Metal Forging Market Expected to Reach $195.6 Billion by 2034

According to a new report published by Allied Market Research, titled, “Metal Forging Market," The metal forging market was valued at $96.4 billion in 2024, and is estimated to reach $195.6 billion by 2034, growing at a CAGR of 7.3% from 2025 to 2034.

Metal forging is a manufacturing process in which metal is heated and shaped using compressive forces, typically applied with hammers, presses, or dies. This process improves metal strength, durability, and structural integrity by refining its grain structure. Forging is commonly used in industries such as automotive, aerospace, and construction to produce high strength components. Various types of metals are formed and shaped using the metal forging process.

The metal forging market is experiencing significant growth due to the increasing demand from the automotive and aerospace industries. Forged components are widely used in these sectors due to their superior strength, durability, and resistance to high stress. The rise in electric vehicle (EV) production and the expansion of aircraft manufacturing have further fueled the demand for forged parts, including crankshafts, landing gear, and engine components. Moreover, the need for lightweight yet high-strength materials in modern transportation systems has led to advancements in forging technologies, enabling manufacturers to produce complex and precise components, thereby driving market expansion.

However, the metal forging market faces challenges due to high initial investment and operational costs. Setting up forging facilities requires expensive machinery, specialized tools, and skilled labor, which can be a financial burden for small and medium-sized enterprises. Additionally, the energy-intensive nature of forging processes leads to high operational costs, particularly in regions with fluctuating energy prices. Moreover, the rising costs of raw materials such as steel and aluminum add to the financial strain on manufacturers. These factors can limit market entry for new players and slow down the expansion of existing companies, thereby restraining overall market growth.

Furthermore, the increasing adoption of automation and digitalization in the metal forging industry presents a significant opportunity for market growth. The integration of robotics, artificial intelligence, and real-time monitoring systems in forging processes enhances efficiency, reduces material wastage, and ensures high precision in component manufacturing. Moreover, smart forging technologies, including predictive maintenance and data analytics, help manufacturers optimize production and minimize downtime. As industries shift towards Industry 4.0, companies investing in automated forging solutions can gain a competitive edge, improve productivity, and reduce operational costs. This technological evolution is expected to create new growth opportunities and drive the expansion of the metal forging market.

A few of the majorly used metals such as carbon steel, aluminum, and stainless steel are analyzed in the report. Among these, the carbon steel segment accounted for a large metal forging market share in terms of revenue in 2024, due to its strength, durability, and ease of forging. On the other hand, the stainless steel segment is anticipated to dominate the metal forging market during the forecast period. By technique, the market is categorized into open die forging, closed die forging, and ring forging.

Among these, the open die forging segment contributed to a larger revenue share in 2024, owing to its largescale adoption for the production of large, forged metal products such as metal sheets, discs, hubs, blocks, shafts, sleeves, cylinders, flats, hexes, and others. In addition, the forged metal components are utilized in various industries as forged metal is strong and durable. By application, the market is segregated into automotive, aerospace & defense, railway, oil & gas, power generation, industrial machinery, and others.

Among these industries, the automotive industry segment accounted for a larger revenue share in 2024, however, the industrial machinery segment is anticipated to grow with a higher CAGR during the forecast period. The automotive and aerospace industries have witnessed a substantial growth attributed to urbanization, globalization, and rise in GDPs of economies across the globe. Various components are used in airplanes, automobiles, and ships that are widely made using the High-Strength Forgingprocess.

Moreover, according to the U.S. Department of Transportation, as of 2023, there were as many as 274 million vehicles on the roads in the U.S. However, limitations of metal forging are anticipated to restrain market growth. On the contrary, the incorporation of industry 4.0 technologies in metal forging machinery is expected to provide lucrative opportunities for market expansion. The metal forging market is a highly competitive market, and major players innovate and launch advanced products to cater to a wider range of customers. For instance, in February 2021, Schuler Group installed two forging lines for its customers in China. The machine incorporates industry 4.0 technologies, which enables the machine to be operated remotely. The machine is equipped with latest technology that makes it highly productive at a relatively lower cost.

In 2024, Asia-Pacific dominated the metal forging market, in terms of revenue, and is anticipated to grow with the highest CAGR during the forecast period, owing to increased investments in infrastructure development such as bridges, airports, and railway tracks in countries such as India and China. Moreover, rapid industrialization and surge in demand for automobiles are anticipated to drive metal forging market growth. Most of the metals have become expensive, eventually hampering the metal forging market growth. In addition, the Ukraine-Russia war resulted in inflation, which led to an increase in oil & gas prices.

Key Findings Of The Study

• By raw material, the carbon steel segment dominated the Metal Forging market size in terms of revenue in 2024 and is anticipated to grow at a high CAGR during the forecast period.
• By technique, the Open Die Forging segment dominated the Metal Forging Market Trends in terms of revenue in 2024 and is anticipated to grow at a high CAGR during the forecast period.

• By application, the automotive segment dominated the Metal Forging Market Analysis in terms of revenue in 2024 and is anticipated to grow at the fastest CAGR during the forecast period.

• Region-wise, Asia-Pacific generated the largest revenue in 2024 for Metal Forging Market Opportunity and is anticipated to grow at the highest CAGR during the forecast period.