Metal Forging Market Size, Share & Industry Analysis, By Raw Material (Carbon Steel, Alloy Steel, Stainless Steel, Aluminum, Magnesium, Titanium, and Others), By Technology (Closed Die, Open Die, and Others), By Application (Automotive, Mechanical Equipment, Aerospace & Railways, and Others), and Regional Forecast, 2020-2027

The global metal forging market size was estimated at USD 80,796.0 million in 2019 and is projected to reach USD 135,017.7 million by 2027, exhibiting a CAGR of 6.7% 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 with the use of 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 purpose of using a metal forging process is 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 the production of a wide range of forged products having 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 produced. The rising demand for the product is attributable to its applications in mechanical equipment, construction, automotive, oil & gas, and aerospace.

LATEST TRENDS

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Constant Product Innovations in Metal Forging to Aid Growth

Technological developments and innovations in forging processes provide several advantages such as high performance, maximum strength, high metallurgical properties, and superior internal integrity over other competing metal manufacturing processes. Several manufacturers in the market are focusing on product innovations in to address customized requirements. The rising demand for ready-to-fit components or sub-assemblies from the end-users has led the manufacturers to develop new products and technologies. Advanced processing equipment and control systems allow forgers to produce metal parts with greater uniformity and exceptionally tight dimensional tolerances within the given time to meet the delivery schedules of the customers.

Additionally, cooperative research by collaborating with suppliers, end users, government, institutes, and other forging companies to enhance or develop significant existing and new technologies is a key strategy adopted by different players in the forging industry. For instance, the Institute of Metal Forming and Metal‐Forming Machines (IFUM) is involved in the innovation of forging technologies from material characterization to final production of metal parts. The institute helps companies in developing technologies for structural optimization, forging dies, and weight reduction in parts produced. The rising research and development activities by the forgers will aid the growth of the global metal forging market during the forecast period. 

DRIVING FACTORS

Increasing use of Titanium in the Production of Aircraft Components Will Aid Market Growth

The titanium alloys are superior to other metallic materials used in the forging process. The maximum consumption of titanium alloy forging is witnessed in the aerospace industry. This is attributable to its high melting point and poor heat conduction. It has a combination of impressive strength-to-weight ratios, very low density, and corrosion resistance. In aircraft, this material is forged particularly for rotating parts such as engine disks and shafts and is used as an alternative to aluminum metal. The material provides a low thermal expansion rate, thereby helping to maintain its shape within tight tolerance. These factors have led to an increase in the demand for titanium alloys in the aerospace industry which in turn favors the global metal forging market growth.

Rising Use of Forged Steel in the Automotive Industry to Fuel the Market Growth

Rising demand for forged steel in the automotive industry will create lucrative growth opportunities. The durability, strength, and reliability of forged steel make it a preferred choice in the automotive component. Carbon steel, stainless steel, and alloy steel are used to manufacture components such as connecting rods, control arm, rocker arm, crankshaft, camshaft, tie rod end, and steering knuckle in the automotive industry. Closed die steel forging technology is mainly used to manufacture automotive parts. The rising demand for commercial & passenger vehicles, coupled with the adoption of lightweight forged steel in electric vehicles, will surge the demand for the product during the forecast period.

RESTRAINING FACTORS

Availability of Alternative Processes to Restrict the Market Growth

The rising demand for alternative metal forming processes such as casting is anticipated to restrict the use of the forging process. In the casting process, the molten metal is poured into the mold, which contains a cavity with the desired shape of the casting. Then the molten metal is allowed to solidify, which is called casting. The casting process is cheaper than this type of forging process. Therefore, most manufacturers prefer using the casting process for its affordability. The use of alternative metal forming processes is expected to hinder market growth.

SEGMENTATION

By Raw Material Analysis

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Carbon Steel Segment to Remain the Largest Material

Based on raw material, the market is segmented into carbon steel, alloy steel, stainless steel, aluminum, magnesium, titanium, and others. Carbon steel is the most widely used raw material in manufacturing. It is preferred over other materials in the automotive industry to manufacture control arm, rocker arm, and crankshaft. It provides cost-effectiveness for structural applications, the balance between strength & ductility, malleability, high strength, toughness, temperature resistance, good machinability, wear-resistant, and corrosion resistance in mild atmospheres. These benefits of carbon steel have created a huge demand in the automotive industry.

The alloy steel is the second most used material in metal forging. It is a strong and tough material that offers a higher wear resistance as compared to carbon steel forgings. Alloy steel is commonly alloyed with materials such as chromium, nickel, silicon, molybdenum, and manganese to increase its physical properties. Forged alloy steel parts minimize shrinkage, cavities, and porosity. Additionally, these parts offer high impact strength than the cast steel parts. These benefits increase the consumption of alloy steel in this metal forging industry. 

By Technology Analysis

Closed Die Segment to be the Dominant Technology

Based on the technology, the market is classified into the closed die, open die, and others. The closed die segment, also known as impression die, is the dominant technology used for this type of forging. The growth in this technology is attributed to the compatibility of all metals with the process. It is a clean process and also provides near net shapes, high strength, close tolerance, no material limitation, and better surface finish. These benefits of the closed die forging process increase its use to forge components such as steel and aluminum.

Open-die forging is the fastest-growing technology in the market. This forging process is increasingly preferred owing to benefits such as less material waste, better fatigue resistance, valuable cost savings, reduces chance of error or holes, improves microstructure, continuous grain flow, and finer grain size.

By End User Analysis

Automotive to be the Fastest-Growing End-User

Based on the end-user, the market is categorized into automotive, mechanical equipment, aerospace & railways, and others. Among these, the automotive is the largest and fastest-growing end-user in the market. Forging is the metal forming process used for producing various parts and components in the automotive industry. Stainless steel and alloy steel are the materials of choice for forged automotive components. The automotive industry is growing at a significant rate owing to the increasing demand for commercial & passenger vehicles and the increasing adoption of electric vehicles. Hence, the rising automotive industry will propel the demand for the forged metal parts that will surge the market growth. 

The mechanical equipment segment is the second-largest end-user for metal forging process. Mechanical equipment use forged metal parts owing to their fatigue, ductility, and better mechanical properties. Furthermore, this equipment is used in several industries including construction, oil & gas, and agriculture. Therefore, the growth in mechanical equipment demand will surge the market growth during the forecast period. 

REGIONAL INSIGHTS

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The market size in the Asia Pacific stood at USD 43,926.0 million in 2019. Based on the region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific holds the largest metal forging market share, in which China and India are the leading countries. The growth in this region is associated with the rising adoption of forged metal components in the automotive and mechanical industries. Further, the supportive government regulation for the development and use of electric vehicles has also surged the demand for lightweight forged steel parts from the automotive industry. 

The market in Europe is expected to hold the second position owing to the rising use of forging components in the automotive and aerospace industries. The growing use of forged metal parts in the manufacturing of high-pressure valves, flanges, valve bodies, and fittings for the automotive industry would drive the market in this region. In North America, growth is attributable to the rising demand for custom forgings from various industries including aerospace, automotive, and oil & gas. Furthermore, increasing demand for rolled rings forging from the aerospace industry in North America would surge this market growth, globally. 

KEY INDUSTRY PLAYERS

Key Players Have Adopted Inorganic Growth Strategies to Sustain Their Market Position

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

LIST OF KEY COMPANIES PROFILED:

• Arconic (US)


• Aichi Steel Corporation (Japan)


• Nippon Steel Corp (Japan)


• Allegheny Technologies Inc. (US)


• American Axle & Manufacturing Inc. (US)


• Bharat Forge Ltd (India)


• Bruck GmbH (Germany)


• ThyssenKrupp AG (Germany)


• L&T Special Steel and Heavy Forgings (India)


• China First Heavy Industries (China)


• All Metals & Forge Group (US)


• Schuler AG (US)


• The Japan Steel Works, Ltd. (Japan)


• Hilton Metal Forging Ltd. (India)

KEY INDUSTRY DEVELOPMENTS:

• January 2020 – Blue Point Capital Partners announced the acquisition of Mattco Forge Inc., the producer of metal forging products for the aerospace and defense industry. This acquisition will help Blue Point to improve its supply-chain management, enhance its business infrastructure, and to expand its production capabilities.


• July 2018 – Arconic has announced the launch of ARCONIC-THOR, a next-generation aero-engine run hotter. This new product can be produced as forgings, plates, rolled rings, sheets, billet, foil, and extrusions. The product is also 50% lighter than incumbent nickel-based superalloys. This launch will help the company meet the demand from the aerospace industry.

REPORT COVERAGE

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The market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, raw materials used, technology adopted, and leading end users of the process. Besides this, the report offers insights into the market trends, competitive landscape, and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation