Metal Forging Market

Published Mar 15, 2025

Length 339 Pages

SKU # ALMR20275444

Description

The global metal forging market was valued at $96.4 billion in 2024, and is projected to reach $195.6 billion by 2034, growing at a CAGR of 7.3% from 2025 to 2034.

Metal forging is a manufacturing process where metal is shaped using compressive forces, usually delivered by a hammer, press, or die. It is one of the oldest known metalworking techniques and is still widely used today for making strong, durable parts. Forging is commonly used in industries such as automotive, aerospace, and construction to produce high strength components. It is classified into open die, closed die, and seamless rolling forging, each suited for specific applications.

Growth in the automotive industry significantly drives the expansion of the metal forging industry, as forged components provide exceptional strength, durability, and resistance to wear. In addition, rise in production of electric vehicles (EVs) has further increased the demand for lightweight forged components that enhance energy efficiency and improve battery range. In addition, stringent government regulations on fuel efficiency and emissions have led manufacturers to adopt advanced forging techniques using high-strength materials. Moreover, increase in focus on vehicle weight reduction and sustainability drives innovation in forging technology. As global automobile production continues to rise, coupled with advancements in precision forging and material science, the demand for high-performance forged components is expected to grow steadily.

However, high initial investment and operational costs restrain the growth of the metal forging sector. Setting up forging facilities requires substantial capital investment in advanced machinery, high-temperature furnaces, and precision tooling, making it financially challenging for small and medium-sized enterprises (SMEs). Moreover, metal forging is an energy-intensive process, consuming large amounts of electricity and fuel, leading to high production costs. The fluctuating prices of raw materials, such as steel and aluminum, further impact profit margins and create uncertainty in the market. In addition, the requirement for skilled labor adds another layer of complexity, as forging operations demand experienced technicians to maintain precision and quality standards.

On the other hand, the rapid adoption of automation and smart manufacturing technologies presents a lucrative opportunity for the metal forging market. Advanced technologies, such as computer-controlled forging presses, robotic automation, and artificial intelligence-driven quality inspection, are transforming the industry by improving efficiency, reducing production costs, and enhancing precision. Moreover, the integration of the Industrial Internet of Things (IIoT) allows real-time monitoring of forging processes, leading to optimized operations and minimized material wastage. For instance, in 2021, Canada Forgings Inc. provides a wide range of forged products, including open die and closed die forgings, serving industries such as aerospace, defense, and energy.

Segment Review

The metal forging market is segmented into raw material, technique, application, and region. By raw material, the market is categorized into carbon steel, aluminum, stainless steel, and others. Depending on technique, the market is classified into open die forging, closed die forging, and ring forging. By application, the market is divided into automotive, aerospace & defense, railway, industrial machinery, oil & gas, power generation, and others. By region, the metal forging market is analyzed across North America, Europe, Asia-Pacific, Latin, Middle East, and Africa.

Key Findings:

By raw material, the carbon steel segment dominated the metal forging market in terms of revenue in 2024 and is anticipated to grow at a high CAGR during the forecast period.

By technique, the open die forging segment dominated the metal forging market in terms of revenue in 2024 and is anticipated to grow at a high CAGR during the forecast period.

By application, the automotive segment dominated the metal forging market in terms of revenue in 2024 and is anticipated to grow at the fastest CAGR during the forecast period.

Region-wise, Asia-Pacific generated the largest revenue in 2024 and is anticipated to grow at the highest CAGR during the forecast period.

Competition Analysis

Major companies analyzed in the report 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, and Canada Forgings Inc. Moreover, acquisition has been a key development strategy adopted by the key players to increase their market share.

Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the metal forging market analysis from 2024 to 2034 to identify the prevailing metal forging market opportunities.

The market research is offered along with information related to key drivers, restraints, and opportunities.

Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.

In-depth analysis of the metal forging market segmentation assists to determine the prevailing market opportunities.

Major countries in each region are mapped according to their revenue contribution to the global market.

Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

The report includes the analysis of the regional as well as global metal forging market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Application

Automotive
Aerospace and Defense
Railway
Industrial Machinery
Oil and Gas
Power Generation
Others

By Raw Material

Carbon Steel
Aluminum
Stainless Steel
Others

By Technique

Open Die Forging
Closed Die Forging
Ring Forging

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Chile
Rest of Latin America
Middle East
Saudi Arabia
UAE
Rest Of Gcc
Rest Of Middle East
Africa
North Africa
Southern Africa
Key Market Players
ASAHI FORGE CORPORATION
Trenton Forging
Berkshire Hathaway Inc. (Precision Castparts Corp.)
ATI
Bharat Forge
Ellwood Group, Inc.
Bruck GmbH
Canada Forgings Inc.
American Axle & Manufacturing Holdings, Inc.
Nippon Steel CorporationThe research methodology of the global market involves extensive primary and secondary research. Primary research includes about over 12 hours of interviews and discussion with a wide range of stakeholders, including upstream and downstream participants. The primary research typically is the bulk of our research efforts; however, coherently supported by extensive secondary research. Researchers have reviewed over 6,765 product literatures, industry releases, annual reports, and other such documents of key industry participants to obtain better market understanding and gain competitive intelligence. In addition, authentic industry journals, trade associations' releases,and government websites have also been reviewed for generating high-value industry insights.

CHAPTER 1: INTRODUCTION: 1.1. Report description; 1.2. Key market segments; 1.3. Key benefits to the stakeholders; 1.4. Research methodology; 1.4.1. Primary research; 1.4.2. Secondary research; 1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY: 2.1. CXO perspective
CHAPTER 3: MARKET OVERVIEW: 3.1. Market definition and scope; 3.2. Key findings; 3.2.1. Top impacting factors; 3.2.2. Top investment pockets; 3.3. Porter’s five forces analysis; 3.3.1. Low bargaining power of suppliers; 3.3.2. Low threat of new entrants; 3.3.3. Low threat of substitutes; 3.3.4. Low intensity of rivalry; 3.3.5. Low bargaining power of buyers; 3.4. Market dynamics; 3.4.1. Drivers; 3.4.1.1. Growth in the Automotive and Aerospace Industry; 3.4.1.2. Expansion in the energy sector; 3.4.1.3. Rise in Industrialization; 3.4.2. Restraints; 3.4.2.1. Limitations of metal forging; 3.4.3. Opportunities; 3.4.3.1. Adoption of industry 4.0 technology
CHAPTER 4: METAL FORGING MARKET, BY RAW MATERIAL: 4.1. Overview; 4.1.1. Market size and forecast; 4.2. Carbon Steel; 4.2.1. Key market trends, growth factors and opportunities; 4.2.2. Market size and forecast, by region; 4.2.3. Market share analysis by country; 4.3. Aluminum; 4.3.1. Key market trends, growth factors and opportunities; 4.3.2. Market size and forecast, by region; 4.3.3. Market share analysis by country; 4.4. Stainless Steel; 4.4.1. Key market trends, growth factors and opportunities; 4.4.2. Market size and forecast, by region; 4.4.3. Market share analysis by country; 4.5. Others; 4.5.1. Key market trends, growth factors and opportunities; 4.5.2. Market size and forecast, by region; 4.5.3. Market share analysis by country
CHAPTER 5: METAL FORGING MARKET, BY TECHNIQUE: 5.1. Overview; 5.1.1. Market size and forecast; 5.2. Open Die Forging; 5.2.1. Key market trends, growth factors and opportunities; 5.2.2. Market size and forecast, by region; 5.2.3. Market share analysis by country; 5.3. Closed Die Forging; 5.3.1. Key market trends, growth factors and opportunities; 5.3.2. Market size and forecast, by region; 5.3.3. Market share analysis by country; 5.4. Ring Forging; 5.4.1. Key market trends, growth factors and opportunities; 5.4.2. Market size and forecast, by region; 5.4.3. Market share analysis by country
CHAPTER 6: METAL FORGING MARKET, BY APPLICATION: 6.1. Overview; 6.1.1. Market size and forecast; 6.2. Automotive; 6.2.1. Key market trends, growth factors and opportunities; 6.2.2. Market size and forecast, by region; 6.2.3. Market share analysis by country; 6.3. Aerospace and Defense; 6.3.1. Key market trends, growth factors and opportunities; 6.3.2. Market size and forecast, by region; 6.3.3. Market share analysis by country; 6.4. Railway; 6.4.1. Key market trends, growth factors and opportunities; 6.4.2. Market size and forecast, by region; 6.4.3. Market share analysis by country; 6.5. Industrial Machinery; 6.5.1. Key market trends, growth factors and opportunities; 6.5.2. Market size and forecast, by region; 6.5.3. Market share analysis by country; 6.6. Oil and Gas; 6.6.1. Key market trends, growth factors and opportunities; 6.6.2. Market size and forecast, by region; 6.6.3. Market share analysis by country; 6.7. Power Generation; 6.7.1. Key market trends, growth factors and opportunities; 6.7.2. Market size and forecast, by region; 6.7.3. Market share analysis by country; 6.8. Others; 6.8.1. Key market trends, growth factors and opportunities; 6.8.2. Market size and forecast, by region; 6.8.3. Market share analysis by country
CHAPTER 7: METAL FORGING MARKET, BY REGION: 7.1. Overview; 7.1.1. Market size and forecast By Region; 7.2. North America; 7.2.1. Key market trends, growth factors and opportunities; 7.2.2. Market size and forecast, by Raw Material; 7.2.3. Market size and forecast, by Technique; 7.2.4. Market size and forecast, by Application; 7.2.5. Market size and forecast, by country; 7.2.5.1. U.S.; 7.2.5.1.1. Market size and forecast, by Raw Material; 7.2.5.1.2. Market size and forecast, by Technique; 7.2.5.1.3. Market size and forecast, by Application; 7.2.5.2. Canada; 7.2.5.2.1. Market size and forecast, by Raw Material; 7.2.5.2.2. Market size and forecast, by Technique; 7.2.5.2.3. Market size and forecast, by Application; 7.2.5.3. Mexico; 7.2.5.3.1. Market size and forecast, by Raw Material; 7.2.5.3.2. Market size and forecast, by Technique; 7.2.5.3.3. Market size and forecast, by Application; 7.3. Europe; 7.3.1. Key market trends, growth factors and opportunities; 7.3.2. Market size and forecast, by Raw Material; 7.3.3. Market size and forecast, by Technique; 7.3.4. Market size and forecast, by Application; 7.3.5. Market size and forecast, by country; 7.3.5.1. Germany; 7.3.5.1.1. Market size and forecast, by Raw Material; 7.3.5.1.2. Market size and forecast, by Technique; 7.3.5.1.3. Market size and forecast, by Application; 7.3.5.2. France; 7.3.5.2.1. Market size and forecast, by Raw Material; 7.3.5.2.2. Market size and forecast, by Technique; 7.3.5.2.3. Market size and forecast, by Application; 7.3.5.3. UK; 7.3.5.3.1. Market size and forecast, by Raw Material; 7.3.5.3.2. Market size and forecast, by Technique; 7.3.5.3.3. Market size and forecast, by Application; 7.3.5.4. Italy; 7.3.5.4.1. Market size and forecast, by Raw Material; 7.3.5.4.2. Market size and forecast, by Technique; 7.3.5.4.3. Market size and forecast, by Application; 7.3.5.5. Rest of Europe; 7.3.5.5.1. Market size and forecast, by Raw Material; 7.3.5.5.2. Market size and forecast, by Technique; 7.3.5.5.3. Market size and forecast, by Application; 7.4. Asia-Pacific; 7.4.1. Key market trends, growth factors and opportunities; 7.4.2. Market size and forecast, by Raw Material; 7.4.3. Market size and forecast, by Technique; 7.4.4. Market size and forecast, by Application; 7.4.5. Market size and forecast, by country; 7.4.5.1. China; 7.4.5.1.1. Market size and forecast, by Raw Material; 7.4.5.1.2. Market size and forecast, by Technique; 7.4.5.1.3. Market size and forecast, by Application; 7.4.5.2. India; 7.4.5.2.1. Market size and forecast, by Raw Material; 7.4.5.2.2. Market size and forecast, by Technique; 7.4.5.2.3. Market size and forecast, by Application; 7.4.5.3. Japan; 7.4.5.3.1. Market size and forecast, by Raw Material; 7.4.5.3.2. Market size and forecast, by Technique; 7.4.5.3.3. Market size and forecast, by Application; 7.4.5.4. South Korea; 7.4.5.4.1. Market size and forecast, by Raw Material; 7.4.5.4.2. Market size and forecast, by Technique; 7.4.5.4.3. Market size and forecast, by Application; 7.4.5.5. Rest of Asia-Pacific; 7.4.5.5.1. Market size and forecast, by Raw Material; 7.4.5.5.2. Market size and forecast, by Technique; 7.4.5.5.3. Market size and forecast, by Application; 7.5. Latin America; 7.5.1. Key market trends, growth factors and opportunities; 7.5.2. Market size and forecast, by Raw Material; 7.5.3. Market size and forecast, by Technique; 7.5.4. Market size and forecast, by Application; 7.5.5. Market size and forecast, by country; 7.5.5.1. Brazil; 7.5.5.1.1. Market size and forecast, by Raw Material; 7.5.5.1.2. Market size and forecast, by Technique; 7.5.5.1.3. Market size and forecast, by Application; 7.5.5.2. Argentina; 7.5.5.2.1. Market size and forecast, by Raw Material; 7.5.5.2.2. Market size and forecast, by Technique; 7.5.5.2.3. Market size and forecast, by Application; 7.5.5.3. Chile; 7.5.5.3.1. Market size and forecast, by Raw Material; 7.5.5.3.2. Market size and forecast, by Technique; 7.5.5.3.3. Market size and forecast, by Application; 7.5.5.4. Rest of Latin America; 7.5.5.4.1. Market size and forecast, by Raw Material; 7.5.5.4.2. Market size and forecast, by Technique; 7.5.5.4.3. Market size and forecast, by Application; 7.6. Middle East; 7.6.1. Key market trends, growth factors and opportunities; 7.6.2. Market size and forecast, by Raw Material; 7.6.3. Market size and forecast, by Technique; 7.6.4. Market size and forecast, by Application; 7.6.5. Market size and forecast, by country; 7.6.5.1. Saudi Arabia; 7.6.5.1.1. Market size and forecast, by Raw Material; 7.6.5.1.2. Market size and forecast, by Technique; 7.6.5.1.3. Market size and forecast, by Application; 7.6.5.2. UAE; 7.6.5.2.1. Market size and forecast, by Raw Material; 7.6.5.2.2. Market size and forecast, by Technique; 7.6.5.2.3. Market size and forecast, by Application; 7.6.5.3. Rest Of Gcc; 7.6.5.3.1. Market size and forecast, by Raw Material; 7.6.5.3.2. Market size and forecast, by Technique; 7.6.5.3.3. Market size and forecast, by Application; 7.6.5.4. Rest Of Middle East; 7.6.5.4.1. Market size and forecast, by Raw Material; 7.6.5.4.2. Market size and forecast, by Technique; 7.6.5.4.3. Market size and forecast, by Application; 7.7. Africa; 7.7.1. Key market trends, growth factors and opportunities; 7.7.2. Market size and forecast, by Raw Material; 7.7.3. Market size and forecast, by Technique; 7.7.4. Market size and forecast, by Application; 7.7.5. Market size and forecast, by country; 7.7.5.1. North Africa; 7.7.5.1.1. Market size and forecast, by Raw Material; 7.7.5.1.2. Market size and forecast, by Technique; 7.7.5.1.3. Market size and forecast, by Application; 7.7.5.2. Southern Africa; 7.7.5.2.1. Market size and forecast, by Raw Material; 7.7.5.2.2. Market size and forecast, by Technique; 7.7.5.2.3. Market size and forecast, by Application
CHAPTER 8: COMPETITIVE LANDSCAPE: 8.1. Introduction; 8.2. Top winning strategies; 8.3. Product mapping of top 10 player; 8.4. Competitive dashboard; 8.5. Competitive heatmap; 8.6. Top player positioning, 2024
CHAPTER 9: COMPANY PROFILES: 9.1. ATI; 9.1.1. Company overview; 9.1.2. Key executives; 9.1.3. Company snapshot; 9.1.4. Operating business segments; 9.1.5. Product portfolio; 9.1.6. Business performance; 9.1.7. Key strategic moves and developments; 9.2. ASAHI FORGE CORPORATION; 9.2.1. Company overview; 9.2.2. Key executives; 9.2.3. Company snapshot; 9.2.4. Operating business segments; 9.2.5. Product portfolio; 9.3. Trenton Forging; 9.3.1. Company overview; 9.3.2. Key executives; 9.3.3. Company snapshot; 9.3.4. Operating business segments; 9.3.5. Product portfolio; 9.4. Nippon Steel Corporation; 9.4.1. Company overview; 9.4.2. Key executives; 9.4.3. Company snapshot; 9.4.4. Operating business segments; 9.4.5. Product portfolio; 9.4.6. Business performance; 9.5. American Axle & Manufacturing Holdings, Inc.; 9.5.1. Company overview; 9.5.2. Key executives; 9.5.3. Company snapshot; 9.5.4. Operating business segments; 9.5.5. Product portfolio; 9.5.6. Business performance; 9.6. Bruck GmbH; 9.6.1. Company overview; 9.6.2. Key executives; 9.6.3. Company snapshot; 9.6.4. Operating business segments; 9.6.5. Product portfolio; 9.7. Ellwood Group, Inc.; 9.7.1. Company overview; 9.7.2. Key executives; 9.7.3. Company snapshot; 9.7.4. Operating business segments; 9.7.5. Product portfolio; 9.8. Berkshire Hathaway Inc. (Precision Castparts Corp.); 9.8.1. Company overview; 9.8.2. Key executives; 9.8.3. Company snapshot; 9.8.4. Operating business segments; 9.8.5. Product portfolio; 9.8.6. Business performance; 9.9. Canada Forgings Inc.; 9.9.1. Company overview; 9.9.2. Key executives; 9.9.3. Company snapshot; 9.9.4. Operating business segments; 9.9.5. Product portfolio; 9.10. Bharat Forge; 9.10.1. Company overview; 9.10.2. Key executives; 9.10.3. Company snapshot; 9.10.4. Operating business segments; 9.10.5. Product portfolio; 9.10.6. Business performance

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