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Metal Forging Market Size, Share & COVID-19 Impact Analysis, By Raw Material (Carbon Steel, Alloy Steel, Stainless Steel, Aluminum, Magnesium, Titanium, and Others), By Technology (Closed Die, Open Die, and Others), By End-User (Automotive, Mechanical Equipment, Aerospace & Railways, and Others), and Regional Forecast, 2023-2030

Region : Global | Format: PDF | Report ID: FBI103175



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The global metal forging market size was valued at USD 75.62 billion in 2022 and is projected to grow from USD 81.13 billion in 2023 to USD 135.91 billion by 2030, exhibiting a CAGR of 7.6% during the forecast period.

Metal forging is a metal-forming process that has evolved in the past years and has witnessed the integration of innovative and diverse techniques. In this process, a metal is deformed using compressive forces such as hammering, rolling, and pressing in controlled conditions to give a desired geometric change to the material. This process offers uniformity in metal structure and composition. The process can be performed at cold, warm, and hot temperatures.

The forging process aims to produce high-quality metal parts such as stainless steel with increased material strength by blocking the cracks and closing the empty spaces. This process allows creating a wide range of forged products with different shapes, sizes, materials, and finishes. Several raw materials used in this process include steel, titanium, aluminum, and magnesium. This forging provides better mechanical properties, fatigue, ductility, and impact resistance to the forged parts. The rising demand for metal forging is attributable to its mechanical equipment, construction, oil & gas, automotive, and aerospace applications.


Trade Restrictions during the Pandemic Impacted the Supply Chains

The COVID-19 outbreak had a detrimental impact on every aspect of the global economy, and this industry is no exception. The outbreak of the COVID-19 pandemic served as a significant challenge for this sector in 2020 as the supply chain was disrupted due to trade restrictions, and its consumption declined due to government-imposed lockdowns. The global pandemic and lockdown restrictions imposed by various governments caused significant disruption in the entire forged metal components production supply chain. The market faced a similar supply chain crisis due to the pandemic. Several forging industries were reported struggling to keep their assembly lines rolling. Metal forging manufacturing companies and aluminum and titanium manufacturing faced crippled demand and stalled business activities. Companies operating in the forging sector had to adopt additional safety measures and maintain appropriate COVID-19 behavior to safeguard their employees. However, this market has recovered significantly after the first hit, although growth remains lower than pre-pandemic levels. Governments worldwide are already relaxing the COVID-19 restrictions, and the demand for industrial projects is anticipated to rebound quickly. The development of the entire automotive industry is directly proportional to the global market.


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Innovation in Products and Technologies to Fuel the Market Growth

The technological expansion to make sustainable forged metal is surging the market growth during the forecast timeline. The global megatrends, including urbanization, rising mobility, population & economic development, and increasing climate change, are prominent factors propelling the market.

Additionally, increasing CO2 emissions globally led several forged metal-producing companies to innovate and develop a sustainable choice that could be durable and may be reused at the end of their lifecycle. For instance, the United Nations (UN) Economic Commission for Europe states that the steel industry is responsible for about 7% to 9% of global anthropogenic carbon emissions. The forging industry uses large volumes of steel and electricity for production. Rising government regulations to support recycling initiatives, increasing technological advancement in metal forging to make it more reliable, and the emerging preference of manufacturers to produce recyclable forged metal is anticipated to drive market growth.


Rapidly Growing Automotive Industry to Boost Metal Forging Adoption

The speedy growth in the automotive industry is expected to surge the consumption of forged metals. Forged metals offer high strength, corrosion, and heat resistance properties. Such properties make it a perfect choice for various automotive parts, which include piston forgings and connecting rods.

Furthermore, the increasing demand for nickel-containing austenitic grades of forged steel in automotive parts further propels the metal forging market growth. Forged steel helps to create automotive parts that are harder and more durable than casting & extrusion. Steel forging offers unmatched resilience and high-quality automotive components for market applications. The ongoing “Next Generation Vehicle” project, increasing technological innovations in the automotive industry, and advancement in electric vehicles will contribute to metal forging adoption. Hence, growing forged metal demand from the automotive industry will fuel market growth.

Rising Demand for Titanium for the Production of Aircraft Components to Drive the Market Growth

Growing population, urbanization, and the increasing pace of transportation & tourism are the key drivers of the aerospace industry growth. The aerospace industry uses forged materials to produce components for airframe structure, engine components, landing gear, and other aerospace applications. Also, the increasing trend of using titanium due to its low fuel consumption by aircraft is driving the market.

Titanium alloys and commercially available Titanium are widely used for aircraft manufacturing that features a density greater than 60% of steel with better strength and effective corrosion resistance. Since the application of Carbon Fiber Reinforced Plastic (CFRP) to engine and aircraft components will improve range efficiency during air time. This, therefore, leads to quicker, fast-paced, and increased growth in the aviation industry, thereby expanding the product demand. Commercial aircraft frequently use turbofan engines to boost combustion efficiency. This turbofan engine has four sections from top to bottom: the fan, blower, ignition chamber, and turbine. A titanium compound is primarily utilized for the fan and the blower, where the temperature is somewhat low (600˚C or lower).

On the other hand, titanium is resistant to freezing at low temperatures. In addition, corrosion is not a concern, even when dew condenses when there is a drop in temperature. This would create newer heights for the market during the forecast timeline.


Availability of Alternative Process Such as Casting to Restrict the Market Growth

Forging and casting are the two most popular metal transformation and manufacturing processes to create parts and components for various end-use industries. These processes are different from one another and yield products with assorted characteristics. Forging is limited in terms of the product size and thickness of the metal, whereas metal casting is compatible with a wide range of sizes. As a result, closed die forging dies are developed after extensive detail and research.

Material selection is limited in forging, whereas the casting process is compatible with all types of metal. It provides the primary product with few secondary operations, which is another advantage that casting has over the forging process. These factors highly impacted the global market growth.


By Raw Material Analysis

Carbon Steel Remains the Leading Segment due to High Demand from Various End-User Industries

In terms of raw material, the market is segmented into carbon steel, alloy steel, stainless steel, aluminum, magnesium, titanium, and others. Forging is a significant process used in the metal fabrication and manufacturing industry. Forging is carried out using various tools to manufacture the most durable components. It enhances the properties such as dependability, toughness, and strength.

The carbon steel segment held the major share in 2022. Carbon steel is a widely used alloy in various end-user industries, including general manufacturing, automotive, industrial, and others. Owing to the exceptional strength, flexibility, and anti-corrosive nature of carbon steel, it is majorly employed in end-user industries.

Stainless steel is expected to be the fastest-growing segment. The increasing use of stainless steel in the ABC (Architecture, Building, and Construction) industries is driving the demand for stainless steel, further influencing the demand for stainless steel forged products.

Construction sites, mines, and material handling facilities are often subjected to heavy equipment piles and difficult operating conditions. Forged components are frequently favored to protect against hazardous blips and unnecessary interruption.

By Technology Analysis

Open Die Segment to be Fastest Growing Segment Owing to Growing Adoption by End-users

In terms of technology, the market is segmented into closed die, open die, and others. In 2022, the closed die segment accounted for the largest share. Closed die forging is called impression die forging and uses molds. Closed die forging offers exceptional strength as compared to alternative methods. Closed die forging fabricates automobile components, hardware apparatuses, and tools. Open die forging or smith forging held a significant share in 2022.

Open die forging is an effective technique for several kinds of manufacturing. It allows the rough and final shaping of metal, most commonly steel, and its alloys. Owing to its ability to forge extremely large workpieces, weighing many tons and having large widths and lengths, it is used in machinery and component manufacturing.

By End-User Analysis

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Automotive to be Fastest Growing Segment Owing to High Product Demand

The market is segmented into automotive, mechanical equipment, aerospace & railways, and others, based on end-user. The automotive segment dominated the market in 2022 and is expected to dominate by 2030. The automotive industry is one of the prime consumers of forged products such as engines, frames, gear components, drive shafts, clutch, and others. The growing automotive industry is expected to boost this market, significantly.

The aerospace & railways segment held a considerable share in 2022. Growing demand for materials with high strength-to-weight ratios and structural dependability is further influencing performance, thereby driving the market. Forgings made of non-ferrous, ferrous, and special alloy materials are extensively used in helicopters, commercial jets, military aircraft, piston-engine planes, and spacecraft.


Asia Pacific Metal Forging Market Size, 2022 (USD Billion)

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The global market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa in terms of geography. Asia Pacific accounted for the largest metal forging market share in 2022 and is the fastest-growing region owing to the presence of major metal forging nations such as China, India, and Japan. Moreover, increasing manufacturing capabilities of end-use industries, such as automotive and general manufacturing, are major factors driving regional growth.

Europe is expected to show significant growth by the end of the forecast period. Europe is a well-established automotive market. The growing adoption of forged metal in automotive applications is expected to drive the growth of metal forging in Europe.

North America is expected to grow considerably due to increased demand from industries for forged automobile parts. Additionally, North America is a noteworthy consumer of forged products for construction, oil & gas, and general manufacturing sectors.

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South America is a swiftly advancing region in urbanization and technological advancement. The presence of major metal manufacturers such as Bekaert, ArcelorMittal, and ThyssenKrupp is expected to promote growth in the region. The growing demand for forged parts owing to the rising automotive and manufacturing industry in the Middle East is anticipated to boost the market growth.


Business Expansion is a Strategic Initiative Implemented by Companies

The global market is fragmented in nature. The market has the presence of several global as well as regional players. The key strategies major companies adopt include new product launches to increase their regional presence and improve their portfolio. Furthermore, the market comprises players such as Bharat Forge, Schuler AG, and ThyssenKrupp AG, which will strive to consolidate their position during the forecast period.



  • May 2023: Arconic Corporation announced to enter into a definitive agreement to be acquired by the Apollo Global Management Inc. fund holders in an all-cash transaction deal for an approximate value of USD 5.2 billion. This deal will provide Arconic to back with one of the world's premier investment firms and deliver substantial value to customers and the end users of the products.

  • July 2022: Patriot Forge announced to adjunct the forging facilities with a complete rough machining process in its open-die custom forging manufacturing plant. The complex has open die components of up to 50,000 lbs. to make the desired shape by processing more efficiently and conveniently.

  • August 2021: Otto Fuchs KG announced a purchase agreement with ServoDirect technology from Schuler to buy a crank forging press with a capacity of 3,150 tons for its Shenyang, China, location. This deal will aim to produce more aluminum chassis components for automobile customers in China.

  • February 2020: Arconic Corporation separated into two independent publicly-listed companies in the NYSE as Hownet Aerospace Inc., which includes engine products, forged steel, and engineered structures. The aluminum extrusions and building & construction systems will be named Arconic Corporation under the symbol of "ARNC." This separation will qualify Arconic, Inc. into the U.S. tax-free regime for federal income tax purposes.

  • June 2019: Allegheny Technologies Incorporated (ATI) announced that the company has decided to sell HPMC's non-core traditional forging capacities primarily for oil & gas, transportation, and mining methods to Wynnchurch Capital, LLC at a cash value of USD 37 million. The main aim of this transaction is to majorly focus on nickel and titanium metal, which primarily focuses on the aerospace & defense markets.


An Infographic Representation of Metal Forging Market

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The research report provides a comprehensive market analysis and emphasizes crucial aspects such as leading companies, raw materials, applications, and products. Also, it provides quantitative data regarding volume and value, market analysis, research methodology for market data, and insights into market trends and highlights vital industry developments and competitive landscape. In addition to the abovementioned factors, the report encompasses various factors contributing to the market's growth in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion) Volume (Kiloton)

Growth Rate

CAGR of 7.6 % during 2023-2030


By Raw Material, Technology, End-User, and Geography

By Raw Material

  • Carbon Steel

  • Alloy Steel

  • Stainless Steel

  • Aluminum

  • Magnesium

  • Titanium

  • Others

By Technology

  • Closed Die

  • Open Die

  • Others

By End-User

  • Automotive

  • Mechanical Equipment

  • Aerospace & Railways

  • Others

By Geography

  • North America (By Raw Material, By Technology, By End-User, By Country)

    • U.S.

    • Canada

    • Mexico

  • Europe (By Raw Material, By Technology, By End-User, By Country)

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Poland

    • Rest of Europe

  • Asia Pacific (By Raw Material, By Technology, By End-User, By Country)

    • China

    • Japan

    • India

    • South Korea

    • Taiwan

    • Rest of Asia Pacific

  • South America (By Raw Material, By Technology, By End-User, By Country)

    • Brazil

    • Argentina

    • Rest of South America

  • Middle East & Africa (By Raw Material, By Technology, By End-User, By Country)

    • GCC

    • Turkey

    • Rest of Middle East & Africa

Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 75.62 billion in 2022 and is projected to reach USD 135.91 billion by 2030.

In 2022, the market value stood at USD 75.62 billion.

Growing at a CAGR of 7.6%, the market will exhibit rapid growth in the forecast period (2023-2030).

The automotive segment is expected to lead the market during the forecast period.

Rapid growth in the automotive industry is the key factor driving the market.

Asia Pacific held the highest share of the market in 2022.

ThyssenKrupp AG, ATI Inc., Arconic Corporation, and Patriot Forge Co. are the leading players in the market.

Innovation in metal products and technologies and rising demand for mechanical equipment and aerospace & railways are expected to drive the adoption of metal forging.

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