Metal Forging Market Expected to Reach $168 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Metal Forging Market," The metal forging market size was valued at $83.4 billion in 2022, and is estimated to reach $168 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032.

Various types of metals are formed and shaped using metal forging process. 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 2022, 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 forecast by growing with the highest CAGR. On the basis of 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 2022, owing to its large-scale 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, forged metal components are utilized in various industries as forged metal is strong and durable. On the basis of application, the market is segregated into automotive, aerospace & defense, railway, industrial machinery, and others. Among these industries, the automotive industry segment accounted for a larger revenue share in 2022; however, the industrial machinery segment is anticipated to grow with a higher CAGR during the forecast period.

The automotive and aerospace industries have witnessed substantial growth attributed to an increase in urbanization, globalization, and a rise in the GDPs of economies across the globe. Various components are used in airplanes, automobiles, and ships that are widely made using the forging process. Moreover, according to the U.S. Department of Transportation, as of 2020, there were as many as 274 million vehicles on the roads in the U.S.

However, limitations of metal forging are anticipated to restrain the 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 the latest technology that makes it highly productive at a relatively lower cost. Such growth factors are positively affecting the metal forging market outlook.

In 2022, Asia-Pacific dominated the metal forging market, in terms of revenue, and is anticipated to grow with the highest CAGR, owing to increased investments in infrastructure development such as bridges, airports, and railway tracks in countries such as India and China. Moreover, a rise in industrialization and a surge in demand for automobiles are anticipated to drive metal forging market growth.

However, various businesses in the metal forging market had to stop their businesses in countries such as India, China, the U.S., Germany, and Italy during the pandemic. This break directly impacted the metal forging industry. In addition, the lack of manpower and high demand for metals increased their prices, which negatively influenced the growth of the metal forging market. However, owing to the introduction of vaccination, the severity of the pandemic significantly reduced and key players in the market recovered rapidly. Moreover, the quantitative easing of the economy done during COVID-19 by many countries across the globe led to inflation, which had a negative impact on the growth of all industrial sectors including the construction sector. Most of the metals have become expensive, eventually declining the metal forging market growth. In addition, inflation has also been boosted by the Ukraine-Russia war, which led to an increase in oil & gas prices.

Key Findings of the Study

• The report provides an extensive analysis of the current and emerging metal forging market trends and dynamics. 
• Depending on the raw material, the carbon steel segment dominated the metal forging market, in terms of revenue in 2022.
• By technique, the open die forging segment accounted for the highest revenue share in 2022.
• Depending on the application, the automotive segment dominated the metal forging market, in terms of revenue in 2022.
• Asia-Pacific dominated the market in 2022 and is projected to register the highest growth rate in the coming years.
• The key players within the metal forging market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the metal forging industry.
• The report provides an extensive analysis of the current trends and emerging opportunities in the market. 
• In-depth metal forging market analysis is conducted by constructing estimations for the key segments between 2023 and 2032.