Metal Forging Market Report 2025

The metal forging market size has grown strongly in recent years. It will grow from $101.04 billion in 2024 to $108.78 billion in 2025 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to automotive industry expansion, aerospace sector growth, oil and gas exploration, defense and military applications, railway and transportation systems, globalization of supply chains.

The metal forging market size is expected to see strong growth in the next few years. It will grow to $150.83 billion in 2029 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increased adoption of lightweight materials, rise in electric vehicle production, infrastructure investments in emerging markets, expansion of wind and solar energy sectors, global efforts for carbon neutrality. Major trends in the forecast period include closed-die forging technology, integration of industry 4 technologies, sustainable forging practices, collaborations for research and development, customization for defense and defense aerospace.

The growth of the construction industry is expected to drive the expansion of the metal forging market in the future. Construction involves building, modifying, repairing, remodeling, enhancing, or demolishing public infrastructure facilities, including public structures and improvements to real estate. The construction industry relies heavily on forged metal products, such as steel beams, columns, and other structural components, which are crucial for creating strong and durable structures that can withstand environmental conditions and meet safety standards. For instance, a report from The Office for National Statistics in November 2023 indicated that total new construction work output increased by 15.8% in 2022, reaching a record value of £132.98 billion ($172,401 million). Thus, the rise in the construction industry is fueling the growth of the metal forging market.

The expansion of the automotive industry is anticipated to drive the growth of the metal forging market in the future. The automotive industry encompasses the design, manufacturing, marketing, and sale of motor vehicles. Metal forging is utilized in this sector to shape and strengthen metal components through localized compressive forces, thereby enhancing the structural integrity and performance of automotive parts. For example, data from the U.S. Environmental Protection Agency, released in December 2023, indicated that the combined production share of electric vehicles (EVs), plug-in hybrid vehicles (PHEVs), and fuel cell electric vehicles (FCVs) increased from 4% in 2021 to 7% in 2022, with projections suggesting a rise to 12% by 2023. Consequently, the growth of the automotive industry is fueling 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, in January 2023, 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 in April 2023, 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 include 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 2024. 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.

Metal forging involves the use of compressive forces to shape and form metals through processes such as hammering, pushing, or rolling.

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 is one of a series of new reports that 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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