Metal Forging Global Market Report 2024

The metal forging market has grown strongly in recent years. It will grow from $94.74 billion in 2023 to $101.93 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth observed in the historical period can be attributed to the expansion of the automotive industry, growth in the aerospace sector, exploration activities in the oil and gas industry, applications in defense and military sectors, developments in railway and transportation systems, and the globalization of supply chains.

The metal forging market is expected to see strong growth in the next few years. It will grow to $132.06 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be attributed to the increased adoption of lightweight materials, a rise in electric vehicle production, infrastructure investments in emerging markets, expansion of the wind and solar energy sectors, and global initiatives towards carbon neutrality. Major trends expected in this forecast period include the use of closed-die forging technology, the integration of Industry 4.0 technologies, the promotion of sustainable forging practices, collaborations for research and development, and customization for defense and defense aerospace applications.

The metal forging market is anticipated to witness significant growth, driven by the upswing in the construction industry. Construction activities involve the creation, modification, and enhancement of public infrastructure, relying heavily on forged metal products such as steel beams and columns. These forged components are essential for constructing robust and durable structures that can withstand various environmental conditions while meeting safety standards. Notably, in March 2022, Metal Construction News reported a 12.9% increase in metal building construction in 2021, with growth observed in metal roofing, metal wall panels, and light-gauge steel framing for both exteriors and interiors. This surge in construction activities is a key factor propelling the growth of the metal forging market.

The automotive industry's expansion is another driving force for the growth of the metal forging market. Metal forging plays a crucial role in shaping and strengthening metal components used in the automotive sector, enhancing their structural integrity and overall performance. The global automotive industry witnessed a production increase of 5.7%, reaching 85.4 million motor vehicles in 2022, as reported by the European Automobile Manufacturers Association (ACEA). Similarly, in August 2021, U.S. new vehicle sales saw a 4.7% increase compared to July 2020, indicating sustained growth in the automotive sector. Consequently, the continued expansion of the automotive industry contributes to the growth of the metal forging market.

Automation in forging systems is emerging as a prominent trend in the metal forging market. Major industry players are investing in innovative products that leverage automated processing equipment, including induction forging, computer-controlled forging equipment, and automated control systems. For instance, Strojmetal, a Czech Republic-based manufacturer, introduced a fully automated aluminum forging line featuring advanced technologies for loading and unloading, robotic part handling, and real-time process monitoring. This flexible and efficient line caters to various parts and aluminum alloys, showcasing the industry's shift towards automated forging systems.

Companies in the metal forging market are actively developing revolutionary lubricants to enhance sustainability in automotive manufacturing. A notable example is Henkel's Bonderite L-FG F 605, a graphite-free, non-pigmented forging lubricant designed for automotive applications. This synthetic lubricant improves die life, reduces metal-to-metal contact, and eliminates ammonia emissions associated with graphite-based lubricants. The lubricant's formulation contributes to a safer and more sustainable workplace, reducing the need for replacements and lowering overall forging costs.

In July 2022, Bharat Forge Ltd., an India-based forging company, acquired JS Autocast Foundry India Private Ltd. This acquisition expands Bharat Forge's market categories, positioning the company to serve a broader range of industries both domestically and internationally. JS Autocast Foundry India Private Ltd. specializes in manufacturing high-quality castings and metal forgings for various industries, aligning with Bharat Forge's growth objectives.

Major companies operating in the metal forging market report are Arconic Corporation, Allegheny Technologies Incorporated, Bharat Forge Ltd., Ellwood Group Inc., Thyssenkrupp AG, Bruck GmbH, Nippon Steel Corp., Precision Castparts Corp., Larsen & Toubro Ltd., Japan Casting and Forging Corp., China First Heavy Industries Co. Ltd., Howmet Aerospace Inc., Schuler AG, Jiangyin Hengrun Heavy Industries Co. Ltd., ATI Ladish LLC, Kobelco Construction Machinery Co. Ltd., Scot Forge Company, Ferralloy Inc., Patriot Forge Co., Doncasters Inc., All Metals & Forge Group, Trenton Forging Company, Fountaintown Forge Inc., Commercial Forged Products, Component Sourcing International, Custom Alloy Corporation, Precision Metal Products Pvt. Ltd., SIFCO Industries Inc., Canton Drop Forge Inc., Shultz Steel Co., Consolidated Industries Inc., Pacific Forge Incorporated, Otto Fuchs KG.

Asia-Pacific was the largest region in the metal forging market in 2023. The regions covered in the metal forging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the metal forging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of metal forging include closed-die forging, open-die forging, and ring rolling. Closed-die forging occurs when a heated raw material, such as steel or aluminum, is entirely or partially encircled by two or more dies. This method is applied to forge materials such as carbon steel, alloy steel, aluminum, magnesium, stainless steel, titanium, and others. Industries utilizing closed-die forging include automotive, defense and aerospace, shipbuilding, the power industry, oil and gas, among others.

The metal forging market research report provides metal forging market statistics, including metal forging industry global market size, regional shares, competitors with a metal forging market share, detailed metal forging market segments, market trends and opportunities, and any further data you may need to thrive in the metal forging industry. This metal forging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The metal forging market includes revenues earned by entities by providing upset forging, swaging, press forging, and orbital forging services for metal products. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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