Metal Forging Market by Forging Type, Material, Application

List of Tables

[181 Pages Report] The Metal Forging Market size was estimated at USD 77.21 billion in 2023 and expected to reach USD 84.55 billion in 2024, at a CAGR 9.84% to reach USD 148.99 billion by 2030.

Metal forging is a method in which the material is formed by applying localized compressive forces manually or with power hammers, presses, or specialized forging equipment. Materials in hot or cold conditions can be used in the procedure, and it is an efficient method of producing parts and components such as rivets, bolts, crane hooks, connecting rods, gears, turbine shafts, hand tools, and railroads in different shapes. Government efforts to automate end-user sectors through Industry 4.0 initiatives, accelerating infrastructure spending across all economies, and continuous global electrification and expansion of the transportation industry fuel the use of metal forging. On the other hand, metal forging is highly expensive and could lead to defective component production. In addition, the limited usability of metal forging techniques for microstructures and smaller components and issues in forging compounded metals hinder their adoption. However, the continuous improvements made in metal forging techniques and technologies and increasing demand in end-user industries for hybrid and customized components are expected to proliferate its adoption in the coming years.

KEY MARKET STATISTICS
Base Year [2023]	USD 77.21 billion
Estimated Year [2024]	USD 84.55 billion
Forecast Year [2030]	USD 148.99 billion
CAGR (%)	9.84%

Forging Type: Increasing adoption of impression die forging for accurate metal formation

Impression die forging is a metal forming technique where a billet is compressed between two sets of die to form a complicated part or component shape. Impression closed die forging needs more compressive pressures than other forging techniques to ensure the die cavities are filled and create the whole component. Impression die forging is commonly used for components that require high strength and structural integrity, such as crankshafts, connecting rods, and gears in the automotive and aerospace industries. The cold forging technique is intended to produce parts and components with tight tolerance dimensions and an improved surface finish quality. Shafts, hollow pieces with stems and shafts, strange configurations, and cup-shaped geometries are just a few of the parts and components that may be produced by cold forging. Open-die forging is a metal forming process in which metal is shaped by hammering between flat contoured dies. Seamless rolled ring forging is a specialized process used to create rings with superior structural integrity for applications that withstand extreme pressure and temperature. During this process, a piece of metal is pierced to create a donut shape and then rolled outwards and inwards to achieve the desired ring dimensions.

Material: Proliferating metal forging activities for aluminum and stainless steel materials

The choice of material greatly influences the properties of the finished product, such as its strength, ductility, corrosion resistance, and thermal conductivity. Key materials used in forging include aluminum, known for its lightweight and corrosion resistance; beryllium, which offers high thermal conductivity and stiffness; and various copper alloys, including brass and bronze, prized for their excellent electrical conductivity and antimicrobial properties. Copper itself is commonly forged for its superior electrical and thermal properties. Lightweight and high-strength materials such as magnesium are favored in the aerospace and automotive industries. Stainless steel is widely forged due to its resistance to rust and staining, making it ideal for medical or food-grade applications. For more demanding aerospace and military applications, materials such as titanium, which is as strong as steel but much lighter, and zirconium, known for its resistance to heat and corrosion, are chosen for their exceptional properties that can withstand extreme environments.

Application: Rising automotive production and the need for precision metal forging

In aerospace and defense, forged components are essential for their exceptional performance under extreme conditions, forming parts of aircraft, spacecraft, and military hardware that require structural integrity and durability. The agriculture industry benefits from forged metal tools and machinery parts that withstand repetitive stress and harsh environments. For automotive & transportation, forging contributes to manufacturing critical safety components such as gears, axles, and bearings, enhancing the performance and longevity of vehicles. Construction relies on forged metal for structural components and heavy equipment due to its resistance to wear and deformation. Manufacturing industries utilize forged parts to maintain precision and quality in machinery and equipment, while mining and mineral Exploration require robust forged tools for extraction and processing activities. The oil & gas industry employs forging for drilling and refining applications, where equipment must resist high pressure, corrosive environments, and mechanical stress.

Regional Insights

In the Americas, with a robust focus on aerospace, automotive, and construction industries, metal forging is integral to manufacturing high-strength components, and the region is home to a blend of long-established companies and innovative start-ups. Production is technologically advanced, emphasizing energy efficiency and material optimization, driven by stringent environmental regulations and the adoption of Industry 4.0 technologies. The APAC region, due to its significant manufacturing base, particularly in China and India, portrays large-scale global metal forging production volume, catering to an expansive domestic as well as global market. Usage is diverse, encompassing sectors such as infrastructure development, transportation, and agricultural machinery, reflecting the region's rapidly expanding economic footprint. APAC's company scenario is characterized by both large-scale state-owned enterprises and an extensive array of small to medium-sized forging companies, with a competitive edge in mass production and cost-effectiveness. Within the EMEA region, the scenario is quite nuanced, with highly specialized manufacturing practices prevalent in Europe, often focusing on premium, customized forgings for the automotive, industrial, and defense sectors, underpinned by deep-rooted engineering expertise and innovation. The Middle East has an evolving forging industry, leveraging its strategic location and investments to diversify away from an oil-dependent economy, while Africa is still at a nascent stage with significant growth potential. EMEA companies often emphasize adherence to strict quality and sustainability standards, with a rich heritage in metalwork being adapted to modern demands through R&D and strategic partnerships.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Metal Forging Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Metal Forging Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Metal Forging Market, highlighting leading vendors and their innovative profiles. These include Aichi Steel Corporation, American Axle & Manufacturing, Inc., Arconic Corporation, ATI Inc., Bharat Forge Limited, Bula Forge and Machine, Inc., Carbo Forge, Inc., Coulter Forge Technologies, Inc., ELLWOOD Group Inc., Farinia Group, Forge Technology, Inc., Forjas Bolivar S.A.S, FRISA INDUSTRIAS, S.A. de C.V., Georgsmarienhutte Holding GmbH, Hilton Metal Forging Ltd., IBC Advanced Alloys, Kalyani Forge Limited, Larsen & Toubro Limited (L&T), M M Forgings Limited, Maiden Forgings Ltd., Metal Forging Pvt. Ltd., Nikolic Industries, Inc., NIPPON STEEL CORPORATION, Precision Castparts Corp., Ramkrishna Forgings Ltd., Saarstahl AG, Sheffield Forgemasters International Ltd., Sumitomo Metal Corporation, ThyssenKrupp AG, Xianyang Tong Hui Forging Co., Ltd., and Zhangqiu Baohua Forging Co.,Ltd.

Market Segmentation & Coverage

This research report categorizes the Metal Forging Market to forecast the revenues and analyze trends in each of the following sub-markets:

Forging Type
- Cold Forging
- Impression Die Forging
- Open Die Forging
- Seamless Rolled Ring Forging

Material
- Aluminum
- Beryllium
- Brass
- Bronze
- Copper
- Magnesium
- Stainless Steel
- Titanium
- Zirconium

Application
- Aerospace & Defense
- Agriculture
- Automotive & Transportation
- Construction
- Manufacturing
- Mining & Mineral Exploration
- Oil & Gas

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Metal Forging Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Metal Forging Market?

3. What are the technology trends and regulatory frameworks in the Metal Forging Market?

4. What is the market share of the leading vendors in the Metal Forging Market?

5. Which modes and strategic moves are suitable for entering the Metal Forging Market?

Product Code: MRR-430D2A14AA1E

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing government initiatives towards automating industries
  - 5.1.1.2. Surging investments in infrastructure development across economies
  - 5.1.1.3. Continuous expansion of the transportation sector worldwide with electrification
- 5.1.2. Restraints
  - 5.1.2.1. High cost associated with metal forging and possibilities of defects
- 5.1.3. Opportunities
  - 5.1.3.1. Improvements in metal forging equipment and technologies
  - 5.1.3.2. Growing demand for hybrid and customized components in end-user industries
- 5.1.4. Challenges
  - 5.1.4.1. Complexities associated with compound forging and limited usability for microstructures and smaller components
5.2. Market Segmentation Analysis
- 5.2.1. Forging Type: Increasing adoption of impression die forging for accurate metal formation
- 5.2.2. Material: Proliferating metal forging activities for aluminum and stainless steel materials
- 5.2.3. Application: Rising automotive production and the need for precision metal forging
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Metal Forging Market, by Forging Type

6.1. Introduction
6.2. Cold Forging
6.3. Impression Die Forging
6.4. Open Die Forging
6.5. Seamless Rolled Ring Forging

7. Metal Forging Market, by Material

7.1. Introduction
7.2. Aluminum
7.3. Beryllium
7.4. Brass
7.5. Bronze
7.6. Copper
7.7. Magnesium
7.8. Stainless Steel
7.9. Titanium
7.10. Zirconium

8. Metal Forging Market, by Application

8.1. Introduction
8.2. Aerospace & Defense
8.3. Agriculture
8.4. Automotive & Transportation
8.5. Construction
8.6. Manufacturing
8.7. Mining & Mineral Exploration
8.8. Oil & Gas

9. Americas Metal Forging Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Metal Forging Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Metal Forging Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. New Defense Department Program Aims to Transform U.S. Metal Manufacturing in the Casting and Forging Industry
- 12.3.2. Goodluck India to Expand Defence & Aerospace Wing by Raising INR 96 Crore
- 12.3.3. Hydro Opens New Casting Line to Meet Growing Demand for Low-Carbon Forging Stock
12.4. Strategy Analysis & Recommendation

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio