Metal Forging Market to Grow at a CAGR of 4.4% over 2024 to 2032; Growing Need for Demand for Durable Marine Components to Drive Market Growth

The global metal forging market size was valued at USD 78.05 billion in 2023. The market is projected to grow from USD 67.43 billion in 2024 to USD 94.88 billion by 2032 at a CAGR of 4.4% during the forecast period. Fortune Business Insights™ presents this information in its report titled “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 End-User (Automotive, Mechanical Equipment, Aerospace & Railways, and Others), and Regional Forecast, 2024-2032”.

Metal forging uses compressive forces to shape metals, creating robust, precise components vital for the construction, energy, and automotive industries. The shipbuilding industry, particularly in Europe and Northeast Asia, is a major consumer of forged components such as forged rings for cargo vessels, tankers, and military ships. Increasing global trade and demand for durable marine components support market expansion.

The COVID-19 pandemic impacted the global economy, and the metal forging industry is no exception. Key producers such as Germany, Japan, China, the U.S., and the U.K. witnessed disruptions, leading to supply chain disruptions, raw material shortages, and workforce gaps caused by manufacturing suspensions, rising costs, and delayed timelines, significantly impacting operations and product availability.

Otto Fuchs KG Entered into a Partnership with Schuler’s ServoDirect technology to Boost Aluminum Chassis Component Production

In August 2021, Otto Fuchs KG secured a purchase agreement for a 3,150-ton crank forging press with Schuler’s ServoDirect technology. The press is installed at the company’s Shenyang location to increase the production of aluminum chassis components for automobile customers in China.

Rapid Growth of the Automotive Industry to Stimulate Market Development

The market is witnessing robust growth, fueled by the automotive sector’s expansion and the shift toward EVs and hybrids. Forged components ensure strength, reliability, and efficiency, making them essential for modern vehicles. The push for lightweight, high-performance materials in EVs is increasing demand for forged aluminum and steel. Companies such as Bharat Forge and Precision Castparts are driving innovation to optimize weight reduction and enhance battery efficiency.

However, forging requires extensive research and precision in die development, making it less flexible and more resource-intensive compared to casting, hindering metal forging market growth.

Key Players Focus on Introducing New Products to Expand Their Regional Presence

Major players in the metal forging market are Wyman-Gordon, Shultz Steel, Consolidated Industries, Inc., PACIFIC FORGE, INC., and Otto Fuchs KG. Top metal forging companies focus on strategies such as launching new products to expand their regional presence and enhance their portfolios.

List of Key Players Mentioned 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 (U.K.)
• Ovako AB (Sweden)
• Celsa Group (Spain)

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

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

Key Industry Development

• November 2022: Arconic Corporation completed the sale of its Russian operations to Promishlennie Investitsii LLC for USD 230 million. The decision is intended to mitigate geopolitical risks and enhance future shareholder returns.

Further Report Findings

• Asia Pacific captured the key metal forging market share in 2023 and is poised to be the fastest-growing region over the forecast period. The region’s growth is fueled by industrialization and infrastructure development, especially in India and China. China’s push for manufacturing self-reliance has driven advancements in forging technologies, while India’s growing automotive and infrastructure sectors boost demand for forged components. Despite this growth, challenges such as raw material price volatility and environmental concerns remain.  
• North America is expected to experience substantial growth, led by demand for automotive, aerospace, and mechanical equipment. The U.S. drives this with advanced manufacturing and a robust supply chain, increasing the need for forged components. The automotive and aerospace industries emphasize lightweight materials such as aluminum and titanium, spurred by the fuel efficiency goals. Canada’s mining and energy sectors and Mexico’s automotive industry also support regional growth, aided by favorable trade policies and proximity to the U.S.
• Based on raw material, the carbon steel segment commanded the market owing to its exceptional mechanical properties, affordability, and adaptability. Carbon steel is widely used in manufacturing gears, shafts, and fasteners as it can withstand heavy loads and boosts segment growth.

Table of Segmentation