The GCC metal forging market size is estimated to reach USD 1.59 billion by 2030, registering to grow at a CAGR of 5.0% from 2025 to 2030 . Moderate growth of end-use industries is projected to drive the market growth.
Forged metal components such as valves, wellhead equipment, electric motors, turbines pumps, blowout preventers, and compressors are primarily used in various end-use industries including oil and gas, automotive and transportation, and aerospace and defense. As compared to other end-use industries, oil and gas industry is a principal component of the economy the GCC countries. This can be illustrated from the fact that the share of oil and gas industry to GDP is approximately 50% in most of the GCC countries, except for more diversified economies such as UAE and Bahrain, wherein oil and gas sector represents 32% and 24% of their respective GDP. Therefore, the growth of oil and gas industry in the region is expected to drive the metal forging market growth.
Furthermore, automotive industry, yet another significant application of metal forging, has witnessed considerable upward trends for the past few years. As per the figure below, automobile production in the Middle East increased from 260.4 thousand units in 2014 to 348.9 thousand units in 2018. Turkey, Egypt, Iran, and Morocco are the leading automobile producers while the major consumers include Saudi Arabia, UAE, Egypt, and Turkey.
Lack of continuous technological advancements for manufacturing quality products is one of the challenges for the market. The requirement of skilled professionals for operating advanced machines is another limitation for the GCC forging market. GCC countries rely on exports for forging products due to a smaller number of producers in the market.
The In-Kingdom Total Value Add (IKTVA) program launched in December 2015 in Saudi Arabia represents a lucrative opportunity for the manufacturers of metal forging. The program is designed to encourage domestic manufacturing and, thereby, drive value and supply chain efficiency across all the operations of major oil companies such as Saudi Aramco. This program encourages local production as Saudi Aramco plans to increase its local spending on its raw materials.
Forged metal components such as valves, wellhead equipment, electric motors, turbines pumps, blowout preventers, and compressors are primarily used in various end-use industries including oil and gas, automotive and transportation, and aerospace and defense. As compared to other end-use industries, oil and gas industry is a principal component of the economy the GCC countries. This can be illustrated from the fact that the share of oil and gas industry to GDP is approximately 50% in most of the GCC countries, except for more diversified economies such as UAE and Bahrain, wherein oil and gas sector represents 32% and 24% of their respective GDP. Therefore, the growth of oil and gas industry in the region is expected to drive the metal forging market growth.
Furthermore, automotive industry, yet another significant application of metal forging, has witnessed considerable upward trends for the past few years. As per the figure below, automobile production in the Middle East increased from 260.4 thousand units in 2014 to 348.9 thousand units in 2018. Turkey, Egypt, Iran, and Morocco are the leading automobile producers while the major consumers include Saudi Arabia, UAE, Egypt, and Turkey.
Lack of continuous technological advancements for manufacturing quality products is one of the challenges for the market. The requirement of skilled professionals for operating advanced machines is another limitation for the GCC forging market. GCC countries rely on exports for forging products due to a smaller number of producers in the market.
The In-Kingdom Total Value Add (IKTVA) program launched in December 2015 in Saudi Arabia represents a lucrative opportunity for the manufacturers of metal forging. The program is designed to encourage domestic manufacturing and, thereby, drive value and supply chain efficiency across all the operations of major oil companies such as Saudi Aramco. This program encourages local production as Saudi Aramco plans to increase its local spending on its raw materials.
GCC Metal Forging Market Report Highlights
- The carbon steel segment accounted for 45.4% of revenue in 2024 due to its cost-effectiveness and widespread availability. Carbon steel is favored in the metal forging industry for its high strength, durability, and versatility, making it suitable for various applications, including automotive, construction, and oil and gas industries.
- The automotive segment dominated the GCC metal forging market in 2024, primarily due to the high demand for durable and high-strength components in vehicle manufacturing. Forged parts, such as crankshafts, connecting rods, and gears, are essential for ensuring automobile reliability and performance.
- Saudi Arabia dominated the GCC metal forging market in 2024 with a revenue share of 51.5% due to its extensive industrial base and government-backed initiatives such as Vision 2030, which aims to enhance the country’s manufacturing capabilities.
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- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments
- Competitive Landscape: Explore the market presence of key players worldwide
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This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
The leading players in the GCC Metal Forging market include:
- AL NASR FORGING
- Dongguan Songshun Mould Steel Co., LTD
- Doosan Corporation
- FTV Proclad LLC
- FUCHS Group
- Galperti Group
- Precision Forgings Factory
- Precision Metal Industries FZC
- Steel Forgings Gulf
Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. GCC Metal Forging Market Variables, Trends & Scope
Chapter 4. GCC Metal Forging Market: Raw Material Outlook Estimates & Forecasts
Chapter 5. GCC Metal Forging Market: Application Outlook Estimates & Forecasts
Chapter 6. GCC Metal Forging Market Country Outlook Estimates & Forecasts
Chapter 7. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- AL NASR FORGING
- Dongguan Songshun Mould Steel Co., LTD
- Doosan Corporation
- FTV Proclad LLC
- FUCHS Group
- Galperti Group
- Precision Forgings Factory
- Precision Metal Industries FZC
- Steel Forgings Gulf
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 70 |
| Published | October 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 1.19 Billion |
| Forecasted Market Value ( USD | $ 1.59 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Middle East |
| No. of Companies Mentioned | 9 |
