Global Metal Forging Market Size projected to Reach USD 145.4 Billion by 2033 | CAGR of 5.44%

According to the latest report by IMARC Group, titled "Metal Forging Market Report by Raw Material (Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, and Others), Application (Automotive, Aerospace, Oil and Gas, Construction, Agriculture, and Others), and Region 2025-2033", offers a comprehensive analysis of the global metal forging market. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.

How Big is the Metal Forging Market?

The global metal forging market size reached USD 90.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 145.4 Billion by 2033, exhibiting a growth rate (CAGR) of 5.44% during 2025-2033.

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Global Metal Forging Market Dynamics:

Robust Growth in Automotive and Aerospace Sectors:

The global market for metal forging is growing quickly due to the expansion of the automotive and aerospace sectors. forged automotive parts are essential for engines, transmissions, and chassis assembly. These parts are critical for the automotive sector due to their strength, endurance, and resistance to fatigue. The increasing global vehicle production, on demand for high-performance vehicles, fuel metal forgings demand. The aerospace sector heavily relies on forged components for aircraft engines, defensive system structures, and landing gears due to safety and performance requirement. The ever-increasing commercial and military air travel alongside the high demand for air travel, are the key motivators for the boost in forging metals.

Increasing Industrialization and Infrastructure Development:

Forged metal products are in high demand in different sectors due to the continued industrialization and infrastructure development, especially in developing countries. Forged components are utilized in heavy machinery construction, power generation equipment, and infrastructure projects like bridges, pipelines, railways, etc. The worldwide investments in industrial units and infrastructural facilities are augmenting the requirement for metal forging advancing the metal forging market. Forged metal components' strength and dependability guarantee enduring performance in critical industrial machinery and infrastructure while safeguarding the enduring functioning of vital equipment.

Technological Advancements and Material Innovation:

The market for metal forging is receiving innovations on a continual basis due to changes in technology related to forging processes as well as advancements materials science. Incorporation of modern forging methods like precision forging, as well as, isothermal forging facilitates intricate shape manufacturing with tight machining tolerances, and minimum material wastage. Additionally, the scope of forged components is growing with the new and enhanced alloys like high-strength steels, aluminum alloys and titanium alloys. Manufacturers are able to design parts with lesser weight, greater strength, increased corrosion resistance, and greater durability owing to these innovations which in turn meets the requirements of end-use industries, thus expanding the market even more continues to grow in the market.

By the IMARC Group, Some of the Top Competitive Landscape Operating in the Metal Forging Market are Given Below:

The Display Market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• Arconic Corp.
• ATI
• Bharat Forge Ltd.
• Bruck GmbH
• China First Heavy Industries
• Ellwood Group Inc.
• Jiangyin Hengrun Heavy Industries Co. Ltd.
• Nippon Steel Corp.
• Precision Castparts Corp. (Berkshire Hathaway Inc)
• Kovárna Viva
• Larsen & Toubro Limited
• Scot Forge
• Thyssenkrupp AG

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Global Metal Forging Market Trends:

The trends that affect the global metal forging market are on the rise. One major trend is the use of near-net-shape forging methods which, when compared to traditional machining, require less subsequent and secondary processes. This result in surplus material being economized, production costs being reduced, operations being more favorable from an energy standpoint, and overall efficiency ameliorated. Forging design and process modeling and simulation are becoming more prevalent. These tools enable the optimization of designs and processes in advance, which yields higher quality products and shorter lead times with physical forgings.

There is, however, more focus on the need of lightweight forged components for automotive and aerospace industries as fuel and emission restrictions increase. This increases R&D directed towards forwarding the lightweight materials such as aluminum and magnesium alloy forgings. In addition, there is more emphasis on automation and digitization of the processes, more specifically the integration of robotics and data analytic systems that improve productivity, control the quality, and enhance maintenance by enabling predicative analysis.

Green Tea Market Report Segmentation:

Breakup by Raw Material:

• Carbon Steel
• Alloy Steel
• Aluminum
• Magnesium
• Stainless Steel
• Titanium
• Others

Carbon steel accounts for the majority of the market share
Breakup by Application:

• Automotive
• Aerospace
• Oil and Gas
• Construction
• Agriculture
• Others

Automotive holds the largest share in the industry
Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance
• Market Outlook
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.