Metal Forging Market Trends, Top Companies, Regional Demand and Forecast to 2032

The Metal Forging Market is a manufacturing process that has been practiced for centuries. It involves heating a metal to a specific temperature and then applying compressive forces to shape it into the desired form. There are several methods of forging, including open-die forging, closed-die forging, and impression-die forging. Each method has its own advantages and is suited to different applications.

The global metal forging market size was valued at $83.4 billion in 2022, and is projected to reach $168 billion by 2032, growing at a CAGR of 7.2% from 2023 to 2032

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Top Companies
NIPPON STEEL CORPORATION, ASAHI FORGE CORPORATION, Trenton Forging, Bharat Forge Limited, Canada Forgings Inc., Berkshire Hathaway Inc. (Precision Castparts Corp.), Bruck GmbH, ATI Inc., ELLWOOD Group, Inc., American Axle & Manufacturing Holdings.

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. 

metal forging stands as a timeless and essential craft. Forging involves shaping metal through the application of heat and pressure, resulting in components of exceptional strength and durability. As global industries continue to expand and innovate, the metal forging market is heating up. In this blog, we will delve into the metal forging market, its growth prospects, key players, and the factors that are shaping its future.

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. 

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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.

The metal forging industry is a crucial and resilient industry that continues to thrive in an ever-changing global landscape. With the growing demand from industries like aerospace, automotive, and energy, the future of metal forging appears promising. As technology advances and sustainability practices gain momentum, we can expect the industry to become even more efficient and environmentally responsible. Metal forging may be an ancient art, but it remains at the forefront of modern manufacturing, shaping the world one heated hammer strike at a time.

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