USD 81.84 Billion
Metal Forging Market Size, Share, Growth Analysis, By Raw Material(Carbon Steel, Alloy Steel, Aluminum, Magnesium), By Application(Automotive, Transportation, Aerospace, Oil & Gas), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20A2153 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
73
|Figures:
75
Metal Forging Market Insights
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Carbon Steel
Fastest Growth
Carbon Steel
Growth Rate
7.7% CAGR
Global Metal Forging Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Metal Forging Market Segmental Analysis
Global Metal Forging Market is segmented by raw material, technique, application, and region. Based on raw material, the market can be segmented into Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Others. Based on technique, the market is segmented into Open Die Forging, Closed Die Forging, Ring Forging, and Others. Based on application, the market is segmented into Automotive, Transportation, Aerospace, Oil & Gas, Construction, Agriculture, Power Generation, Marine, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Metal Forging Market Analysis by Raw Material
Carbon steel is projected to account for a dominant share of the global metal forging market. High durability, strength, and recyclability of carbon steel makes it a preferred choice for multiple forged components used in different industry verticals. Moreover, the low costs of carbon steel compared to stainless steel also allows this segment to account for a high market share around the world. The versatile nature of carbon steel components also makes them a popular choice among different industrial applications. The majority of forged carbon steel components are expected to be used in the oil & gas and automotive industries going forward.
Demand for aluminum forging is projected to increase at a notable pace across the forecast period and beyond. Rising demand for lightweight yet durable components is slated to primarily help this segment generate new business scope for metal forging providers. High use of aluminum forged components in automobiles, tractors, airplanes, energy missiles, drill equipment, and ships will also help create new opportunities for metal forging market players across the forecast period. Rising emphasis on sustainability and efficiency enhancement will also bolster the demand for aluminum forged components in the long run. Aluminum forging also reduces material waste making it more economical for manufacturers to use it.
Metal Forging Market Analysis by Application
The automotive industry is projected to spearhead the demand for metal forging on a global level. High use of metal forging to create vital vehicle components such as engine blocks, transmissions, connecting rods, wheels, suspension, etc. Is expected to help this segment maintain its dominant stance. Rapidly increasing sales of vehicles around the world and the growing popularity of electric vehicles are also expected to help this segment maintain its high market share in the future. Surging demand for lightweight metal components to improve efficiency is also estimated to create new opportunities for companies targeting the automotive industry.
On the other hand, the demand for metal forging in power generation applications is slated to rise at a noteworthy CAGR across the study period. Growing adoption of renewable energy sources and increasing efforts for grid modernization are expected to create new opportunities for metal forging companies through this segment over the coming years. Rising global demand for energy is also expected to uplift the demand for power generation machinery thereby also bringing more business for metal forging companies as well. Rising investments in the development of new power generation plants and infrastructure will also offer new revenue generation scope for metal forging providers in the long run.
Global Metal Forging Market By Raw Material
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Metal Forging Market Regional Insights
The Asia Pacific region is estimated to spearhead the global metal forging demand outlook owing to the presence of a robust manufacturing industry in this region. Supportive government initiatives to promote manufacturing, rapid industrialization, and presence of key metal forging companies are other factors that aid the dominance of this region going forward. China, India, and Japan are slated to emerge as the most rewarding markets for any metal forging provider looking to make a mark in the Asia Pacific region. Presence of key automotive manufacturers and availability of cheap labor and raw materials is also expected to help this region bring in major revenue for metal forging companies going forward.
Meanwhile, the demand for metal forging is slated to increase at a robust pace in the European region over the coming years. The presence of a strong automotive manufacturing industry makes this region a highly opportune one for metal forging providers. Growing investments in the development of new aircraft, high adoption of renewable energy, and demand for other industrial machinery are expected to uplift the demand for metal forging in this region going forward. Germany, Italy, and the United Kingdom are forecasted to be the most opportune countries in Europe across the forecast period.
Global Metal Forging Market By Region
- Largest
- Fastest
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Metal Forging Market Dynamics
Metal Forging Market Drivers
Rising Automotive Manufacturing Activity
- Metal forging is an integral part of the automotive manufacturing industry as it is used to make multiple vital components such as engines and transmissions of a vehicle. Growing demand for vehicles and rising automotive manufacturing activity are therefore estimated to uplift the demand for metal forging over the coming years.
Advancements in Metal Forging Process and Technologies
- Metal forging technologies and processes are advancing rapidly owing to use of novel technologies and approaches. These advancements are making metal forging more attractive and affordable for end users thereby also driving market growth. Precision forging, near-net shape forging, and isothermal forging are some advanced metal forging processes available in the market.
Restraints
Volatility in Raw Material Pricing
- Metal forging completely depends on different types of raw materials and these raw materials are subject to volatility in terms of pricing and availability. Geopolitical tensions, supply chain disruptions, economic changes, and trade bans are some factors that affect the pricing and availability of these raw materials, thus slowing down metal forging market growth potential as well.
Environmental Concerns
- Metal forging often involves the use of high heat and requires massive amount of energy to function efficiently as well. These high energy requirements result in high emissions as well, which is not sustainable and thereby could hinder the use of metal forging and push industries to opt for more sustainable processes.
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Metal Forging Market Competitive Landscape
Metal forging providers should focus on investing in the development of new techniques and technologies that address the current industry challenges. Expanding manufacturing capacity will also be a crucial strategy for all metal forging companies going forward. Collaborations and mergers will also help metal forging providers expand their business scope on a global level. Developing countries will also emerge as highly opportune markets for metal forging companies through 2031 and beyond.
Metal Forging Market Top Player’s Company Profiles
- Nippon Steel Corporation
- Arconic Inc.
- Bharat Forge Limited
- Precision Castparts Corp.
- ATI (Allegheny Technologies Incorporated)
- Mahindra Forgings Europe AG
- Thyssenkrupp AG
- Scot Forge
- Kalyani Group
- Ellwood Group, Inc.
- China First Heavy Industries (CFHI)
- SIFCO Industries, Inc.
- FRISA
- Farinia Group
- ISGEC Heavy Engineering Ltd.
- HHI (Hyundai Heavy Industries)
- ATI Ladish LLC
- Ramkrishna Forgings Limited
- VSMPO-AVISMA Corporation
- JIANGSU JIANGNAN FORGING CO., LTD.
Metal Forging Market Recent Developments
- Hilton Metal Forging Ltd., a leading provider of metal forging and forged products based in India launched its new forged wagon axles for the railway industry in June 2024. Hilton is focusing on capitalizing on Indian government’s efforts to minimize dependency on imports through such moves and also increasing its market share as well.
- VSMPO-AVISMA, the top producer of titanium in the world, announced the launch of a new forging complex in June 2024. Addition of this new forging complex was intended to increase the company’s titanium production and processing capabilities to keep up with the surging demand for titanium forged products around the world.
- Vinci Building, a renowned construction company in England signed a £138m contract to develop a new forging facility in the United Kingdom in April 2024. The new open-die forging facility based in Sheffield spanning across 13,800 sq m is projected to be the biggest facility of its kind in the United Kingdom upon completion.
Metal Forging Key Market Trends
- Lightweight Components: metal forging companies should focus on the development of lightweight components that are gaining massive popularity in multiple industry verticals such as aerospace and automotive. Rising emphasis on improving efficiency in these industries will promote the use of lightweight components and if metal forging companies can provide such offerings they will be able to expand their business further in the long run.
- Incorporation of Sustainability: As focus on environment conservation rises around the world, metal forging companies should also incorporate sustainability in their business to stay relevant in the future. This will also help metal forging providers comply with stringent regulatory mandates as well. Use of induction heating and renewable energy sources could help metal forging companies start their transition into sustainability.
Metal Forging Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rapid expansion of manufacturing industry and rising demand for metal forged components around the world are projected to drive the demand for metal forging over the coming years. However, volatile raw material prices and environmental concerns are slated to slow down metal forging market growth in the future. Asia Pacific is estimated to be the most opportune market for metal forging companies owing to the presence of multiple manufacturing industries in this region. Incorporation of sustainability will be a key trend for almost all metal forging companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 81.84 Billion |
| Market size value in 2031 | USD 159.55 Billion |
| Growth Rate | 7.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Metal Forging Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Metal Forging Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Metal Forging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Metal Forging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Metal Forging Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Metal Forging Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Metal Forging Market Report Snapshots
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