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).

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

Report ID: SQMIG20A2153 | Region: Global | Published Date: March, 2024
Pages: 202 | Tables: 73 | Figures: 75

Metal Forging Market Dynamics

Metal Forging Market Drivers

Growing Demand from Automotive Industry

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.

Metal Forging Market Restraints

Capital-intensive Nature of Metal Forging

Setting up and maintaining metal forging facilities requires significant capital investments. The high costs associated with forging equipment, machinery, and skilled labor can be a barrier for new entrants or small-scale manufacturers, limiting market growth.

Metal Forging Market Report Snapshots

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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).

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.'

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.

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.

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.

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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 Region - Industry Forecast 2024-2031

Metal Forging Market Dynamics

Metal Forging Market Report Snapshots

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