Metal Forging Market to Grow Gradually by Achieving a Valuation of USD 135.91 Billion by 2030 with a CAGR of 7.6% during the Forecast Period

The metal forging market size is projected to grow from USD 81.13 billion in 2023 to USD 135.91 billion by 2030. As per a report by Fortune Business Insights™ titled, “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” the market stood at USD 75.62 billion in 2022. It is set to exhibit a CAGR of 7.6% during 2023-2030.

Business Regulations during the Pandemic Obstructed the Supply Chains 

The sudden outbreak of COVID-19 has impacted every industry. The global pandemic and lockdown restrictions imposed by governments caused disturbances in supply chains. The metal forging market growth has faced a crisis due to the COVID-19 pandemic.

Surging Growth in the Automotive Industry to Foster Metal Forging Adoption

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

Alcoa Wheel Announced Next-generation Aerodynamic Wheel Solution for Better Transportation System

Alcoa Wheel declared the next-generation aerodynamic wheel solution for trucks to provide adequate fuel efficiency in the transportation system. This innovation provides better maintenance and performance for high-load vehicles and installation. This launch is expected to grow the company’s portfolio growth and product expansion in the global market.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/metal-forging-market-103175

Competitive Landscape:

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

Notable Industry Development:

• August 2022: Otto Fuchs KG in an 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.

List of the Companies Profiled in the Report:

• Wyman Gordon (U.S.)


• Shultz Steel (U.S.)


• Consolidated Industries, Inc. (U.S.)


• Pacific Forge Incorporated (U.S.)


• Otto Fuchs KG (Germany)


• Weber Metals California (U.S.)


• ATI Ladish LLC (U.S.)


• Patriot Forge Co. (Canada)


• Arconic Corporation (U.S.)


• Alcoa Corporation (U.S.)


• voestalpine BÖHLER Aerospace GmbH & Co KG (Austria)


• China National Erzhong Group Deyang Wanhang Die Forging Co., Ltd. (China)


• ThyssenKrupp AG (Germany)


• Scot Forge Company (U.S.)


• Precision Castparts Corp (U.S.)


• Bruck GmbH (Germany)


• ELLWOOD Group Inc. (U.S.)


• Lolu Alloys Ltd (UK)


• Ovako AB (Sweden)


• Celsa Group (Spain)

Further Report Findings:

• Asia Pacific held the largest metal forging market share in 2022. Increasing manufacturing capabilities of end-use industries such as automotive and general manufacturing are major factors driving the regional market growth.


• Europe is anticipated to witness significant growth by the end of the projected period.


• North America is estimated to grow notably owing to increased demand from industries for forged automobile parts.

Table of Segmentation: