Global Metal Forging Market Size, Share, Growth Analysis, By Raw Material(Carbon Steel, Alloy Steel), By Application(Automotive, Transportation) - Industry Forecast 2024-2031

Global Metal Forging Market size was valued at USD 81.84 billion in 2022 and is poised to grow from USD 88.14 billion in 2023 to USD 159.55 billion by 2031, growing at a CAGR of 7.7% during the forecast period (2024-2031).

The need for metal forged components from the aerospace industry is being driven by the increase in global flight numbers, which is also helping to expand markets and enhance aircraft manufacturing. For instance, Boeing delivered 302 aircraft in 2021-nearly twice as many as it shipped the year before. In addition, Boeing declared in March 2022 that they planned to increase 737 Max production by double. This kind of activity in the aerospace sector is probably going to increase demand for metal forgings during the projection period. The increase is the result of higher capital and consumer expenditure spending, which helped the US economy develop at its quickest rate since 1984. The nation's unemployment rate, which stood at 5.7% in 2021, was at a 37-year high. The recovery points to a resurgence of industrial activity, which is expected to boost the nation's need for metal forged goods in the upcoming years. The market is expanding as a result of rising investments in infrastructure, power, transport, and airplanes, among other things. In 2021, the US Senate passed a significant infrastructure bill worth $1 trillion. This act states that the government is making significant investments in high-speed internet, safe drinking water, public transportation, highways, bridges, and electric vehicle (EV) networks. Throughout the projected period, there will probably be a need for metal forging components due to rising investments in power generation and renewable energy. For instance, in September 2021, the US Senate passed an investment package in sustainable energy worth USD 550.00 billion.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Metal Forging Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Metal Forging Market Segmental Analysis

The global metal forging market is segmented on the basis of raw material, application, and region. Based on raw material, the market is segmented into carbon steel, alloy steel, aluminum, magnesium, stainless steel, titanium, and others. In terms of application the market is segmented into automotive, transportation, aerospace, oil & gas, construction, agriculture, power generation, marine, others. Region Wise, the global metal forging market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Metal Forging Market

One of the biggest markets for forged metal components is the automobile sector. Metal forged parts like crankshafts, connecting rods, and gears are predicted to become more in demand as the automotive industry grows worldwide due to reasons including urbanization, population increase, and rising disposable income.

Restraints in the Global Metal Forging Market

Installation and upkeep of metal forging facilities necessitate large financial outlays. The high expenses of trained labor, machinery, and forging equipment can prevent small-scale or new producers from entering the industry, which restricts its expansion.

Market Trends of the Global Metal Forging Market

Lightweight materials are becoming more and more in demand across a range of industries, including aerospace, defense, and automotive. The excellent strength-to-weight ratio of metal forgings makes them perfect for creating lightweight components. Lightweight forged components are anticipated to become more in demand as industries work to reduce emissions and increase fuel efficiency.