Metal Forging Market Poised for Growth Amid Rising Demand for Advanced Materials, Forecast 2024 - 2028

The global metal forging market is set to grow by USD 33.29 billion between 2024 and 2028, registering a CAGR of 6.85%. This expansion is driven by the increasing demand for lightweight, durable materials in industries such as automotive, construction, and aerospace, the rise in infrastructure development, coupled with the growing emphasis on energy efficiency, is propelling demand for forged components in sectors such as transportation and renewable energy.

Get more details by ordering the complete report

Market Segmentation

By Material

• Carbon Steel

• Aluminum

• Stainless Steel

• Others

By Application

• Automotive

• Aerospace and Defense

• Construction and Others

Regional Market Trends

APAC

• China

• India

Europe

• Germany

• France

North America

• United States

South America 

Middle East and Africa

Market Dynamics

Drivers

• High Demand for Advanced Materials and Alloys The metal forging industry is witnessing substantial growth due to the rising adoption of stainless steel, titanium, aluminum, and magnesium alloys. These materials offer enhanced strength, durability, and corrosion resistance, making them essential in industries such as automotive, aerospace, and energy. Furthermore, the use of lightweight materials is gaining momentum as industries aim to enhance fuel efficiency and lower emissions.

Trends

• Rising Infrastructure Development The construction and transportation sectors are creating in demand for forged components, particularly for bridges, railways, and renewable energy projects. This trend is particularly strong in emerging economies where governments are investing heavily in modern infrastructure.

Challenges

• Rising Raw Material Costs The fluctuating prices of key metals such as steel and aluminum are posing profitability challenges for forging companies. Factors such as supply chain disruptions, geopolitical tensions, and currency fluctuations are making it difficult for manufacturers to maintain cost efficiency.

For more details about the industry, get the PDF sample report for free

Key Players

• Aichi Steel Corp.
• Ajax Tocco Magnethermic Corp.
• Alicon Castalloy Ltd.
• All Metals and Forge Group
• Allegheny Technologies Inc.
• Aluminum Precision Products
• American Axle and Manufacturing Holdings Inc.
• Arconic Corp.
• Asahi Forge Corp.
• Bharat Forge Ltd.
• Bluewater Thermal Solutions
• Bruck GmbH
• Consolidated Industries Inc.
• Farinia SA
• Fountaintown Forge Inc.
• Goodluck India Ltd.
• Larsen and Toubro Ltd.
• Mitsubishi Steel Mfg. Co. Ltd.
• Pacific Forge Inc.
• Patriot Forge Co.
• Scot Forge Co.
• Sumitomo Heavy Industries Ltd.
• thyssenkrupp AG

Future Insights

The metal forging market is expected to continue its strong growth trajectory, fueled by technological advancements, sustainable manufacturing, and increased infrastructure investments. However, challenges such as volatile raw material costs and supply chain disruptions need to be addressed to sustain this expansion.