Metal Forging Market Research Report Information By Raw Material (Steel, Aluminum, Magnesium, Nickel-Based Alloys and Titanium), By Type (Closed-die Forging, Open-die Forging and Ring Rolling), By End-Use Industry (Automotive, Aerospace & Defense, Power, Building & Construction, Oil & Gas and Metalworking), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

Global Metal Forging Market Overview

Metal Forging Market Size was valued at USD 84.1 billion in 2021. The metal forging industry is projected to grow from USD 89.43 Billion in 2022 to USD 137.52 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.34% during the forecast period (2022 - 2030). The worldwide aerospace and automotive industries' rising demand is the key market driver propelling the metal forging market's expansion.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Metal forging Market Trends

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  Expanding the aerospace industry to boost the metal forging market growth

  
  

Large aluminum alloy forging is sought after in the aerospace sector due to its strength, lightweight, and excellent reliability. High-temperature, high-pressure metal forging is used to create the frames for aircraft fuselages and the rings for rocket walls. Additionally, metal forgings are employed in aircraft in parts like engine discs, fuselage, undercarriage, primary mounting elements in the wing box, and parts for wings and pylons. In many places, there is an increase in the demand for aircraft. For instance, Boeing predicted that over the next 20 years, China's airlines would spend US$1.4 trillion on 8,600 new aircraft and US$1.7 trillion on commercial aviation services. By 2030, the Middle East will require 2,520 new aircraft, according to Boeing's current business projection. Additionally, Boeing predicts that over the next 20 years, demand for 2,300 aircraft worth US$320 billion will be driven by India. Given their advantages, forged metals are anticipated to have many potential uses in the aircraft industry. Consequently, the market for metal forging will be stimulated by the expanding aircraft industry.

Figure 1: Rising Production of Aircraft

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Additionally, the rapidly expanding automotive industry, namely in the automobile industry, is responsible for the growth of the worldwide metal forging market. Metal forging is a method that produces metal components in the desired size and shape. The technique gives exceptional consistency of structure and composition in addition to tensile strength. Bearings, crankshafts, and transmission gears are all made of steel-forged metal, which is highly employed in the automotive sector. Forged steel is essential to handle the stress and tension placed on crankshafts, bearings, and transmission gears. Due to the increased demand for lightweight automobiles, market competitors are engaged in intense competition. Drive shafts, differential gears, transmission shafts, and connecting rods are all made from forged metal components as part of a vehicle's powertrain system. ly, more electric vehicles are expected to be produced and used. For instance, the Indian EV market is anticipated to grow between 2020 and 2027 at a CAGR of 44%, with annual sales reaching 6.34 million units by that year. The market is expected to be driven by a gradual move toward electric vehicles, which will increase demand for forged metals used to make various electric vehicle components. Therefore, this factor has enhanced the metal forging market CAGR ly in recent years.

However, during the projection period, increased investment in the modernization of power generation and renewable energy is anticipated to increase demand for metal-forged components. For instance, the US Senate approved a USD 550.00 billion renewable energy investment plan in September 2021. The measure includes a USD 73 billion provision for clean energy production. Thus, driving the growth of the metal forging market revenue.

Metal forging Market Segment Insights

Metal Forging Raw Material Insights

The metal forging market segmentation, based on raw material, includes Steel, Aluminum, Magnesium, Nickel-Based Alloys and Titanium. The steel segment held the majority share in 2021 with respect to the metal forging market revenue. Growing demand from the aviation sector is a significant driver of this segment's revenue growth. Due to its high repeatability, stainless steel is an essential material for aviation since it allows businesses to reduce their overall costs and increase revenues significantly.

Metal Forging Type Insights

The metal forging market segmentation, based on type, includes Closed-die Forging, Open-die Forging and Ring Rolling. The closed-die forging segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Rising product and manufacturing process advancements and improving worldwide economic conditions are key factors boosting this segment's revenue growth. An innovative manufacturing process known as closed-die forging, also known as impression die forging, uses pressure to compress a piece of metal to fit an enclosed die impression. Hence, it positively impacts the market growth for metal forging.

Figure 2:  Metal Forging Market, by Type, 2021 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Metal Forging End-Use Industry Insights

The metal forging market data has been divided by end-use industry into Automotive, Aerospace & Defense, Power, Building & Construction, Oil & Gas and Metalworking. The automotive segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The capacity to generate parts with extremely high dimensional precision and better surface finishes due to cold working or heat treatment processes employed in forging make metal forging superior to other methods of producing metal/plastic parts. By using aluminum alloys instead of steel, producers can improve product quality, raise productivity, shorten the time it takes to commercialize new goods and increase die-casting yields.

Metal Forging Regional Insights

By region, the study provides market insights for metal forging in North America, Europe, Asia-Pacific and the Rest of the World. The Asia Pacific metal forging market accounted for USD 38.85 billion in 2021 and is expected to exhibit a significant CAGR growth. It is predicted that demand for metal forgings will increase throughout the projection period due to the growing demand in the transportation, energy, aerospace, and automotive sectors.

April 2021: South Korea declared it will invest KRW 114.7 trillion (about USD 102.7 billion) to increase its railway network by 2030.

Further, the major countries studied in the market report for metal forging are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  METAL FORGING MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe metal forging market accounts for the second-largest market share because the automotive and aerospace sectors are using more forgings in their products. The market in this area would be driven by the expanding usage of forged metal components in producing high-pressure valves, flanges, valve bodies, and fittings for the automotive sector. Further, the Germany metal forging market held the largest market share, and the UK metal forging market was the fastest-growing market in the European region

North America Metal forging market is expected to grow at the fastest CAGR from 2022 to 2030 due to the increased demand for specialized forgings from many industries, including oil & gas, aircraft, and automobiles. Additionally, rising demand for rolled rings forging from the North American aerospace industry would propel this market's growth internationally. Moreover, US metal forging market held the largest market share, and the Canada metal forging market was the fastest-growing market in the North American region

Metal forging Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the metal forging market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the metal forging industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the metal forging industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, the metal forging industry has provided medicine with some of the most significant benefits. The metal forging market major player such as Arconic Corp., ATI, Bharat Forge Ltd., Ellwood Group Inc., China First Heavy Industries, Scot Forge, Thyssenkrupp Business Area Components Technology, Bruck GmbH, Nippon Steel Corp., Precision Castparts Corp., Kovárna Viva, Larsen & Toubro Ltd and Japan Casting & Forging Corp.

American industrial business Arconic Corporation specializes in the engineering and production of lightweight metals. Products from Arconic are utilized in industrial, consumer electronics, aerospace, automotive, commercial transportation, packaging, building and construction, oil & gas, and other fields all over the world. In July 2018, a new generation of hotter-running aero engines, called ARCONIC-THOR, was introduced by Arconic. Forgings, plates, rolled rings, sheets, billets, foil, and extrusions can all be used to make this novel product. Additionally, the product is 50% lighter compared to current nickel-based superalloys. The company will be better able to meet demand from the aerospace sector thanks to this launch.

Also, an Indian corporation called Bharat Forge Limited works in the forging, automotive, energy, building and mining, railroads, marine, aerospace, and defense sectors. On June 19, 1961, Nilkanthrao A. Kalyani established the business. In December 2021, The Pune-based  Metal Forging Leader Bharat Forge enhanced Overall Equipment Effectiveness (OEE) on certain of their forging lines by over 15% by utilizing the digital manufacturing solutions from IoT company PTC Inc. India's leading supplier of automotive parts has started a five-year digital transformation effort to improve operational efficiency at its production plants as profit margins are becoming more constrained.

Key Companies in the metal forging market include

• Arconic Corp.


• ATI


• Bharat Forge Ltd.


• Ellwood Group Inc.


• China First Heavy Industries


• Scot Forge


• Thyssenkrupp Business Area Components Technology


• Bruck GmbH


• Nippon Steel Corp.


• Precision Castparts Corp.


• Kovárna Viva


• Larsen & Toubro Ltd.


• Japan Casting & Forging Corp

Metal Forging Industry Developments

January 2023: Italian Forger Orders Open-Die Press - Danieli received an order from Lucchini RS Group for a new open-die forging press for its site in Lovere, Bergamo, Italy. The press will broaden Lucchini RS Group’s product portfolio while supporting its efforts in energy and raw-material optimization and cost reduction. With a 7,000-ton force, the press will give shape to ingots for automotive and industrial applications. It will be the most powerful and energy-efficient open-die forging press among those in operation for Lucchini RS Group. The press will start operation by early 2024.The machine frame – with four pre-stressed polygonal casings and flat guides on the moving crosshead – will be sized for a long service life, ensuring machine rigidity and consequent final product accuracy. The hydraulic equipment will feature the most advanced solutions to reduce energy consumption and optimize plant layout and electrical infrastructure configuration. The press will be entirely manufactured in Danieli workshops in Italy.January 2023: GA-ASI Partners with Bharat Forge to Manufacture Aerostructures - In a move to boost manufacturing in India, General Atomics Aeronautical Systems Inc. (GA-ASI) and Bharat Forge Ltd., announced a partnership to manufacture main landing-gear components, subassemblies and assemblies of remotely piloted aircraft. With over five decades of experience in manufacturing a wide range of high-performance, critical-safety components, Bharat Forge offers full-service supply capability from concept to product design, engineering, manufacturing, testing and validation. It the company, which is part of the Kalyani Group, manufactures structural and engine parts and subsystems for aircraft and engines for both civil and military applications. Its portfolio includes aircraft turbine and compressor manufacturing; high-end engine components like blades, discs and shafts; and airframe components, including aircraft landing gear.January 2023: Bharat Forge Supplying Forgings Utilizing Green Steel - India’s Bharat Forge Ltd. commenced supply of forgings utilizing green steel manufactured and supplied by Saarloha Advanced Materials Private Ltd. (Saarloha), which is part of the Kalyani Group.The green steel, which is under the brand “KALYANI FeRRESTA & KALYANI FeRRESTA PLUS,” is manufactured in an electric-arc furnace (EAF) using electricity from 100% renewable energy sources and more than 70% recycled scrap material with zero GHG footprint. Customers purchasing KALYANI FeRRESTA & KALYANI FeRRESTA PLUS steel products will receive green-steel certificates jointly issued by DNV Business Assurance India Private Ltd. and Saarloha, which they can use to claim their Scope 3 emissions reduction.

February 2022: A new press has been installed for the forging plant, according to a statement from Goodluck India Ltd. The facility will presumably aid the business in producing larger parts for vital industrial machinery and aerospace and defense equipment.

January 2020: Announcing the purchase of Mattco Forge Inc., a manufacturer of metal forging goods for the aerospace and defense sectors, Blue Point Capital Partners. Blue Point will be able to grow its production capacity, strengthen its business infrastructure, and improve supply-chain management as a result of this transaction.

Metal Forging Market Segmentation

Metal Forging Raw Material Outlook

• Steel


• Aluminum


• Magnesium


• Nickel-Based Alloys


• Titanium

Metal Forging Type Outlook

• Closed-die Forging


• Open-die Forging


• Ring Rolling

Metal Forging End-Use Industry Outlook

• Automotive


• Aerospace & Defense


• Power


• Building & Construction


• Oil & Gas


• Metalworking

Metal Forging Regional Outlook

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  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America
  
  
  
  

Report Scope:

Report Attribute/Metric	Details
Market Size 2021	USD 84.1 billion
Market Size 2022	USD 89.43 billion
Market Size 2030	USD 137.52 billion
Compound Annual Growth Rate (CAGR)	6.34% (2022-2030)
Base Year	2021
Market Forecast Period	2022-2030
Historical Data	2018 & 2020
Market Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered	Raw Material, Type, End-Use Industry, and Region
Geographies Covered	North America, Europe, Asia Pacific, and Rest of the World
Countries Covered	The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled	Arconic Corp., ATI, Bharat Forge Ltd., Ellwood Group Inc., China First Heavy Industries, Scot Forge, Thyssenkrupp Business Area Components Technology, Bruck GmbH, Nippon Steel Corp., Precision Castparts Corp., Kovárna Viva, Larsen & Toubro Ltd and Japan Casting & Forging Corp.
Key Market Opportunities	Increased investment in the modernization of power generation and renewable energy
Key Market Dynamics	Rising adoption by the automotive industry Rising adoption by the aerospace industry

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