What Factors Propelled The Growth Of The Metal Forging Market In The Past?
The metal forging market has seen considerable growth due to a variety of factors.
•The market size for metal forging has experienced a significant surge in recent times. The market, which is projected to increase from $101.04 billion in 2024 to $108.78 billion in 2025, is expected to grow at a compound annual growth rate (CAGR) of 7.7%.
This growth during the historical period is mainly due to various factors including an expanding automotive industry, progress in the aerospace sector, exploration in the oil and gas sector, defense and military applications, improvements in railway and transportation systems, and the global expansion of supply chains.
What Is The Projected Growth And Market Size For The Metal Forging Sector?
The metal forging market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the metal forging market size is anticipated to experience substantial growth, predicted to reach "$150.83 billion by 2029 with a compound annual growth rate (CAGR) of 8.5%.
Several factors contributing to this growth within the forecast period include the increased usage of lightweight materials, the surge in electric vehicle production, infrastructural investments in emergent markets, the growth of wind and solar energy sectors, and worldwide initiatives towards carbon neutrality. Key trends observed during the forecast period encompass the adoption of closed-die forging technology, the incorporation of Industry 4.0 technologies, enduring forging practices, cooperative ventures in research and development, and customization specific to defense and defense aerospace.
Which Factors Are Boosting Growth In The Metal Forging Market?
The growth of the metal forging market is projected to be driven by the escalating progress in the construction industry. Derived from public infrastructure-related activities like building, altering, mending, remodeling, enhancing, or eliminating, construction heavily relies on forged metal products such as steel beams, columns, and other integral structural elements; these are crucial for creating sturdy and durable structures capable of resisting environmental forces and complying safety standards. For example, in November 2023, The Office for National Statistics, a respected UK statistics authority, reported that the total output of new construction work in 2022 experienced a 15.8% growth, reaching a historical high at a worth of £132,989 million ($172401 million). Consequently, the expanding construction industry is propelling the surge in metal forging.
What Key Areas Define The Segmentation Of The Global Metal Forging Market?
The metal forging market covered in this report is segmented –
1) By Type: Closed-Die Forging, Open-Die Forging, Ring Rolling
2) By Raw Material: Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Other Raw Materials
3) By End-User: Automotive, Defense And Aerospace, Shipbuilding, Power Industry, Oil And Gas, Other End User
Subsegments:
1) By Closed-Die Forging: Precision Forgings, Multi-Stage Forgings, Cold Closed-Die Forging
2) By Open-Die Forging: Upset Forging, Flat Forging, Radial Forging
3) By Ring Rolling: Seamless Ring Rolling, Welded Ring Rolling, Specialty Ring Rolling
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How Are Emerging Trends Reshaping The Dynamics Of The Metal Forging Market?
The rising trend of utilizing automation in forging systems is gaining significant traction in the metal forging sector. Major players in the market are focusing on developing unique products by employing automated processing equipment like induction forging, computerized forging tools, automatic control and free forging hammers' remote control to maintain their market dominance. For instance, in January 2023, Strojmetal, an aluminum chassis parts manufacturer from the Czech Republic with involvement in the powertrain and battery housing sectors, established a fully automated aluminum forging line. This innovative line incorporates a variety of cutting-edge technologies, including an entirely automated system for loading and unloading, robots for managing and moving parts, and a sophisticated control system that offers real-time monitoring and fine-tuning of the forging process. The line is also ingeniously designed for high flexibility, capable of manufacturing an extensive range of different parts and managing diverse aluminum alloys.
Who Are the Key Players in the Metal Forging Market?
Major companies operating in the metal forging market include:
• Allegheny Technologies Incorporated
• Bharat Forge Ltd.
• Ellwood Group Inc.
• Thyssenkrupp AG
• Bruck GmbH
• Nippon Steel Corp.
• Precision Castparts Corp.
• Larsen & Toubro Ltd.
• Japan Casting and Forging Corp.
• China First Heavy Industries Co. Ltd.
• Howmet Aerospace Inc.
• Schuler AG
• Jiangyin Hengrun Heavy Industries Co. Ltd.
• ATI Ladish LLC
• Kobelco Construction Machinery Co. Ltd.
• Scot Forge Company
• Ferralloy Inc.
• Patriot Forge Co.
• Doncasters Inc.
• All Metals & Forge Group
• Trenton Forging Company
• Fountaintown Forge Inc.
• Commercial Forged Products
• Component Sourcing International
• Custom Alloy Corporation
• Precision Metal Products Pvt. Ltd.
• SIFCO Industries Inc.
• Canton Drop Forge Inc.
• Shultz Steel Co.
• Consolidated Industries Inc.
• Pacific Forge Incorporated
• Otto Fuchs KG
What Is The Most Dominant Region In The Metal Forging Market?
Asia-Pacific was the largest region in the metal forging market in 2024. The regions covered in the metal forging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
