The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Metal Forging Global Market Report 2024, the metal forging market is expected to show significant growth in the forecast period.

Strong Growth in Recent Years

Impressive Market Expansion

• 2023 to 2024: The metal forging market size is projected to grow from $94.74 billion in 2023 to $101.93 billion in 2024, showcasing a robust compound annual growth rate (CAGR) of 7.6%.
• Key Drivers:
  • Expansion in the automotive industry.
  • Growth in the aerospace sector.
  • Increased oil and gas exploration.
  • Enhanced defense and military applications.
  • Development in railway and transportation systems.
  • Globalization of supply chains.

Future Growth Projections

Continued Market Momentum

• 2024 to 2028: The market is expected to reach $132.06 billion by 2028, growing at a CAGR of 6.7%.
• Factors Contributing to Growth:
  • Adoption of lightweight materials.
  • Rise in electric vehicle production.
  • Infrastructure investments in emerging markets.
  • Expansion of wind and solar energy sectors.
  • Global efforts towards carbon neutrality.

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Emerging Trends

• Closed-Die Forging Technology: Increased precision and efficiency.
• Industry 4.0 Technologies: Integration of smart manufacturing and IoT.
• Sustainable Forging Practices: Emphasis on eco-friendly processes.
• Collaborations for R&D: Partnerships to drive innovation.
• Customization for Defense and Aerospace: Tailored solutions for specific needs.

Construction Industry: A Key Market Driver

Elevated Construction Activity

• Industry Reliance on Forged Metal: Critical for building durable structures.
• Metal Construction News:
  • 12.9% increase in metal building construction in 2021.
  • Metal roofing up by 9.3%, metal wall panels up by 2.5%, and light-gauge steel framing up by 9.5% (exteriors) and 3% (interiors).

Impact on Metal Forging Market

• Growth in Demand: Increased need for steel beams, columns, and structural components.
• Market Implications: Construction industry expansion directly fuels growth in the metal forging sector.

Automation: Transforming the Forging Landscape

Rise of Automated Forging Systems

• Technological Advancements:
  • Induction forging.
  • Computer-controlled forging equipment.
  • Automatic and remote control of forging hammers.
• Strojmetal’s Automated Line:
  • Fully automated aluminum forging line installed in January 2023.
  • Features advanced control systems, robots for handling, and real-time process optimization.
  • Flexibility to produce various parts and handle different aluminum alloys.

Strategic Acquisitions and Expansions

Bharat Forge Ltd.’s Strategic Move

• Acquisition of JS Autocast Foundry:
  • Acquired in July 2022 to enhance market presence.
  • JS Autocast specializes in high-quality castings and metal forgings.
  • Expands Bharat Forge’s capabilities both domestically and internationally.

Market Segmentation

• By Type:
  • Closed-Die Forging.
  • Open-Die Forging.
  • Ring Rolling.
• By Raw Material:
  • Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Other Raw Materials.
• By End-User:
  • Automotive, Defense and Aerospace, Shipbuilding, Power Industry, Oil and Gas, Other End Users.

Regional Insights

Asia-Pacific: The Leading Region

• Market Dominance in 2023: Asia-Pacific held the largest share in the metal forging market, driven by rapid industrialization and significant infrastructure investments.

Conclusion
The metal forging market is poised for substantial growth, driven by advancements in various industries and technological innovations. The sector’s future looks promising, with increasing adoption of sustainable practices and automation, along with strategic acquisitions enhancing market capabilities. As the market continues to expand, stakeholders can look forward to numerous opportunities and continued industry evolution.

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The Metal Forging Global Market Report 2024  provides an in-depth analysis on the metal forging market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the metal forging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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