Enjoy complimentary customisation on priority with our Enterprise License!
The Metal Forging Market size is poised to grow by USD 33.39 billion, exhibiting a compound annual growth rate (CAGR) of 6.85% between 2023 and 2028.
The increase in infrastructure development, technological innovations, and rising need for superior quality products are the major metal forging market trends boosting the market growth. The market is segmented into Material and Application. Material segment includes carbon steel, aluminum, stainless steel, and others. Application segment is categorized into automotive, aerospace and defense, and construction and others.
Based on Material, the carbon steel segment holds the largest market share. The demand for carbon steel in the automotive, machinery, appliances, and consumer goods sectors is driven by factors like consumer spending, industrial production, and technological advancements.
Metal Forging Market Forecast 2023-2027
To learn more about this report, Request Free Sample
Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
There is an increasing demand for high-performance materials with improved strength, durability, and corrosion resistance which is fuelling the development and use of advanced alloys. In addition, these materials facilitate metal forging companies to offer components with enhanced properties to meet specific industry needs.
Moreover, advanced materials and alloys provide superior properties compared to traditional materials, making them highly desirable for various applications across industries. Furthermore, industries such as aerospace, automotive, and energy require components with exceptional strength, durability, and resistance to extreme conditions. Hence, such factors are positively impacting the market which, in turn, will drive the market growth during the forecast period.
Infrastructure development is a major metal forging market trend. In addition, infrastructure projects play a major role in economic growth and urbanization, and they often require a wide range of forged metal components. Infrastructure projects mainly comprise the construction of transportation networks, including roads, bridges, tunnels, and railways.
Moreover, these projects need a variety of forged components, such as bridge beams, rail fasteners, and tunnel support structures. Furthermore, the installation of renewable energy infrastructure, including wind turbines and solar farms, depends on forged components for structural support and key components. Hence, such factors are positively impacting the market which, in turn, will drive the market growth during the forecast period.
Increasing raw material costs is a major challenge impeding market growth. The cost of raw materials, particularly metals and alloys, is a crucial factor in the overall production cost for forged components. In addition, the increasing raw material costs directly fuel the production expenses of metal forging companies.
Moreover, such cost pressure can result in reduced profit margins, making it more challenging for companies to compete and remain profitable. Furthermore, the metal industry is susceptible to price fluctuations due to various factors, such as supply and demand dynamics, geopolitical tensions, and currency exchange rates. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The carbon steel segment is estimated to witness significant growth during the forecast period. The carbon steel segment as a lower material cost when compared to stainless steel. As a result, there is an increasing adoption of carbon steel in oilfields and automotive applications. In addition, carbon steel is crucial in manufacturing industries, including automotive, machinery, appliances, and consumer goods.
Get a Customised Report as per your requirements for FREE!
The carbon steel segment was the largest segment and was valued at USD 30.90 billion in 2018. Moreover, the increase in the demand for carbon steel in the automotive, machinery, appliances, and consumer goods sectors is fuelled by factors like consumer spending, industrial production, and technological advancements. Furthermore, carbon steel forgings find applications in various industries, including automotive, aerospace, and construction. It is extensively used in the construction of buildings, bridges, roads, and infrastructure. In addition, demand for carbon steel in construction will be influenced by population growth, urbanization, and government investments in infrastructure projects. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Based on application, the segment is classified into automotive, aerospace and defense construction, and others. Metal forging is a manufacturing process that includes shaping metal through the application of compressive force using hammers, presses, or other equipment. In addition, forged components are known for their high strength and durability. There is an increasing demand for forged metal in the automotive industry as safety is paramount, and many critical parts, such as engine components, steering and suspension parts, and transmission components, need to withstand extreme forces and conditions. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
For more insights on the market share of various regions View PDF Sample now!
APAC is estimated to contribute 55% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. One of the major consumers of forged metal components such as engine parts, axles, and chassis components is the automotive industry. In addition, several countries in APAC are undergoing rapid urbanization and infrastructure development. This mainly comprises the construction of bridges, buildings, and transportation networks. Moreover, forged steel components are essential for such infrastructure projects due to their strength and durability. Furthermore, the increasing demand from the energy sector is expected to drive the market growth in APAC during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global metal forging market share witnessed a significant slowdown due to the closure of manufacturing facilities and construction projects which disrupted the supply chains. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in these industries. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aichi Steel Corp: The company offers metal forged products such as eAXLE components, engine components, chassis components, transmission components, and driveline parts.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Ajax Tocco Magnethermic Corp., Alicon Castalloy Ltd., All Metals and Forge Group, Allegheny Technologies Inc., Aluminum Precision Products, American Axle and Manufacturing Holdings Inc., Asahi Forge Corp., Bharat Forge Ltd., Bruck GmbH, Consolidated Industries Inc., Farinia SA, Fountaintown Forge Inc., Larsen and Toubro Ltd., Mitsubishi Steel Mfg. Co. Ltd., Pacific Forge Inc., Patriot Forge Co., Scot Forge Co., Sumitomo Heavy Industries Ltd., and thyssenkrupp AG.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The metal forging market analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Metal Forging Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.85% |
Market growth 2024-2028 |
USD 33.29 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.53 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 55% |
Key countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aichi Steel Corp., Ajax Tocco Magnethermic Corp., Alicon Castalloy Ltd., All Metals and Forge Group, Allegheny Technologies Inc., Aluminum Precision Products, American Axle and Manufacturing Holdings Inc., Asahi Forge Corp., Bharat Forge Ltd., Bruck GmbH, Consolidated Industries Inc., Farinia SA, Fountaintown Forge Inc., Larsen and Toubro Ltd., Mitsubishi Steel Mfg. Co. Ltd., Pacific Forge Inc., Patriot Forge Co., Scot Forge Co., Sumitomo Heavy Industries Ltd., and thyssenkrupp AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Material
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.