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In 2022, the market size for metal forging was estimated at USD 84.7 billion. During the projection period (2023 - 2030), the metal forging market industry is anticipated to increase from USD 89.43 billion in 2022 to USD 137.52 billion. This represents a compound yearly growth rate (CAGR) of 7.34%. The primary factor driving the growth of the metal forging market is the escalating demand from the global aerospace and automotive industries.
Metal shaping and forming have traditionally been done by the forging of metal. It is an effective process for creating components for demanding applications including high pressure, stress, and temperature. The growth of the automotive industry and energy industries including oil and gas refineries and thermal power plants are what are driving the market for metal forgings. Industries in the energy sector use a variety of industrial components, many of which are created using the forging process, including flanges, fittings, valves, studs and nuts, pressure vessels, pipes, and many more. The demand for forged metal components is expected to increase in these regions as a result of different planned and ongoing oil and gas projects. Latin American and Gulf countries are a few of the key oil and gas producers. For instance, in March 2022, Aramco announced plans to build a 300,000 bpd oil refinery together North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group. near a similar vein, the Canadian company Kineticor Resources Corp. is planning and building a gas-fired power station near Edson, Alberta. The project, which is anticipated to be finished by 2025, is likely to cost a total of $1.5 billion. It is anticipated that these projects will call for forged metal fittings, valves, studs and nuts, pressure vessels, and other components.
Technology advancements and breakthroughs in forging techniques offer a number of benefits over competing metal manufacturing processes, including high performance, maximum strength, high metallurgical characteristics, and greater internal integrity. To meet specialised needs, a number of producers on the market are concentrating on product improvements. Manufacturers have created new goods and technologies in response to the end-users' growing demand for ready-to-install components or subassemblies. Forgers may now create metal parts with better uniformity and extremely tight dimensional tolerances in the allotted time to meet the customers' delivery deadlines thanks to advanced processing equipment and control systems.
Additionally, a fundamental tactic used by several stakeholders in the forging sector is cooperative research, which involves working with suppliers, end users, the government, institutes, and other forging enterprises to upgrade or develop significant existing and new technologies. For instance, from material characterisation to metal component final manufacturing, the Institute of Metal Forming and Metal-Forming Machines (IFUM) is engaged in the advancement of forging technologies. The institute supports businesses in creating technology for forging dies, structural optimisation, and weight reduction in manufactured products. During the projected period, forgers' increasing R&D efforts will contribute to the growth of the worldwide metal forging market.
In comparison to other metallic materials used in the forging process, titanium alloys are superior. The aircraft industry is where titanium alloy forging is most frequently used. Due to its high melting point and poor heat conduction, this is the case. It boasts a remarkable strength-to-weight ratio, a very low density, and resistance to corrosion. As an alternative to aluminium metal, this material is forged specifically for rotating parts in aeroplanes, such as engine discs and shafts. The substance has a low thermal expansion rate, which aids in keeping its shape within a narrow tolerance. These elements have increased the need for titanium alloys in the aerospace sector, which favours the expansion of the world market for metal forging. The utilisation of the forging process is expected to be constrained by the growing demand for substitute metal forming technologies like casting. The molten metal is poured into the mould during the casting process, which creates the casting's intended shape in the cavity of the mould. Casting is the process of allowing the molten metal to harden. This kind of forging method is more expensive than casting. As a result of its cost, the casting method is preferred by the majority of manufacturers. It is anticipated that the use of alternative metal forming technologies will impede market expansion.
Report Coverage
Global Metal Forging research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Metal Forging report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Metal Forging competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Metal Forging market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Metal Forging market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Metal Forging market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Arconic Corp., ATI, Bharat Forge Ltd., Ellwood Group Inc., China First Heavy Industries, Scot Forge, Thyssenkrupp Business Area Components Technology, Bruck GmbH, Nippon Steel Corp., Precision Castparts Corp., Kovárna Viva, Larsen & Toubro Ltd and Japan Casting & Forging Corp.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Metal Forging market based on the below-mentioned segments:
Global Metal Forging Market, By Raw Material
Steel
Aluminum
Magnesium
Nickel-Based Alloys
Titanium
Global Metal Forging market, By Type
Closed-die Forging
Open-die Forging
Ring Rolling
Global Metal Forging Market, By End User
Automotive
Aerospace & Defense
Power
Building & Construction
Oil & Gas
Metalworking
Global Metal Forging market, Regional Analysis
Metal shaping and forming have traditionally been done by the forging of metal. It is an effective process for creating components for demanding applications including high pressure, stress, and temperature. The growth of the automotive industry and energy industries including oil and gas refineries and thermal power plants are what are driving the market for metal forgings. Industries in the energy sector use a variety of industrial components, many of which are created using the forging process, including flanges, fittings, valves, studs and nuts, pressure vessels, pipes, and many more. The demand for forged metal components is expected to increase in these regions as a result of different planned and ongoing oil and gas projects. Latin American and Gulf countries are a few of the key oil and gas producers. For instance, in March 2022, Aramco announced plans to build a 300,000 bpd oil refinery together North Huajin Chemical Industries Group Corporation and Panjin Xincheng Industrial Group. near a similar vein, the Canadian company Kineticor Resources Corp. is planning and building a gas-fired power station near Edson, Alberta. The project, which is anticipated to be finished by 2025, is likely to cost a total of $1.5 billion. It is anticipated that these projects will call for forged metal fittings, valves, studs and nuts, pressure vessels, and other components.
Technology advancements and breakthroughs in forging techniques offer a number of benefits over competing metal manufacturing processes, including high performance, maximum strength, high metallurgical characteristics, and greater internal integrity. To meet specialised needs, a number of producers on the market are concentrating on product improvements. Manufacturers have created new goods and technologies in response to the end-users' growing demand for ready-to-install components or subassemblies. Forgers may now create metal parts with better uniformity and extremely tight dimensional tolerances in the allotted time to meet the customers' delivery deadlines thanks to advanced processing equipment and control systems.
Additionally, a fundamental tactic used by several stakeholders in the forging sector is cooperative research, which involves working with suppliers, end users, the government, institutes, and other forging enterprises to upgrade or develop significant existing and new technologies. For instance, from material characterisation to metal component final manufacturing, the Institute of Metal Forming and Metal-Forming Machines (IFUM) is engaged in the advancement of forging technologies. The institute supports businesses in creating technology for forging dies, structural optimisation, and weight reduction in manufactured products. During the projected period, forgers' increasing R&D efforts will contribute to the growth of the worldwide metal forging market.
In comparison to other metallic materials used in the forging process, titanium alloys are superior. The aircraft industry is where titanium alloy forging is most frequently used. Due to its high melting point and poor heat conduction, this is the case. It boasts a remarkable strength-to-weight ratio, a very low density, and resistance to corrosion. As an alternative to aluminium metal, this material is forged specifically for rotating parts in aeroplanes, such as engine discs and shafts. The substance has a low thermal expansion rate, which aids in keeping its shape within a narrow tolerance. These elements have increased the need for titanium alloys in the aerospace sector, which favours the expansion of the world market for metal forging. The utilisation of the forging process is expected to be constrained by the growing demand for substitute metal forming technologies like casting. The molten metal is poured into the mould during the casting process, which creates the casting's intended shape in the cavity of the mould. Casting is the process of allowing the molten metal to harden. This kind of forging method is more expensive than casting. As a result of its cost, the casting method is preferred by the majority of manufacturers. It is anticipated that the use of alternative metal forming technologies will impede market expansion.
Report Coverage
Global Metal Forging research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Metal Forging report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Metal Forging competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Metal Forging market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Arconic Corp., ATI, Bharat Forge Ltd., Ellwood Group Inc., China First Heavy Industries, Scot Forge, Thyssenkrupp Business Area Components Technology, Bruck GmbH, Nippon Steel Corp., Precision Castparts Corp., Kovárna Viva, Larsen & Toubro Ltd and Japan Casting & Forging Corp. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Metal Forging Market from 2021 to 2030.
- Market Forecast for Metal Forging Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Metal Forging competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Metal Forging
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Metal Forging market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Metal Forging market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Arconic Corp., ATI, Bharat Forge Ltd., Ellwood Group Inc., China First Heavy Industries, Scot Forge, Thyssenkrupp Business Area Components Technology, Bruck GmbH, Nippon Steel Corp., Precision Castparts Corp., Kovárna Viva, Larsen & Toubro Ltd and Japan Casting & Forging Corp.
Primary Target Market
- Market Players of Metal Forging
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Metal Forging market based on the below-mentioned segments:
Global Metal Forging Market, By Raw Material
Steel
Aluminum
Magnesium
Nickel-Based Alloys
Titanium
Global Metal Forging market, By Type
Closed-die Forging
Open-die Forging
Ring Rolling
Global Metal Forging Market, By End User
Automotive
Aerospace & Defense
Power
Building & Construction
Oil & Gas
Metalworking
Global Metal Forging market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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