The global metal forging market was valued at $83.43 Billion in 2022 and is projected to reach $1,67,998.9 million by 2032, registering a CAGR of 7.2% from 2023 to 2032. Metal forging is a process of manufacturing metal components, parts, and other products. It involves the use of localized stamping force on metal to deform it into a desired shape, or it may involve the use of a die to compress it into the shape of the die. The forging process can be done at room temperature or by heating the workpiece to a certain temperature. The heated forging process requires relatively less compressive force; however, the energy required to heat the metal is very high. On the other hand, cold forging does not require energy for heating; however, the compressive force is often higher.
Metal forging is a widely adopted process used for making various components for automotive, aerospace & defense, industrial machinery, and other industries. Thus, growth in these sectors is anticipated to drive the market demand. For instance, in April 2023, Boing, a major aircraft manufacturer announced that it is ramping up the production of its 737 Max aircraft. In addition, rise in industrialization in developing nations drives up the demand for industrial machinery, which is anticipated to require large volumes of forged metal components in the coming years.
However, the limitations of the metal forging process for producing complicated shaped products and various other limitations restrain the market growth.
Furthermore, due to COVID-19, the metal forging market witnessed a halt, which led to a small-term decline in the market. However, as the number of COVID-19 cases dropped to a significant number, the market has fully recovered.
Contrarily, the development of technologically advanced and automated metal forging machines is anticipated to provide lucrative growth opportunities to the key players in the market.
The metal forging market is segmented on the basis of raw material, technique, application, and region. By raw material, the market is categorized into carbon steel, aluminum, stainless steel, and others. Depending on technique, the market is classified into open die forging, closed die forging, and ring forging. On the basis of application, it is divided into automotive, aerospace & defense, railway, industrial machinery, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Metal forging is a widely adopted process used for making various components for automotive, aerospace & defense, industrial machinery, and other industries. Thus, growth in these sectors is anticipated to drive the market demand. For instance, in April 2023, Boing, a major aircraft manufacturer announced that it is ramping up the production of its 737 Max aircraft. In addition, rise in industrialization in developing nations drives up the demand for industrial machinery, which is anticipated to require large volumes of forged metal components in the coming years.
However, the limitations of the metal forging process for producing complicated shaped products and various other limitations restrain the market growth.
Furthermore, due to COVID-19, the metal forging market witnessed a halt, which led to a small-term decline in the market. However, as the number of COVID-19 cases dropped to a significant number, the market has fully recovered.
Contrarily, the development of technologically advanced and automated metal forging machines is anticipated to provide lucrative growth opportunities to the key players in the market.
The metal forging market is segmented on the basis of raw material, technique, application, and region. By raw material, the market is categorized into carbon steel, aluminum, stainless steel, and others. Depending on technique, the market is classified into open die forging, closed die forging, and ring forging. On the basis of application, it is divided into automotive, aerospace & defense, railway, industrial machinery, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Competition Analysis
Competitive analysis and profiles of the major players in the metal forging market is provided in the report. Major companies Included in the report Include, ATI Inc., American Axle & Manufacturing Holdings, Inc., Bruck GmbH, ELLWOOD Group, Inc., Berkshire Hathaway Inc. (Precision Castparts Corp.), ASAHI FORGE CORPORATION, Trenton Forging, NIPPON STEEL CORPORATION, Bharat Forge Limited, and Canada Forgings Inc. Moreover, acquisition has been a key development strategy adopted by the key players to Increase their market share.Key benefits for stakeholders
- The report provides an extensive analysis of the current and emerging metal forging market trends and dynamics.
- In-depth market analysis is conducted by constructing market estimations for the key market segments between 2022 and 2032.
- Extensive analysis of the metal forging market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
- The global metal forging market forecast analysis from 2023 to 2032 is Included in the report.
Key Market Players
within the metal forging market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the metal forging industry.Key Market Segments
By Raw Material
- Carbon Steel
- Aluminum
- Stainless Steel
- Others
By Technique
- Open Die Forging
- Closed Die Forging
- Ring Forging
By Application
- Automotive
- Aerospace and Defense
- Railway
- Industrial Machinery
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- American Axle & Manufacturing Holdings, Inc.
- ASAHI FORGE CORPORATION
- ATI Inc.
- Berkshire Hathaway Inc. (Precision Castparts Corp.)
- Bharat Forge Limited
- Bruck GmbH
- Canada Forgings Inc.
- ELLWOOD Group, Inc.
- NIPPON STEEL CORPORATION
- Trenton Forging
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: METAL FORGING MARKET, BY RAW MATERIAL
CHAPTER 5: METAL FORGING MARKET, BY TECHNIQUE
CHAPTER 6: METAL FORGING MARKET, BY APPLICATION
CHAPTER 7: METAL FORGING MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'Metal Forging Market,' The metal forging market was valued at $83.4 billion in 2022, and is estimated to reach $168 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032.Metal forging is the technique of shaping metal by the application of compressive force. If its is done at room temperature, it is termed as cold forging, and if done at elevated temperature, it is termed as warm or hot forging. The compressive force helps the grains of metal to align properly to achieve greater strength. Therefore forging process is suited for forming metal components for demanding and crucial applications in sectors such as automotive, aircraft, railroads, marine, and industrial machinery.Key factors driving the growth of the metal forging market include growth in the automotive and aerospace industry, growth in the energy sector, growth in industrialization. The automotive and aerospace industries have witnessed substantial growth due to rise in urbanization, globalization, and increase in GDPs of economies across the globe. Various components are used in airplanes, automobiles, and ships that are widely made using the forging process. Moreover, according to the U.S. Department of Transportation, as of 2020, there were as many as 274 million vehicles on the roads of the U.S. Furthermore, the number of vehicles in developing economies has witnessed exponential growth. For instance, India and China have emerged as major automotive markets in the last decade. According to International Energy Agency, India has approximately 25 vehicles per thousand people as of 2020, and the number is expected to increase by the year 2040. For instance, in China, in March 2023, automotive sales by units were 2.451 million, up by 9.7% year-on-year. Similarly, automotive sales in the U.S. increased significantly in 2023. For instance, in January 2023, the total sales volume of vehicles was 1,065,937 units, which increased to 1,384,676 units in March 2023, an increase of nearly 30%. Moreover, after the COVID-19 subsided to a significant level, the automotive market recovered at a greater pace. For instance, according to news reports, the sales of cars crossed the 3 million mark in India in 2021. It is significantly higher than the sales made in 2019, which were around 2.9 million if the negative effects of COVID-19 are considered. Moreover, unlike the automotive industry, the aerospace industry was worse affected by the COVID-19. According to the reports form GIFAS, USDoC, and French Customs, the aerospace industry in France is yet to reach pre-COVID-19 levels and is anticipated to reach it by the end of 2025. Such factors that indicate the growth of the automotive and aerospace industries is anticipated to further drive the metal forging market growth in the coming years.
The technological advancements in metal forging processes and machinery offer growth opportunities to the key players in the market. Technological advancements in all the industries have greatly improved their productivity. For example, in December 2021, Bharat Forge, an India Based world renowned forged components manufacturer, stated that it has achieved 15% Overall Equipment Effectiveness (OEE) by using various digital manufacturing solutions which comes under the umbrella term ‘Industry 4.0’. The introduction of industry 4.0 technology, such as cloud connectivity, improved analytics capabilities, improved human-machine interaction, and improvements in automation have made the forging industry more efficient. With these features, the company plans to have zero unplanned downtime in the hydraulics, pneumatics, and electronics sectors. Moreover, in February 2021, Schuler Group installed two forging lines for its customer in China. The machine incorporates industry 4.0 technologies, which enables the machine to be operated remotely. This feature allowed the company to commission the machine remotely, which was a boon, as this machine was commissioned during the COVID-19 period. In addition, this forging press also has ‘Press Force Monitor’, which conveys information on the load on the machine and die. In addition, the machine incorporates ‘Cooling Analytics’ and ‘Lubrication Analytics’ systems along with various other systems. Companies that have adopted Industry 4.0 technology are witnessing improved productivity at a relatively lower cost, putting them ahead of the competition. This eventually is expected to provide growth opportunities to those companies.
The metal forging market is segmented on the basis of raw material, technique, application, and region. By raw material, the market is categorized into carbon steel, aluminum, stainless steel, and others. Depending on technique, the market is classified into open die forging, closed die forging, and ring forging. On the basis of application, it is divided into automotive, aerospace & defense, railway, industrial machinery, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Major companies included in the report include, ATI Inc., American Axle & Manufacturing Holdings, Inc., Bruck GmbH, ELLWOOD Group, Inc., Berkshire Hathaway Inc. (Precision Castparts Corp.), ASAHI FORGE CORPORATION, Trenton Forging, NIPPON STEEL CORPORATION, Bharat Forge Limited, and Canada Forgings Inc. Major players in order to remain competitive adopted acquisition as their developmental strategies. For instance, in June 2021, Bharat Forge Industrial Solutions (BFISL), acquired Sanghvi Forging & Engineering, a manufacturer of open and dies forging products.
Key Market Insights
- By raw material, the carbon steel segment was the highest revenue contributor to the market and is estimated to reach $63,968.6 million by 2032, with a CAGR of 6.0%.
- By technique, the open die forging segment dominated the global market. However, the ring forging segment is expected to be the fastest-growing segment with a CAGR of 8.7% during the forecast period.
- By application, the automotive segment was the highest revenue contributor to the market and is estimated to reach $63,968.6 million by 2032, with a CAGR of 6.0%.
- Based on region, Asia-Pacific garnered the largest revenue share in 2022, and the same region is anticipated to grow at the highest CAGR of 8.0% during the forecast period
Companies Mentioned
- American Axle & Manufacturing Holdings, Inc.
- ASAHI FORGE CORPORATION
- ATI Inc.
- Berkshire Hathaway Inc. (Precision Castparts Corp.)
- Bharat Forge Limited
- Bruck GmbH
- Canada Forgings Inc.
- ELLWOOD Group, Inc.
- NIPPON STEEL CORPORATION
- Trenton Forging
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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