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 Drivers

Rising Automotive Manufacturing Activity 

• 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.  

Advancements in Metal Forging Process and Technologies 

• Metal forging technologies and processes are advancing rapidly owing to use of novel technologies and approaches. These advancements are making metal forging more attractive and affordable for end users thereby also driving market growth. Precision forging, near-net shape forging, and isothermal forging are some advanced metal forging processes available in the market.  

Restraints 

Volatility in Raw Material Pricing 

• Metal forging completely depends on different types of raw materials and these raw materials are subject to volatility in terms of pricing and availability. Geopolitical tensions, supply chain disruptions, economic changes, and trade bans are some factors that affect the pricing and availability of these raw materials, thus slowing down metal forging market growth potential as well.  

Environmental Concerns 

• Metal forging often involves the use of high heat and requires massive amount of energy to function efficiently as well. These high energy requirements result in high emissions as well, which is not sustainable and thereby could hinder the use of metal forging and push industries to opt for more sustainable processes.