Press release
Open Die Forgings Market to Reach USD 17.71 Billion by 2033 Backed by Expanding Industrial and Aerospace Applications
Open Die Forgings Market
The market is further supported by technological advancements in forging techniques, increasing investment in renewable energy infrastructure, and growing demand for large-scale components in wind turbines, power plants, and transportation. As industries shift toward precision-engineered products with high mechanical strength, open die forgings are becoming an indispensable solution in global supply chains.
Market Size & Insights
The open die forgings market has maintained steady growth in recent years, supported by demand from industries requiring large and robust components. Open die forging, also known as free forging, is used to create parts such as shafts, rings, discs, and blocks with superior grain structure and mechanical properties. Unlike closed die forging, it provides flexibility in producing custom shapes and large dimensions, making it suitable for industries like aerospace, shipbuilding, and heavy equipment manufacturing.
The open die forgings market is valued at approximately USD 12.95 billion in 2024 and is anticipated to reach around USD 17.71 billion by 2033, reflecting a CAGR of 3.5% from 2025 to 2033. The growth is underpinned by increasing aerospace production, with forged components playing a vital role in aircraft engines, landing gear, and structural parts. Similarly, the energy sector is a significant contributor, requiring large forgings for turbines, nuclear power plants, and offshore oil rigs.
Asia-Pacific is witnessing rapid expansion, driven by infrastructure development, industrialization, and investments in energy projects. Meanwhile, North America and Europe continue to lead in technological advancements, quality standards, and adoption of advanced forging techniques. With sustainability becoming a key priority, manufacturers are also focusing on energy-efficient forging processes and recyclable materials, strengthening long-term growth prospects.
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Key Factors Driving the Future Growth of the Open Die Forgings Market:
• Rising demand from aerospace, defense, and energy sectors for large, durable components.
• Expansion of oil & gas exploration and offshore drilling activities.
• Increasing use of forgings in wind turbines and renewable energy infrastructure.
• Advancements in forging technologies improving precision and energy efficiency.
• Growth of heavy machinery and construction equipment industries worldwide.
• Focus on sustainability and adoption of recyclable raw materials in forging processes.
Top 10 Market Companies
• Scot Forge Company
• Ellwood Group Inc.
• Finkl Steel
• FRISA Forge
• Bharat Forge Ltd.
• Sheffield Forgemasters International Ltd.
• Japan Steel Works Ltd.
• Larsen & Toubro Ltd.
• Dongbei Special Steel Group
• Arconic Corporation
Market Segments
By Material
o Carbon Steel
o Alloy Steel
o Stainless Steel
o Aluminum
o Others
By Product
o Shafts
o Rings
o Discs
o Blocks
o Others
By End-Use Industry
o Energy
o Transportation
o Industrial Machinery
o Defense
o Others
Recent Developments
• Introduction of advanced hydraulic presses for large-scale forging applications.
• Strategic partnerships between forging companies and aerospace manufacturers.
• Expansion of forging facilities in Asia-Pacific to meet rising infrastructure demand.
• Launch of high-strength alloy forgings designed for next-generation turbines.
• Investments in eco-friendly and energy-efficient forging technologies.
• Mergers and acquisitions aimed at expanding global market presence and capacity.
Market Outlook
The future of the open die forgings market looks highly promising, with demand expected to remain strong across aerospace, defense, energy, and construction industries. By 2033, the market is projected to achieve significant revenue growth as industries continue to rely on forged components for their superior strength, durability, and ability to withstand extreme conditions.
North America and Europe will continue to dominate due to advanced manufacturing facilities, strong aerospace production, and stringent quality standards. However, Asia-Pacific is anticipated to witness the fastest growth, supported by rapid industrialization, expansion of infrastructure projects, and increasing investments in renewable energy and heavy industries.
Key trends shaping the outlook include the adoption of digital forging technologies, emphasis on lightweight alloys such as titanium and aluminum for aerospace applications, and growing use of large-scale forgings in wind turbines and power plants. Manufacturers focusing on sustainability and automation are expected to gain a competitive edge in the global marketplace.
In summary, the open die forgings market is set for long-term growth, fueled by expanding industrial applications, global energy needs, and advancements in precision forging technologies. Companies investing in innovation, eco-friendly processes, and capacity expansion will be best positioned to capitalize on the opportunities emerging in this evolving market.
Contact:
Ajay N
Ph: +1-970-633-3460
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR's comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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