Metal Forging Market Analysis

Global Metal Forging Market Overview

Metal Forging Market Size was valued at USD 81.1 billion in 2023. The Metal Forging Market industry is projected to grow from USD 87.5069 billion in 2024 to USD 160.12 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.85% during the forecast period (2024 - 2032). The primary force behind the growth of the metal forging market worldwide is surging demand for both passenger as well as commercial vehicles and growing commercial aircraft production. Further, constant innovations in metal forging methods and processes creates opportunities for market growth are expected to provide a lucrative opportunity to the market players over the forecast duration.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Metal Forging Market Trends

• Surging demand for both passenger as well as commercial vehicles to fuel the Metal Forging market

The surging demand for passenger and commercial vehicles drives the increased need for metal forging. Passenger vehicles include cars, SUVs, and other personal transportation options, while commercial vehicles encompass trucks, buses, and vans used for transportation and logistics.

There are several reasons behind the growing demand for these vehicles. Firstly, population growth, urbanization, and improving living standards have increased mobility needs, resulting in higher car ownership rates and a rising number of commercial vehicles for goods transportation. Additionally, emerging markets, such as those in Asia and Latin America, are experiencing rapid economic development, leading to a rise in vehicle demand. Industrialization and infrastructure projects also contribute to the surge in commercial vehicle requirements.

The automotive industry is witnessing increasing demand for forged steel, creating lucrative growth opportunities. Forged steel is preferred in automotive components due to its durability, strength, and reliability. Automotive parts like connecting rods, control arms, rocker arms, crankshafts, camshafts, tie rod ends, and steering knuckles are manufactured using carbon steel, stainless steel, and alloy steel. Closed-die steel forging technology is primarily employed for producing these automotive parts. The demand for forged steel will surge during the forecast period due to the rising demand for commercial and passenger vehicles. Additionally, the adoption of lightweight forged steel in electric vehicles further contributes to the increasing demand for the product. Metal forging plays a vital role in meeting this demand. It allows manufacturers to produce critical components with exceptional strength and durability, ensuring the safety and reliability of vehicles. Commonly forged parts include crankshafts, connecting rods, gears, axles, and suspension components. Forged components offer numerous advantages over alternatives like cast or machined parts. Forged parts exhibit superior mechanical properties, including high tensile strength, fatigue resistance, and impact toughness. They also have excellent dimensional accuracy and surface finish. The automotive industry relies on metal forging because it enables the production of lightweight yet robust components. These components contribute to overall vehicle weight reduction, improving fuel efficiency and reducing emissions.

Moreover, metal forging offers cost-effective production solutions for high-volume manufacturing. The process allows for efficient material utilization and streamlined production cycles, reducing waste and lowering production costs.

June 2019- Allegheny Technologies Incorporated has entered into an agreement to sell two of its non-core forging facilities to Wynnchurch Capital, LLC for a cash amount of $37 million. Wynnchurch Capital, LLC, a reputable private equity investment firm based in Chicago, IL, focuses on investing in middle-market companies in the United States and Canada with significant growth and operational improvement prospects. The transaction is expected to be completed in the second quarter of 2019.

Metal Forging Market Segment Insights

Metal Forging by Raw Material Insights

Based on Raw Material the Metal Forging Market is further classified into Steel, Aluminum, Magnesium, Nickel-Based Alloys, Titanium and Others. The Steel segment dominated the Metal Forging Market with a value of USD 37,068.59 million in 2022 and is expected to grow with a CAGR of 6.65 % during the forecast period. In 2022, carbon steel dominated the global market with a revenue share. Carbon steel can be categorized into three grades based on its carbon content: low, medium, and high. Compared to stainless steel, carbon steel has a lower material cost, making it suitable for applications in the oilfield and automotive industries. Carbon steel is the automotive industry's preferred choice for manufacturing control arms, rocker arms, and crankshafts due to its wide availability and cost-effectiveness. It offers a balanced combination of strength, flexibility, malleability, high strength, toughness, temperature resistance, good machinability, wear resistance, and corrosion resistance in mild atmospheres. These advantageous properties have led to a significant demand for carbon steel in the automotive sector.

February 2022- Bharat Forge Limited announced it had agreed to acquire JS Autocast Foundry India. The acquisition shall enable Bharat Forge to expand its product portfolio in the industrial sector, customer base, and manufacturing presence in South India. Bharat Forge will acquire JS Auto for an upfront consideration plus a fixed deferred payment at the end of the third year.

Metal Forging by Type Insights

Based on types, the Metal Forging Market has been divided into Closed-die Forging, Open-die Forging and Others. The Closed-die Forging segment dominated the Metal Forging market and accounted for the largest share of 53.77 % in 2022; the segment was valued at USD 47,659.80 million in 2022. The closed die segment, also referred to as impression die, is the prevailing technology employed for forging of this kind. This technology's increasing popularity can be attributed to its compatibility with all metals. It is a clean and efficient process that yields near net shapes, high strength, close tolerances, and superior surface finishes. Furthermore, the closed die forging process does not have any limitations in terms of material selection. As a result, it has become widely utilized for forging components made of steel and aluminum due to these advantageous features. The closed die forging market is influenced by improving global economic conditions, advancements in components and manufacturing processes, and the growth of end-user industries.

May 2021- Bharat Forge acquired Nouveau Power as a special purpose vehicle (SPV) for the acquisition of Sanghvi Forgings. The acquisition will enhance Bharat Forge's capabilities and strengthen its position in the forging industry. Sanghvi Forgings is a manufacturer of forged and machined components for the oil and gas sector. With this strategic acquisition, Bharat Forge aims to expand its product offerings and cater to the growing demand in the energy industry. The acquisition is expected to boost Bharat Forge's market presence and contribute to its long-term growth and profitability.

Metal Forging by End-use Industry Insights

Based on end-use industries, the Metal Forging Market has been divided into Automotive, Aerospace & Defense, Power, Building & Construction, Oil & Gas, Metal working and Others. The Automotive segment dominated the Metal Forging market and accounted for the largest share of 28.17% in 2022; the segment was valued at USD 24,964.94 million in 2022.In 2022, the automotive sector is the largest and fastest-growing consumer of forged metal parts. Automotive components made through forging are stronger than those made through casting or machining. However, the growing presence of electric vehicles (EVs) is expected to reduce the demand for forged components compared to traditional internal combustion engines. Forging is a metal-forming process widely used in the automotive sector to manufacture various parts and components. Stainless steel and alloy steel are the preferred materials for forging automotive components. The automotive industry is experiencing significant growth due to the rising demand for commercial and passenger vehicles and the increasing adoption of EVs. This growth in the automotive industry will drive the demand for forged metal parts, leading to market expansion.

September 2019- Bharat Forge has announced plans to invest $56 million in setting up a new manufacturing plant in the US. The plant will be in North Carolina and will focus on the production of powertrain and chassis components for the automotive sector. The investment is part of Bharat Forge's strategy to expand its presence in the North American market and cater to the growing demand for lightweight, fuel-efficient components. The new plant is expected to create job opportunities and contribute to the local economy.

Metal Forging Regional Insights

Region-wise Metal Forging Market has been divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for the largest market share of 38.26% in 2022, with a market value of USD 33,913.66 million; the region is expected to register a CAGR of 6.92% during the forecast period. Europe was the second-largest market in 2022, valued at USD 26,242.75 million; the market is projected to exhibit the highest CAGR of 6.29%.

In 2022, the Asia Pacific region was the dominant force in the Metal Forging Market due to the growing demand for metal forgings in key industries such as railways, automobiles, energy, and aerospace. The region's position is expected to strengthen further during the forecast period. One notable example of this demand is South Korea's plans announced in April 2021. The country intends to invest approximately KRW 114.7 trillion (equivalent to USD 102.7 billion) to expand its railway network nationwide by 2030. Such initiatives contribute to the increasing need for metal forgings. Within the Asia Pacific, China and India have emerged as the leading countries in the metal forging market due to the increasing usage of forged metal in the automotive and mechanical industries. China, being the largest economy in the region, plays a significant role in the Asia-Pacific metal forging market. It has a strong manufacturing base and is a major exporter of forged products. India is also a prominent market, with a growing automotive industry and a focus on infrastructure development. Additionally, the supportive government regulations promoting the development and use of electric vehicles have fueled the demand for lightweight forged steel parts in the automotive sector.

April 2021- Nippon Steel Corporation launched ZAM-EX, highly corrosion- resistant coated steel sheets for overseas markets. Nippon Steel and the former Nippon Steel Nisshin Co., Ltd. (NSN) have been selling highly corrosion resistant coated steel sheets, SuperDyma (SD) and ZAM, in overseas markets since 2000. Even after the merger of the two companies in April 2020, the new company has continued selling SD as well as ZAM. Starting with new orders, the company will sell its highly corrosion resistant coated steel sheets for overseas markets under the new brand name, ZAM-EX.

Metal Forging Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Metal Forging Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Metal Forging Market industry must offer cost-effective products to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global Metal Forging industry to benefit clients and expand the Metal Forging market sector is to manufacture locally to reduce operating costs. The market for Metal Forging is recognized as being extremely competitive and fragmented. The market for Metal Forging offers considerable potential opportunities for domestic and unorganised companies. Some of the key players operating in the Metal Forging Market are Arconic, China First Heavy Industries, Ati, Forgiatura Marcora, Bharat Forge, Japan Casting & Forging Corp, Brück Gmbh, Omz-Special Steels Llc, Larsen & Toubro Limited, Nippon Steel Corporation. To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.

ATI Inc.: is an integrated specialty materials and components company. The Company operates through two segments: High-Performance Materials & Components (HPMC) segment and Advanced Alloys & Solutions (AA&S) segment. Its HPMC segment produces a range of high-performance materials, including titanium and titanium-based alloys, nickel- and cobalt-based and other specialty materials, in long product forms such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, plus precision forgings, components, and machined parts. Its HPMC segment products are used in aerospace and defense, medical, and energy markets. The Company’s AA&S segment produces zirconium and related alloys, including hafnium and niobium, nickel-based alloys, titanium and titanium-based alloys, and specialty alloys in a variety of forms including plate, sheet, and flat products. Its AA&S products are used in energy, aerospace and defense, automotive, and electronics markets.

Bharat Forge Limited: is an India-based company, which is engaged in manufacturing and selling of forged and machined components including aluminum castings for auto and industrial sectors. Its segments include Forgings and Others. It is also involved in the manufacturing and assembly of electric vehicle related components. It offers full-service supply capability, which includes from concept to product design, engineering, manufacturing, testing, and validation. It manufactures critical components for thermal, wind, hydro, and nuclear applications. It offers automotive products, which include engines, chassis and transmission and driveline. It also manufactures a variety of railway components, such as engine components, turbochargers, bogie components, and power electronics. It supplies components to the aviation sector, such as fan blades, compressors and turbines, aero structures, and gear components. It caters to both domestic and international markets.

Key Companies in the Metal Forging Market includes

• Arconic (USA)


• China First Heavy Industries (China)


• ATI (Allegheny Technologies Incorporated) (USA)


• Bharat Forge (India)


• JAPAN CASTING & FORGING CORP. (Japan)


• Brück GmbH (Germany)


• OMZSpecial Steels LLC (Russia)


• LARSEN & TOUBRO LIMITED (India)


• North American Forgemasters (USA)


• NIPPON STEEL CORPORATION (Japan)

Metal Forging Industry Developments

May 2023, Arconic announced that it will be acquired by funds managed by Apollo Global Management. The acquisition aims to leverage Arconic's expertise in advanced manufacturing, metallurgy, and innovation to create long-term value. Arconic is known for its products and solutions in aerospace, automotive, and other high-growth markets. The transaction is subject to customary closing conditions and regulatory approvals.

April 2022- NuScale Power and the U.S. Reactor Forging Consortium (RFC) have joined forces to advance NuScale's small modular reactor (SMR) technology and strengthen the U.S. forging supply chain. The RFC, comprising North American Forgemasters (NAF), Scot Forge, and ATI Forged Products, is a highly qualified group of nuclear-grade forging suppliers. Under their Collaboration Agreement, the RFC and NuScale will collaborate on design reviews to optimize forged geometries, reduce welding, tailor chemical compositions, and improve fabrication configurations. This collaboration supports the commercialization of NuScale's Power Modules (NPM), integral to their SMR technology.

June 2022, Nippon Steel Corporation has developed the world's first Eco-friendly Commercially Pure Titanium, TranTixxii-Eco, and has started supplying it to Snow Peak, Inc. Nippon Steel has been exploring and implementing a range of ways to achieve carbon neutrality. As one of these efforts, the company have developed TranTixxii-Eco, Eco-friendly titanium.

Metal Forging Market Segmentation:

Metal Forging Raw Material Outlook

• Steel


• Aluminium


• Magnesium


• Nickel-Based Alloys


• Titanium


• Others

Metal Forging Type Outlook

• Closed-die Forging


• Open-die Forging


• Others

Metal Forging End-use Industry Outlook

• Automotive


• Aerospace & Defense


• Power


• Building & Construction


• Oil & Gas


• Metalworking


• Others

Metal Forging Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Middle East & Africa
  
  
  
  • Saudi Arabia
  
  
  • UAE
  
  
  • South Africa
  
  
  • Rest of Middle East & Africa
  
  
  
  


• South America
  
  
  
  • Brazil
  
  
  • Argentina
  
  
  • Rest of South America