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

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).

The increase in the number of fliers around the world is boosting aircraft manufacturing and benefiting market expansion, which is driving demand for metal forged components from the aerospace industry. For example, in 2021, Boeing delivered 302 aircraft, nearly double the number shipped the previous year. Furthermore, Boeing said in March 2022 that they intend to double the manufacturing of the 737 Max. During the projection period, this type of movement in the aerospace industry is likely to raise demand for metal forgings.

The rise is due to increased consumer spending and capital expenditure spending, which boosted the US economy to its fastest growth since 1984. In 2021, the country's unemployment rate reached a 37-year high of 5.7%. The rebound suggests a return to industrial activity, which is projected to increase demand for metal forged products in the country in the coming years. Growing investments in power, infrastructure, aircraft, and travel, among other things, are driving market expansion. The United States Senate enacted a large infrastructure measure totaling USD 1 trillion in 2021. According to this statute, the government is investing extensively in highways, bridges, Electric Vehicle (EV) networks, public transport, high-speed internet, and safe drinking water.

Increasing investment in power generation & renewable energy is likely to drive demand for metal forging components throughout the forecast period. For example, the United States Senate enacted a USD 550.00 billion clean energy investment package in September 2021. The measure includes a USD 73.00 billion provision for renewable energy generation. The automobile industry has been a key market end-user and is projected to continue its dominance as far as both volume & revenue. However, a constant drop in car production in recent years has been a persistent concern for the market. For example, auto sales in the United States fell 20% in the fourth quarter of 2021.