According to the report by Expert Market Research (EMR), the global metal forging market grew substantially in 2023. Aided by the escalating demand in automotive, aerospace, and construction sectors, coupled with the undeniable strengths of forged metals in terms of durability and resilience, the market is projected to grow at a CAGR of 6.5% between 2024 and 2032.
Metal forging, a centuries-old practice, involves the shaping and hardening of metals through localised compressive forces, resulting in materials that exhibit superior strength, improved grain structure, and enhanced reliability compared to cast or machined parts. Today, modern advancements have transformed forging into a highly technical and sophisticated process, capable of producing complex shapes and intricate designs, catering to a myriad of industrial applications.
A significant propellant for the global metal forging market growth remains the robust demand from the automotive industry. Vehicle manufacturing, with its unrelenting emphasis on safety, reliability, and performance, often leans on metal forging for critical components like gears, axles, shafts, and bearings. The undeniable strength and durability of forged components, capable of withstanding stress and offering extended lifespans, make them an obvious choice for the automotive sector.
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Aerospace, another industry where there’s no room for compromise on component integrity, heavily relies on metal forging. Aircraft parts, demanding the highest levels of precision and resilience, are frequently manufactured through forging, ensuring they can endure the extreme conditions they are subjected to.
Furthermore, the construction sector, with its need for robust infrastructure and durable machinery, contributes significantly to the surging metal forging market demand. Forged steel finds applications in structures, tools, and heavy machinery, ensuring longevity and safety.
Technological advancements in the realm of metal forging, such as computer-controlled processes and precision forging, are further refining outcomes, ensuring higher precision, reduced wastage, and enhanced efficiency. These advancements, while catering to the ever-evolving demands of modern industries, also serve to bolster the metal forging market growth.
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Metal Forging Market Segmentation
The market can be divided based on metal, application, and region.
Market Breakup by Metal
- Carbon Steel
- Alloy Steel
- Aluminium
- Magnesium
- Stainless Steel
- Titanium
- Others
Market Breakup by Application
- Automotive
- Aerospace
- Oil and Gas
- Construction
- Agriculture
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global metal forging market. Some of the major players explored in the report by Expert Market Research are as follows:
- Bharat Forge Limited
- China First Heavy Machinery Co., Ltd
- Nippon Steel Corporation
- Allegheny Technologies (ATI)
- Bruck GmbH
- Jiangyin Hengrun Heavy Industries Co., Ltd.
- Arconic Corporation
- Others
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