Metal Forging Market Insights 2025-2034: Growth Dynamics, Trends, and Strategic Opportunities
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What fueled the previous growth in the metal forging market?
In the past few years, the size of the metal forging market has been increasing significantly. The market that was worth $101.04 billion in 2024 is projected to reach a value of $108.78 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%. Factors that have contributed to its historic growth include the expansion of the automotive industry, development in the aerospace sector, exploration in oil and gas industry, defense and military uses, railway and transportation systems, and the globalization of supply chains.
What will be the metal forging market size in the future?
Anticipations are high for a major expansion in the metal forging market size in the upcoming years. By the year 2029, this market is predicted to balloon to “$150.83 billion, showing a Compound Annual Growth Rate (CAGR) of 8.5%. The spur in growth within the forecast period can be tied to the rising adoption of lightweight materials, an increase in the manufacturing of electric vehicles, investments in infrastructure within emerging markets, the vigorous growth of the wind and solar energy sectors, and global strides towards achieving carbon neutrality. Major anticipated trends within the forecast period are advancements in closed-die forging technology, the incorporation of industry 4.0 technologies, commitment to eco-friendly forging practices, partnerships for research and development, and specialized customization for defense and defense aerospace.
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What main drivers are fueling expansion in the metal forging market?
The growth of the metal forging market is projected to be driven by the expansion of the construction industry. Construction activities, which involve the creation, alteration, repair, renovation, upgrading, or demolition of public infrastructure facilities, such as public buildings or any other public real estate improvements, are heavily reliant on forged metal products. These products include steel beams, columns, and other critical structural elements necessary for constructing robust and durable structures that comply with safety standards and are resistant to environmental factors. In November 2023, The Office for National Statistics, a UK-based statistical agency, reported that in 2022, the overall output for new construction works increased by 15.8%, reaching a historic high of £132,989 million ($172401 million). As a result, the expansion of the construction industry is fuelling the metal forging market’s growth.
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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Who are the dominant players expanding their reach 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
How are evolving market trends shaping metal forging Strategies?
The rising trend of automation in metal forging systems is becoming increasingly notable in the metal forging market. Top market contenders are putting their focus on creating advanced products via automated processing tools such as induction forging, computer-guided forging equipment, automatic control, and distant control of free forging hammers, to maintain their market stance. For instance, in January 2023, Strojmetal, an aluminum chassis parts and applications manufacturer based in the Czech Republic, set up a fully automated aluminum forging line in the powertrain and battery housing sectors. The updated line boasts numerous cutting-edge technologies, including a completely automated loading and unloading system, robots for parts management and transfer, and a sophisticated control system for real-time supervision and fine-tuning of the forging mechanism. Additionally, the line is extremely adaptable, capable of producing an extensive variety of parts and handling various aluminum alloys.
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Which regions are emerging as leaders 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
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