Metal Forging Market Size, Share, Growth Trends and Regional Forecast 2024-2032

Metal Forging Market Size, Share, Growth Trends and Regional Forecast 2024-2032

According to Fortune Business Insights, The global metal forging market was valued at USD 78.05 billion in 2023 and is expected to expand from USD 67.43 billion in 2024 to USD 94.88 billion by 2032, registering a CAGR of 4.4% during the forecast period. Asia Pacific held the largest share, accounting for 44.61% of the market in 2023. In addition, the U.S. metal forging market is anticipated to reach USD 13.96 billion by 2032, driven by rising demand from the automotive, aerospace, and industrial machinery sectors.

Metal forging is a manufacturing process that shapes metal through localized compressive forces. This technique is vital for producing components with exceptional strength, durability, and precision, making it indispensable in industries such as automotive, aerospace, energy, and construction. Commonly forged materials include steel, aluminum, titanium, and various alloys, each chosen to meet the unique performance requirements of specific applications.

Fortune Business Insights™ mentioned this in a report titled “Metal Forging Market, 2024-2032.”

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Segments-

Carbon Steel Remains the Leading Segment due to High Demand from Various End-User Industries

On the basis of raw material, the market is segmented into carbon steel, alloy steel, stainless steel, aluminum, magnesium, titanium, and others. The carbon steel segment held the major share in 2022. Carbon steel is a widely used alloy in various end-user industries, including general manufacturing, automotive, industrial, and others.

Open Die Segment to be Rapidly Growing Due to High Product Demand

Based on technology, the market is divided into open die, closed die, and others. The closed die segment dominated the market. Closed die forging offers exceptional strength as compared to alternative methods.

Automotive to Lead End-User Segment Due to High Product Demand

The market is fragmented into aerospace & railways, automotive, mechanical equipment, and others, based on end-user. The automotive segment led the market in 2022 and is anticipated to dominate the market share in 2030. The automotive industry is one of the prime consumers of forged products such as engines, frames, gear components, drive shafts, clutch, and others.

Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

List of Key Players Present 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)

Report Coverage-

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments such as product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints-

Growing Demand for Titanium for the Production of Aircraft Components to Propel the Market Growth

Rising population, urbanization, and the surging pace of transportation & tourism are the key drivers of the aerospace industry growth. The aerospace industry uses forged materials to produce components for landing gear, airframe structure, and engine components, and other aerospace applications, thereby driving the metal forging market growth. Titanium alloys and commercially available titanium are majorly used for aircraft manufacturing that features a density than 60% of steel with better strength and effective corrosion resistance.

Forging and casting are the two most famous metal transformation and manufacturing processes to create parts and components for various end-use industries. Forging has limitations in terms of thickness of the metal and product size.

Regional Insights-

Asia Pacific to Dominate the Market Due to the Presence of Major Metal Forging Nations

Asia Pacific dominated the largest metal forging market share in 2022 and is the fastest-growing region due to the presence of major metal forging nations such as Japan, China, and India. Furthermore, rising manufacturing capabilities of end-use industries such as general manufacturing and automotive are major factors driving the regional growth.

Europe is anticipated to witness subsequent growth by the end of the projected period. The growth in this region is due to increasing adoption of forged metal in automotive applications.

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

Competitive Landscape-

Business Expansion is a Strategic Initiative Implemented by Companies

The global market is fragmented in nature. The prominent strategies major companies adopt include new product launches to increase their regional presence and improve their portfolio. The market comprises players, such as ThyssenKrupp AG, Bharat Forge, and Schuler AG, which will strive to consolidate their position during the projected period.

Key Industry Developments:

• February 2024: Ovako and Tibnor, well-known material manufacturing and distributing companies, announced a strategic partnership to promote low-carbon footprint solutions in steel production. Various industrial players are committing to science-based environmental targets, while legislative representatives are insisting companies decrease their emissions or face the true cost of pollution.
• May 2023: Arconic Corporation announced a definitive agreement to be acquired by the Apollo Global Management Inc. fund holders in an all-cash transaction deal with the approximate value of USD 5.2 billion. This deal would provide Arconic with access to one of the world's premier investment firms and deliver substantial value to customers and the end users of their products.