PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485824
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485824
Metal Forging Market size was valued at USD 84,198.43 million in 2023, expanding at a CAGR of 7.12% from 2024 to 2032.
Metal forging involves the use of compressive forces to shape and form metals. These forces can be applied through hammering, pressing, or rolling. There are different types of forging processes, such as cold forging, warm forging, and hot forging, which are categorized based on the temperature of the metal being worked on. Metal forging is renowned for its ability to create exceptionally strong manufactured parts, making it superior to other manufacturing methods. It offers numerous advantages, including increased strength and enhanced mechanical properties compared to cast or machined parts. Additionally, metal forging enables the production of parts with superior surface finish and dimensional accuracy. This process is widely utilized in various industries, including automotive, aerospace, construction, and machinery, to manufacture high-strength components.
Metal Forging Market- Market Dynamics
The market growth is anticipated to be driven by the rising demand for metal forging from the automotive and aerospace sectors.
Metal forging plays a crucial role in the automotive industry by manufacturing essential components like crankshafts, connecting rods, gears, and axle shafts. As the demand for lighter vehicles, better fuel efficiency, and stricter emission standards increases, the automotive sector relies heavily on metal forging to create durable yet lightweight parts. Additionally, the aerospace industry, driven by the need for commercial aircraft, military jets, and space exploration vehicles, contributes significantly to the expansion of the metal forging market. According to the International Trade Administration, the U.S. aerospace sector maintains the highest trade balance (USD 77.6 billion in 2019) and the second-highest level of exports (USD 148 billion) among all manufacturing industries. Moreover, continuous advancements in forging technology present growth opportunities for the market. Nevertheless, the high initial capital investment required may pose a challenge to the market's growth.
Metal Forging Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.12% over the forecast period (2024-2032)
Based on Type segmentation, Open-die Forging was predicted to show maximum market share in the year 2023
Based on Raw Material segmentation, Carbon Steel was the leading type in 2023
Based on Application segmentation, Automotive was the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Metal Forging Market is segmented based on Type, Raw Material, Application, and Region.
The market is segmented into two categories according to Type: Closed-die Forging and Open-die Forging and Others. Open-die Forging leads the market. This method is adaptable and capable of creating a diverse range of shapes and sizes, which explains its popularity in sectors like automotive, aerospace, construction, and manufacturing. Despite facing competition, the distinctive benefits of flexibility, strength, and cost-effectiveness solidify open-die forging's position as a key player in the worldwide metal forging sector.
The market is segmented into six categories according to Raw Material: Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, and Others. Carbon Steel holds the largest market share. It continues to be a popular option for various applications because of its advantageous blend of characteristics, flexibility, and affordability.
The market is segmented into eight categories according to their application: Automotive, Transportation, Aerospace, Oil & Gas, Construction, Agriculture, Power Generation, Marine, and Others. The automotive industry holds the largest share of the market. It is a crucial sector for metal forging, as it requires high-strength and lightweight components that comply with strict performance, safety, and environmental regulations.
Metal Forging Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries contributing to business activities. The Asia Pacific region leads the market, driven by the demand for lightweight, high-strength components in various industries. Asia-Pacific serves as a key manufacturing center for machinery, construction equipment, and industrial machinery. These sectors heavily depend on forged components like shafts, gears, bearings, and hydraulic fittings for their operations. The region's thriving manufacturing industry fuels the need for top-notch forged components to sustain industrial processes. For instance, in November 2020, Boeing forecasted that Chinese airlines would purchase USD 1.4 trillion worth of 8,600 new aircraft and USD 1.7 trillion worth of commercial aviation services in the next two decades. Europe stands as the second-largest region for market growth, attributed to the increasing industrialization and modernization efforts.
The metal forging market is characterized by intense competition among manufacturers, which is primarily fueled by technological advancements, adherence to quality standards, cost efficiency, and the ability to effectively meet customer requirements. Manufacturers strive to outperform each other by innovating and implementing cutting-edge forging technologies that boost productivity, lower production expenses and elevate the overall quality of forged products. As the metal forging market becomes more globalized, manufacturers are confronted with competition from both local and international players. To tap into new customer segments and growth opportunities, manufacturers may consider expanding into different geographical areas, targeting emerging markets, establishing overseas facilities, forging strategic alliances, or utilizing e-commerce platforms to broaden their customer reach.
L&T Defence, the defense equipment division of engineering conglomerate Larsen and Toubro, is set to expand its operations by venturing into the production of non-military equipment and infrastructure. This strategic move aims to optimize the utilization of its assets while the company anticipates securing larger defense contracts. Effective from 1 April, the division has undergone a name change to L&T Precision Engineering and Systems, aligning with its new business strategy.
GLOBAL METAL FORGING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Bruck GmbH
Larsen & Toubro (L&T) Limited
Bharat Forge Ltd.
China First Heavy Industries
ELLWOOD Group Inc.
Arconic
ATI
Bharat Forge Ltd
Japan Casting & Forging Corp
Scot Forge
Nippon Steel Corporation
Aichi Steel Corporation
Allegheny Technologies Inc.
American Axle & Manufacturing Inc.
ThyssenKrupp AG
L&T Special Steel and Heavy Forgings
All Metals & Forge Group
Schuler AG
Hilton Metal Forging Ltd.
Others