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

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).

Rapidly increasing industrialization to promote economic growth has led to a high demand for metal forging around the world. Increasing use of metal forging in different industry verticals and advancements in industrial technologies are also expected to create new opportunities for metal forging companies going forward. Growing sales of vehicles around the world has led to the expansion of automotive manufacturing activity thereby also promoting metal forging market growth as well. Increasing investments in infrastructure development and aerospace and defense industry verticals are also estimated to uplift the demand for metal forging in the future. Advancements in forging processes and technologies ranging from precision forging to isothermal forging are also expected to create new business scope for metal forging companies in the long run. On the contrary, volatility in raw material pricing, availability of alternative metal processes, and environmental concerns are estimated to slow down the overall metal forging market development potential across the forecast period and beyond.