What is the global market size of Metal Forging Market?

Global Metal Forging Market size was valued at USD 74.36 Billion in 2021 and is poised to grow from USD 81.84 Billion in 2022 to 145.44 billion by 2030, at a CAGR 7.7% during the forecast period (2023-2030).

Who are the key vendors in the Global Metal Forging Market?

The market is extremely competitive, with a huge number of firms present worldwide. Companies are expanding their manufacturing facilities in response to rising demand for metal forgings. For example, Goodluck India Ltd. reported in February 2022 that they had finished the setup of a new pressing for the forging plant. The plant will assist the corporation in producing bigger parts for aerospace, defense, and essential industrial machines. 'Nippon Steel Corporation', 'Arconic Inc.', 'Bharat Forge Limited', 'Precision Castparts Corp.', 'ATI (Allegheny Technologies Incorporated)', 'Mahindra Forgings Europe AG', 'Thyssenkrupp AG', 'Scot Forge', 'Kalyani Group', 'Ellwood Group, Inc.', 'China First Heavy Industries (CFHI)', 'SIFCO Industries, Inc.', 'FRISA', 'Farinia Group', 'ISGEC Heavy Engineering Ltd.', 'HHI (Hyundai Heavy Industries)', 'ATI Ladish LLC', 'Ramkrishna Forgings Limited', 'VSMPO-AVISMA Corporation', 'JIANGSU JIANGNAN FORGING CO., LTD.'.

What is the key driver of Global Metal Forging Market?

The automotive industry is a major consumer of forged metal components. As the automotive sector continues to expand globally, driven by factors such as population growth, urbanization, and increasing disposable income, the demand for metal forged parts such as crankshafts, connecting rods, and gears is expected to rise.

What is the key market trend for Global Metal Forging Market?

Growing Demand for Lightweight Forged Components: There is a rising demand for lightweight materials in various industries, including automotive, aerospace, and defense. Metal forgings offer the advantage of high strength-to-weight ratio, making them ideal for producing lightweight components. As industries strive to improve fuel efficiency and reduce emissions, the demand for lightweight forged components is expected to increase.

Which region accounted for the largest share in Global Metal Forging Market?

The Asia Pacific region dominated the global market in 2022, accounting for more than 51.8% of total sales. The rising demand for metal forgings in the railway, automobile, energy, & aerospace industries is expected to drive demand over the forecast period. For instance, South Korea declared in 2021 that it plans to spend KRW 114.7 trillion (USD 102.7 billion) to extend its railway system throughout the country by 2030.

Metal Forging Companies

Metal Forging Market Competitive Landscape

Metal Forging Market Top Player’s Company Profiles

Nippon Steel Corporation
Arconic Inc.
Bharat Forge Limited
Precision Castparts Corp.
ATI (Allegheny Technologies Incorporated)
Mahindra Forgings Europe AG
Thyssenkrupp AG
Scot Forge
Kalyani Group
Ellwood Group, Inc.
China First Heavy Industries (CFHI)
SIFCO Industries, Inc.
FRISA
Farinia Group
ISGEC Heavy Engineering Ltd.
HHI (Hyundai Heavy Industries)
ATI Ladish LLC
Ramkrishna Forgings Limited
VSMPO-AVISMA Corporation
JIANGSU JIANGNAN FORGING CO., LTD.

Metal Forging Market

FAQs

Global Metal Forging Market size was valued at USD 81.84 Billion in 2022 and is poised to grow from USD 88.14 Billion in 2023 to USD 159.55 Billion by 2031, at a CAGR of 7.7% during the forecast period (2024-2031).

Metal forging providers should focus on investing in the development of new techniques and technologies that address the current industry challenges. Expanding manufacturing capacity will also be a crucial strategy for all metal forging companies going forward. Collaborations and mergers will also help metal forging providers expand their business scope on a global level. Developing countries will also emerge as highly opportune markets for metal forging companies through 2031 and beyond. 'Nippon Steel Corporation', 'Arconic Inc.', 'Bharat Forge Limited', 'Precision Castparts Corp.', 'ATI (Allegheny Technologies Incorporated)', 'Mahindra Forgings Europe AG', 'Thyssenkrupp AG', 'Scot Forge', 'Kalyani Group', 'Ellwood Group, Inc.', 'China First Heavy Industries (CFHI)', 'SIFCO Industries, Inc.', 'FRISA', 'Farinia Group', 'ISGEC Heavy Engineering Ltd.', 'HHI (Hyundai Heavy Industries)', 'ATI Ladish LLC', 'Ramkrishna Forgings Limited', 'VSMPO-AVISMA Corporation', 'JIANGSU JIANGNAN FORGING CO., LTD.'

Metal forging is an integral part of the automotive manufacturing industry as it is used to make multiple vital components such as engines and transmissions of a vehicle. Growing demand for vehicles and rising automotive manufacturing activity are therefore estimated to uplift the demand for metal forging over the coming years.

Lightweight Components: metal forging companies should focus on the development of lightweight components that are gaining massive popularity in multiple industry verticals such as aerospace and automotive. Rising emphasis on improving efficiency in these industries will promote the use of lightweight components and if metal forging companies can provide such offerings they will be able to expand their business further in the long run.

The Asia Pacific region is estimated to spearhead the global metal forging demand outlook owing to the presence of a robust manufacturing industry in this region. Supportive government initiatives to promote manufacturing, rapid industrialization, and presence of key metal forging companies are other factors that aid the dominance of this region going forward. China, India, and Japan are slated to emerge as the most rewarding markets for any metal forging provider looking to make a mark in the Asia Pacific region. Presence of key automotive manufacturers and availability of cheap labor and raw materials is also expected to help this region bring in major revenue for metal forging companies going forward.

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Metal Forging Market Size, Share, Growth Analysis, By Raw Material(Carbon Steel, Alloy Steel, Aluminum, Magnesium), By Application(Automotive, Transportation, Aerospace, Oil & Gas), By Technique(Open Die Forging, Closed Die Forging, Ring Forging, and Others), By Region - Industry Forecast 2024-2031

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Metal Forging Market Size, Share, Growth Analysis, By Raw Material(Carbon Steel, Alloy Steel, Aluminum, Magnesium), By Application(Automotive, Transportation, Aerospace, Oil & Gas), By Technique(Open Die Forging, Closed Die Forging, Ring Forging, and Others), By Region - Industry Forecast 2024-2031

Metal Forging Market Competitive Landscape

Metal Forging Market Report Snapshots

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What is the global market size of Metal Forging Market?

Who are the key vendors in the Metal Forging Market?

What is the key driver of Metal Forging Market?

What is the key market trend for Metal Forging Market?

Which region accounted for the largest share in Metal Forging Market?

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