Metal Forging Market Size Expected to Grow at a CAGR over 6.83% from 2022 - 2030

The Metal Forging market is estimated to register a CAGR of 6.83% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Metal Forging market— Arconic (USA), China First Heavy Industries (China), ATI (Allegheny Technologies Incorporated) (USA), Bharat Forge (India), JAPAN CASTING & FORGING CORP. (Japan), Brück GmbH (Germany), OMZSpecial Steels LLC (Russia), LARSEN & TOUBRO LIMITED (India), North American Forgemasters (USA) and NIPPON STEEL CORPORATION (Japan).

Market Highlights

The global Metal Forging market is accounted for to register a CAGR of 6.83% during the forecast period and is estimated to reach USD 88,628.7 Million by 2030.

The surging demand for passenger and commercial vehicles drives the increased need for metal forging. Passenger vehicles include cars, SUVs, and other personal transportation options, while commercial vehicles encompass trucks, buses, and vans used for transportation and logistics.

There are several reasons behind the growing demand for these vehicles. Firstly, population growth, urbanization, and improving living standards have increased mobility needs, resulting in higher car ownership rates and a rising number of commercial vehicles for goods transportation. Additionally, emerging markets, such as those in Asia and Latin America, are experiencing rapid economic development, leading to a rise in vehicle demand. Industrialization and infrastructure projects also contribute to the surge in commercial vehicle requirements.

The automotive industry is witnessing increasing demand for forged steel, creating lucrative growth opportunities. Forged steel is preferred in automotive components due to its durability, strength, and reliability. Automotive parts like connecting rods, control arms, rocker arms, crankshafts, camshafts, tie rod ends, and steering knuckles are manufactured using carbon steel, stainless steel, and alloy steel. Closed-die steel forging technology is primarily employed for producing these automotive parts. The demand for forged steel will surge during the forecast period due to the rising demand for commercial and passenger vehicles. Additionally, the adoption of lightweight forged steel in electric vehicles further contributes to the increasing demand for the product. Metal forging plays a vital role in meeting this demand. It allows manufacturers to produce critical components with exceptional strength and durability, ensuring the safety and reliability of vehicles. Commonly forged parts include crankshafts, connecting rods, gears, axles, and suspension components. Forged components offer numerous advantages over alternatives like cast or machined parts. Forged parts exhibit superior mechanical properties, including high tensile strength, fatigue resistance, and impact toughness. They also have excellent dimensional accuracy and surface finish. The automotive industry relies on metal forging because it enables the production of lightweight yet robust components. These components contribute to overall vehicle weight reduction, improving fuel efficiency and reducing emissions.

Moreover, metal forging offers cost-effective production solutions for high-volume manufacturing. The process allows for efficient material utilization and streamlined production cycles, reducing waste and lowering production costs.

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Segment Analysis

The global Metal Forging market has been segmented based on Raw material, type, End-use and region.

Based on Raw Material the global Metal Forging market is further classified into Steel, Aluminum, Magnesium, Nickel-Based Alloys, Titanium and Others. The Steel segment dominated the global Metal Forging market with a value of USD 37,068.59 million in 2022 and is expected to grow with a CAGR of 6.65 % during the forecast period. In 2022, carbon steel dominated the global market with a revenue share. Carbon steel can be categorized into three grades based on its carbon content: low, medium, and high. Compared to stainless steel, carbon steel has a lower material cost, making it suitable for applications in the oilfield and automotive industries. Carbon steel is the automotive industry's preferred choice for manufacturing control arms, rocker arms, and crankshafts due to its wide availability and cost-effectiveness. It offers a balanced combination of strength, flexibility, malleability, high strength, toughness, temperature resistance, good machinability, wear resistance, and corrosion resistance in mild atmospheres. These advantageous properties have led to a significant demand for carbon steel in the automotive sector.

Based on types, the global Metal Forging market has been divided into Closed-die Forging, Open-die Forging and Others. The Closed-die Forging segment dominated the Metal Forging market and accounted for the largest share of 53.77 % in 2022; the segment was valued at USD 47,659.80 million in 2022. The closed die segment, also referred to as impression die, is the prevailing technology employed for forging of this kind. This technology's increasing popularity can be attributed to its compatibility with all metals. It is a clean and efficient process that yields near net shapes, high strength, close tolerances, and superior surface finishes. Furthermore, the closed die forging process does not have any limitations in terms of material selection. As a result, it has become widely utilized for forging components made of steel and aluminum due to these advantageous features. The closed die forging market is influenced by improving global economic conditions, advancements in components and manufacturing processes, and the growth of end-user industries.

Based on end-use industries, the global Metal Forging market has been divided into Automotive, Aerospace & Defense, Power, Building & Construction, Oil & Gas, Metal working and Others. The Automotive segment dominated the Metal Forging market and accounted for the largest share of 28.17% in 2022; the segment was valued at USD 24,964.94 million in 2022.In 2022, the automotive sector is the largest and fastest-growing consumer of forged metal parts. Automotive components made through forging are stronger than those made through casting or machining. However, the growing presence of electric vehicles (EVs) is expected to reduce the demand for forged components compared to traditional internal combustion engines. Forging is a metal-forming process widely used in the automotive sector to manufacture various parts and components. Stainless steel and alloy steel are the preferred materials for forging automotive components. The automotive industry is experiencing significant growth due to the rising demand for commercial and passenger vehicles and the increasing adoption of EVs. This growth in the automotive industry will drive the demand for forged metal parts, leading to market expansion.

Regional Analysis

Region-wise global Metal Forging market has been divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for the largest market share of 38.26% in 2022, with a market value of USD 33,913.66 million; the region is expected to register a CAGR of 6.92% during the forecast period. Europe was the second-largest market in 2022, valued at USD 26,242.75 million; the market is projected to exhibit the highest CAGR of 6.29%.

In 2022, the Asia Pacific region was the dominant force in the global metal forging market due to the growing demand for metal forgings in key industries such as railways, automobiles, energy, and aerospace. The region's position is expected to strengthen further during the forecast period. One notable example of this demand is South Korea's plans announced in April 2021. The country intends to invest approximately KRW 114.7 trillion (equivalent to USD 102.7 billion) to expand its railway network nationwide by 2030. Such initiatives contribute to the increasing need for metal forgings. Within the Asia Pacific, China and India have emerged as the leading countries in the metal forging market due to the increasing usage of forged metal in the automotive and mechanical industries. China, being the largest economy in the region, plays a significant role in the Asia-Pacific metal forging market. It has a strong manufacturing base and is a major exporter of forged products. India is also a prominent market, with a growing automotive industry and a focus on infrastructure development. Additionally, the supportive government regulations promoting the development and use of electric vehicles have fueled the demand for lightweight forged steel parts in the automotive sector.

The European market is expected to rank second due to the increasing utilization of forging components in the automotive and aerospace sectors. The automotive industry in Europe is witnessing a growing demand for forged metal parts such as high-pressure valves, flanges, valve bodies, and fittings, which is driving the market in this region. Europe held the second-largest revenue share in the global market in 2022, primarily attributed to substantial government investments in secure and sustainable construction activities. Furthermore, the rising consumer preference for premium and luxury cars in Europe is fueling the demand for metal forging in the automotive industry, as it enables the production of high-quality metal parts.

Key Findings of the Study

• The global Metal Forging market is expected to reach USD 149,806.01 Million by 2030, at a CAGR of 6.83% during the forecast period.


• Asia-Pacific held the largest market share of 38.26% in 2022.


• Based on raw material, the steel segment was attributed to holding the largest market in 2022, with an approximate market share of 41.82%.


• Based on Type, the Closed-die Forging segment was attributed to holding the largest market in 2022, with an approximate market share of 53.77%.


• Based on End-use Industry, the Automotive segment was attributed to holding the largest market in 2022, with an approximate market share of 28.17%.


• Arconic (USA), China First Heavy Industries (China), ATI (Allegheny Technologies Incorporated) (USA), Bharat Forge (India), JAPAN CASTING & FORGING CORP. (Japan), Brück GmbH (Germany), OMZSpecial Steels LLC (Russia), LARSEN & TOUBRO LIMITED (India), North American Forgemasters (USA) and Nippon Steel Corporation (Japan).