Metal Forging Market Valued at $83.4 Billion in 2022, Expected to Double by 2032

The global metal forging market was valued at $83.4 billion in 2022 and is projected to reach $168 billion by 2032, growing at a robust CAGR of 7.2% during the forecast period from 2023 to 2032. Metal forging, an age-old metalworking process, involves shaping metal using compressive forces. Depending on the temperature, it is classified into cold forging (at room temperature) and hot forging (at elevated temperatures). This technique results in a strong and refined grain structure, making forged metal components exceptionally durable, less brittle, and capable of withstanding extreme stress.

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These advantages make forged metal indispensable across high-performance industries such as automotive, aerospace, railways, marine, industrial machinery, and energy. As global industrialization continues and demand for durable components increases, the metal forging market is positioned for steady expansion.

Market Drivers

One of the primary factors propelling the growth of the metal forging market is the expansion of the automotive industry. With rising disposable incomes, rapid urbanization, and increasing vehicle ownership-especially in emerging economies like India and China-the demand for forged automotive components is on the rise. For instance, vehicle sales in India grew from 1.06 million units in January 2023 to 1.38 million units by March 2023, marking an almost 30% increase in just two months. Forged components such as suspension parts, gears, shafts, engine components, and transmission systems are critical to vehicle durability and safety.

Another major growth driver is the booming energy sector, particularly oil & gas and thermal power generation. Forged components like flanges, fittings, valves, pressure vessels, and connectors are essential in high-pressure, high-temperature environments. Major oil and gas projects around the globe are further boosting demand. Notably, Saudi Aramco, in collaboration with North Huajin Chemical Industries and Panjin Xincheng Industrial Group, launched a $1.5 billion refinery project in 2022. Similarly, Kineticor Resources Corp. is constructing a $1.5 billion gas-fired power plant in Alberta, Canada, slated for completion by 2025. These large-scale projects are expected to create sustained demand for forged metal components.

Challenges and Restraints

Despite promising growth prospects, the metal forging market faces several challenges. The forging process is often slower and more resource-intensive than alternative manufacturing methods like casting or machining. Additionally, forging complex shapes with fine surface finishes can be difficult, limiting the applicability of traditional forging in industries demanding high precision and intricate geometries.

Furthermore, environmental concerns and the high energy consumption associated with forging operations have led to stricter regulations in some countries, putting pressure on manufacturers to adopt cleaner and more efficient technologies.

Opportunities and Technological Advancements

On the positive side, technological advancements are creating new opportunities for market players. The adoption of Industry 4.0 technologies-such as the Internet of Things (IoT), automation, cloud computing, and artificial intelligence-is revolutionizing the metal forging industry. These technologies enhance productivity, reduce downtime, and enable real-time monitoring of equipment.

For example, Bharat Forge, a leading market player, reported a 15% improvement in Overall Equipment Effectiveness (OEE) by implementing smart manufacturing practices in 2021. Such advancements not only improve operational efficiency but also contribute to sustainability goals, which are becoming increasingly important for manufacturers worldwide.

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Impact of COVID-19 and Global Economic Trends

The COVID-19 pandemic severely impacted the metal forging industry in 2020. Lockdowns and restrictions led to the temporary shutdown of major end-use industries such as automotive, aerospace, and industrial machinery, resulting in a steep decline in demand for forged components. The manufacturing hubs in countries like China, the U.S., Germany, and India were particularly affected, disrupting global supply chains.

However, the market began recovering in 2021 with the introduction of vaccines and easing of restrictions. Nevertheless, intermittent COVID-19 outbreaks, especially in early 2023 in countries like China and India, continued to pose short-term challenges. Additionally, global inflation fueled by the Ukraine-Russia war and supply chain disruptions has negatively impacted raw material costs and construction activities-key sectors that rely on forged components.

Market Segmentation

By Raw Material: The market is segmented into carbon steel, aluminum, stainless steel, and others. In 2022, carbon steel held the largest market share due to its strength, ease of forging, and affordability. It is widely used in automotive, railways, and industrial machinery. However, stainless steel is projected to grow at a faster rate due to its superior corrosion resistance and aesthetic qualities, making it ideal for applications in construction, automotive, and defense.

By Technique: Based on forging technique, the market includes open die forging, closed die forging, and ring forging. Open die forging dominated in 2022 due to its versatility in forming large, simple-shaped components. Ring forging, however, is expected to witness the highest growth during the forecast period, driven by its applications in bearings, gears, couplings, and aerospace components.

By Application: The application segments include automotive, aerospace and defense, railway, industrial machinery, and others. Automotive was the largest segment in 2022, owing to the increased need for durable and high-strength components. The industrial machinery segment is expected to grow the fastest, supported by global industrialization and increasing investment in manufacturing infrastructure, particularly in developing regions.

Regional Outlook

Asia-Pacific accounted for the largest share of the metal forging market in 2022 and is expected to retain its dominance throughout the forecast period. The region's strong industrial base, coupled with government initiatives to boost domestic manufacturing in countries like India, China, Vietnam, and Indonesia, are contributing to growth. Rapid urbanization, expanding automotive and railway networks, and increasing defense budgets also support market expansion.

For instance, Boeing has forecasted that China will purchase over 8,600 new aircraft worth $1.4 trillion over the next two decades. Such developments will significantly boost demand for forged aerospace components in the region.

Other regions such as North America and Europe are also witnessing steady growth, driven by technological innovation, aerospace manufacturing, and increased defense spending.

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Competitive Landscape

Key players in the global metal forging market include:

ATI Inc.

American Axle & Manufacturing Holdings, Inc.

Bruck GmbH

ELLWOOD Group, Inc.

Berkshire Hathaway Inc. (Precision Castparts Corp.)

ASAHI FORGE CORPORATION

Trenton Forging

NIPPON STEEL CORPORATION

Bharat Forge Limited

Canada Forgings Inc.

These companies are adopting strategies such as mergers, acquisitions, and technology upgrades to maintain their market position. For example, in June 2021, Bharat Forge Industrial Solutions acquired Sanghvi Forging & Engineering to strengthen its product portfolio and expand into new industrial sectors.

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