period.

Prospects are especially bright for electric vehicles, all of which will impel metal forging demand over the coming years. The demand for lightweight forged steel components from the automotive sector has also increased as a result of government regulations that are supportive of the development and usage of electric vehicles.

The main forces behind market revenue growth are rising technological innovations in the automotive industry and increased demand for stainless steel in the aircraft industry. Due to its resistance to changes in both physical and chemical properties, stainless steel is widely used in the aviation sector. Additionally, stainless steel products are readily recyclable, enabling manufacturers to significantly lower overall costs.

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Category-wise Insights

Which Application is Leading in Terms of Revenue Generation?

“Automotive Components and Parts Made via Forging More Durable”

The market is classified into automotive, aerospace, oil & gas, construction, agriculture, and others based on the application.

  • The automotive industry accounts for 52% share of the global market in 2023.

Market growth is primarily driven by the expanding use of metal forging in the construction of automotive structures and components. Metal forging techniques are used to make automotive components because they can significantly increase the value of products.

Automotive components and parts made via forging are more durable than those made by casting or machining. Furthermore, forged parts require little or no machining, which saves time and money. Rising investments in the automotive sector are projected to boost product demand over the coming years.

Closed-dye steel forging is mostly used in the manufacture of vehicle components. Demand for isothermal forging techniques in the automotive industry is boosting market expansion.

Competitive Landscape

Leading companies are extending their production capabilities to assure optimal quality and serve a larger client base. They are focusing on new developments, product standards, quality control, and supply chain management to expand their geographical presence.

For example :

  • In 2018, American Axle & Manufacturing, Inc. stated that it will open a new manufacturing unit in Barcelona to service European markets,
  • In 2018, MM Forgings announced a US$ 93.6 million investment to expand the manufacturing of various grades of steel forgings to fulfil demand from the automobile industry.

Key Segments of Metal Forging Industry Research

  • By Raw Material :

    • Carbon Steel
    • Alloy Steel
    • Aluminum
    • Magnesium
    • Stainless Steel
    • Titanium
    • Others
  • By Application :

    • Automotive
    • Aerospace
    • Oil & Gas
    • Construction
    • Agriculture
    • Others
  • By Region :

    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

- FAQs -

What valuation does the metal forging market enjoy at present?

The global metal forging market is valued at US$ 103.8 billion in 2023.

What is the forecasted value of the global market for 2033?

Worldwide revenue from metal forging techniques is estimated to reach US$ 208 billion by 2033.

At what CAGR is the global market estimated to rise through 2033?

The market for metal forging is projected to expand at a CAGR of 7.2% through 2033.

What is the market outlook for metal forging in Japan?

The market in Japan is predicted to reach US$ 16.85 billion by the end of 2033.

What is the projected growth rate for the market in India?

The market in India is expected to increase at a CAGR of 6.1% from 2023 to 2033.