Product Code: GVR-3-68038-308-9
Metal Forging Market Growth & Trends:
The global metal forging market size is expected to reach USD 145.46 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.4% during the forecast period. Rising awareness about climate change and increasing investment in renewables, especially in wind and hydro, by governments is expected to boost the consumption of forged components. Thus, this investment is expected to propel the product demand during the forecast period. For instance, in October 2021, the U.S government unveiled plans to build up to 7 major offshore wind farms. The government is targeting to produce 30 gigawatts of wind power by 2030.
Similarly, in April 2022, the government of the country announced that it is planning to develop a 40 GW offshore wind project by 2050 that is expected to spread over 50 wind farms. Metal forging is the process, in which metals are shaped and formed using compressive force. These forces are applied using pressing, hammering, and rolling. Increasing demand for the product in various industries, such as power, construction, agriculture, marine, and aerospace, is anticipated to augment the market growth. Based on raw material, carbon steel accounted for the largest revenue share in 2024 and it is expected to maintain its dominance throughout the forecast period.
The growth is attributed to the properties of the material as the product often has a tight grain structure, which makes it mechanically strong to withstand friction. Also, carbon steel is cheaper than its counterparts.Construction is anticipated to expand at a steady CAGR, in terms of revenue, during the forecast period. The growth is attributed to increasing government investment in the construction sector to untangle the negative impact created by the COVID-19 pandemic.In November 2021, the Italian government came up with a new recovery and resilience plan to foster economic growth by 1.5 to 2.5% by 2026. The government is expected to invest in the construction of public buildings, renewable energy, and waste & water management.
In 2024, Asia Pacific was the largest regional market, in terms of revenue as well as volume. China and India were the largest consumers of metal forgings in 2024 in the APAC region. The rising demand for forged products from various application industries, such as construction, automotive, and energy, has pushed product consumption in the region. The global metal market is highly competitive. The rising demand for forged products has forced key manufacturers to opt for merger & acquisition strategies. For instance, in June 2021, Bharat Forge, a leading forging company in India announced that they have acquired Sanghvi Forging & Engineering Ltd.
Metal Forging Market Report Highlights:
- The aluminum raw materials segment is anticipated to register the fastest CAGR during the forecast period due to the high demand for lightweight materials from industries, such as aerospace, power generation, and automotive
- Power generation segment is expected to grow at fastest CAGR of 11.3% over the forecast period. Rising global energy consumption is driving investments in both conventional and renewable energy infrastructure.
- North America is expected to register a CAGR of 4.8%, in terms of volume, from 2025 to 2030. Increasing investment in the construction & infrastructure industry and demand for renewables is driving the regional market
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Information Analysis
- 1.3.2. Market Formulation & Data Visualization
- 1.3.3. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segmental Outlook
- 2.3. Competitive Outlook
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Metal Forging Market Outlook
- 3.2. Value Chain Analysis
- 3.2.1. Raw Material Outlook
- 3.3. Manufacturing & Technology Overview
- 3.4. Regulatory Framework
- 3.5. Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.6. Industry Trends
- 3.6.1. ESG Trends
- 3.6.2. Trade Scenario
- 3.7. Porter's Five Forces Analysis
- 3.7.1. Bargaining Power of Suppliers
- 3.7.2. Bargaining Power of Buyers
- 3.7.3. Threat of Substitution
- 3.7.4. Threat of New Entrants
- 3.7.5. Competitive Rivalry
- 3.8. PESTLE Analysis
- 3.8.1. Political
- 3.8.2. Economic
- 3.8.3. Social Landscape
- 3.8.4. Technology
- 3.8.5. Environmental
- 3.8.6. Legal
Chapter 4. Metal Forging Market: Application Estimates & Trend Analysis
- 4.1. Metal Forging Market: Application Movement Analysis, 2023 & 2030
- 4.2. Automotive
- 4.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.3. Transportation
- 4.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.4. Aerospace
- 4.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.5. Oil & Gas
- 4.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.6. Construction
- 4.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.7. Agriculture
- 4.7.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.8. Power Generation
- 4.8.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.9. Marine
- 4.9.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.10. Others
- 4.10.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
Chapter 5. Metal Forging Market: Raw Material Estimates & Trend Analysis
- 5.1. Metal Forging Market: Raw Material Movement Analysis, 2023 & 2030
- 5.2. Carbon Steel
- 5.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.3. Alloy Steel
- 5.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.4. Aluminum
- 5.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.5. Magnesium
- 5.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.6. Stainless Steel
- 5.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.7. Titanium
- 5.7.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.8. Others
- 5.8.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
Chapter 6. Metal Forging Market: Regional Estimates & Trend Analysis
- 6.1. Regional Analysis, 2023 & 2030
- 6.2. North America
- 6.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.4. U.S.
- 6.2.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.4.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.4.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.5. Canada
- 6.2.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.5.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.5.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.6. Mexico
- 6.2.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.6.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.6.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3. Europe
- 6.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4. Germany
- 6.3.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.5. UK
- 6.3.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.5.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.5.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.6. France
- 6.3.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.6.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.6.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.7. Italy
- 6.3.7.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.7.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.7.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.8. Spain
- 6.3.8.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.8.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.8.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4. Asia Pacific
- 6.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4. China
- 6.4.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5. Japan
- 6.4.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6. South Korea
- 6.4.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.7. India
- 6.4.7.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.7.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.7.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.5. Central & South America
- 6.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.6. Middle East & Africa
- 6.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.2. Market estimates and forecasts, by raw material, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
Chapter 7. Competitive Landscape
- 7.1. Recent Developments, By Key Market Participants
- 7.2. Company Categorization
- 7.3. Company Market Ranking
- 7.4. Vendor Landscape
- 7.4.1. List of Raw Material Suppliers
- 7.4.2. List of Distributors/Traders
- 7.4.3. List of Other Prominent Manufacturers
- 7.5. List of Prospective End Users
- 7.6. Strategy Mapping
- 7.7. Company Profiles/Listing
- 7.7.1. Aronic
- 7.7.1.1. Company Overview
- 7.7.1.2. Financial Performance
- 7.7.1.3. Type Benchmarking
- 7.7.2. ATI
- 7.7.2.1. Company Overview
- 7.7.2.2. Financial Performance
- 7.7.2.3. Type Benchmarking
- 7.7.3. Bharat Forge Ltd.
- 7.7.3.1. Company Overview
- 7.7.3.2. Financial Performance
- 7.7.3.3. Type Benchmarking
- 7.7.4. Bruck GmbH
- 7.7.4.1. Company Overview
- 7.7.4.2. Financial Performance
- 7.7.4.3. Type Benchmarking
- 7.7.5. China First Heavy Machinery Co., Ltd.
- 7.7.5.1. Company Overview
- 7.7.5.2. Financial Performance
- 7.7.5.3. Type Benchmarking
- 7.7.6. ELLWOOD Group, Inc.
- 7.7.6.1. Company Overview
- 7.7.6.2. Financial Performance
- 7.7.6.3. Type Benchmarking
- 7.7.7. Jiangyin Hengrun Heavy Industries Co., Ltd.
- 7.7.7.1. Company Overview
- 7.7.7.2. Financial Performance
- 7.7.7.3. Type Benchmarking
- 7.7.8. Nippon Steel Corp.
- 7.7.8.1. Company Overview
- 7.7.8.2. Financial Performance
- 7.7.8.3. Type Benchmarking
- 7.7.9. Precision Castparts Corp.
- 7.7.9.1. Company Overview
- 7.7.9.2. Financial Performance
- 7.7.9.3. Type Benchmarking
- 7.7.10. Larsen & Toubro Ltd.
- 7.7.10.1. Company Overview
- 7.7.10.2. Financial Performance
- 7.7.10.3. Type Benchmarking