Metal Forging Market Trends

Metal Forging Market size was valued at USD 88.14 Billion in 2023 and is poised to grow from USD 94.93 Billion in 2024 to USD 171.84 Billion by 2032, growing at a CAGR of 7.7% during the forecast period (2025-2032).

Key vendors in Metal Forging Market are: '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 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.  

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.  

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.