Metal Forging Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends

What combination of drivers is leading to accelerated growth in the metal forging market?
The upsurge in construction activities is anticipated to enhance the metal forging market's growth trajectory. The term 'construction' encompasses processes such as building, modifying, rehabilitating, renovating, fortifying, or demolishing any public infrastructure, including any structural edifices, public buildings, or any public improvements on real estate. Forged metal products like steel beams, pillars, and additional structural elements are heavily relied upon by this industry in order to build sturdy, resilient structures that can endure diverse adverse conditions and align with safety norms. As an example, The Office for National Statistics, a statistical authority based in the UK, revealed in a report in November 2023, that in 2022, there was a substantial 15.8% escalation in total output of new construction work, reaching a record-breaking worth of £132,989 million ($172401 million). Consequently, this surge in the construction sector is propelling the metal forging market's advancement.

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What is the projected compound annual growth rate (CAGR) of the metal forging market from 2025 to 2034, and what factors influence it?
In recent times, the market size of metal forging has seen significant expansion. Its growth is projected to surge from $101.04 billion in 2024 to $108.78 billion in 2025, with a compound annual growth rate (CAGR) standing at 7.7%. The historical growth in this sector can be linked to factors like the enlargement of the automotive industry, development in the aerospace sector, exploratory activities in oil and gas, applications in defense and military, railway and transportation systems, and the widespread globalization of supply chains.

In the coming years, the metal forging market is projected to experience robust growth, expanding to "$150.83 billion by 2029, with a compound annual growth rate (CAGR) of 8.5%. This projected growth during the forecast period can be credited to the increasing use of lightweight materials, surge in the production of electric vehicles, infrastructural developments in developing markets, growth in the wind and solar energy sectors, and global initiatives aimed at achieving carbon neutrality. Key trends expected to dominate the forecast period include the adoption of closed-die forging technology, the integration of 4.0 industry technologies, the adoption of sustainable forging practices, research and development collaborations, and customized production for defense and aerospace industries.

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How are the latest trends influencing the growth of the metal forging market?
The rising trend of automation in the forging systems has started to make its presence felt in the metal forging market. Pivotal market players are focusing their energies on producing cutting-edge products with the help of automated processing machines like induction and computer-controlled forging equipment, automatic controls, and remote control of free forging hammers to maintain their market stronghold. For example, Strojmetal, an aluminum chassis parts and applications manufacturer from Czech Republic, utilized a fully automated aluminum forging line in January 2023. This pioneering line is equipped with an automated loading and unloading system, robots for part handling and transfer, and a sophisticated control system that enables real-time observation and adjustment of the forging process. In addition, the line is extremely adaptable, capable of manufacturing a wide variety of parts and dealing with various aluminum alloys.

What are the major segments of the metal forging market and their role in driving growth?
The metal forging market covered in this report is segmented -

1) By Type: Closed-Die Forging, Open-Die Forging, Ring Rolling
2) By Raw Material: Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Other Raw Materials
3) By End-User: Automotive, Defense And Aerospace, Shipbuilding, Power Industry, Oil And Gas, Other End User

Subsegments:
1) By Closed-Die Forging: Precision Forgings, Multi-Stage Forgings, Cold Closed-Die Forging
2) By Open-Die Forging: Upset Forging, Flat Forging, Radial Forging
3) By Ring Rolling: Seamless Ring Rolling, Welded Ring Rolling, Specialty Ring Rolling

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Which regions are key players in the growth of the metal forging market?
Asia-Pacific was the largest region in the metal forging market in 2024. The regions covered in the metal forging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the key firms paving the way for growth in the metal forging market?
Major companies operating in the metal forging market include Allegheny Technologies Incorporated, Bharat Forge Ltd., Ellwood Group Inc., Thyssenkrupp AG, Bruck GmbH, Nippon Steel Corp., Precision Castparts Corp., Larsen & Toubro Ltd., Japan Casting and Forging Corp., China First Heavy Industries Co. Ltd., Howmet Aerospace Inc., Schuler AG, Jiangyin Hengrun Heavy Industries Co. Ltd., ATI Ladish LLC, Kobelco Construction Machinery Co. Ltd., Scot Forge Company, Ferralloy Inc., Patriot Forge Co., Doncasters Inc., All Metals & Forge Group, Trenton Forging Company, Fountaintown Forge Inc., Commercial Forged Products, Component Sourcing International, Custom Alloy Corporation, Precision Metal Products Pvt. Ltd., SIFCO Industries Inc., Canton Drop Forge Inc., Shultz Steel Co., Consolidated Industries Inc., Pacific Forge Incorporated, Otto Fuchs KG

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What Is Covered In The Metal Forging Global Market Report?

• Market Size Forecast: Examine the metal forging market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the metal forging market for a structured understanding.
• Key Players Overview: Analyze major players in the metal forging market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the metal forging market.
• Segment Contributions: Evaluate how different segments drive overall growth in the metal forging market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the metal forging market.
• Industry Challenges: Identify potential risks and obstacles affecting the metal forging market.
• Competitive Landscape: Review strategic developments in the metal forging market, including expansions, agreements, and new product launches.

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