GVR Report cover Metal Forging Market Size, Share & Trends Report

Metal Forging Market Size, Share & Trends Analysis Report By Raw Material (Carbon Steel, Aluminum, Alloy Steel), By Application (Automotive, Aerospace, Oil & Gas), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-3-68038-308-9
  • Number of Pages: 113
  • Format: Electronic (PDF)

Report Overview

The global metal forging market size was valued at USD 74.36 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030. The demand for metal forged parts from the aerospace industry is driven by the rise in the number of flyers across the globe, which is propelling aircraft production and benefitting market growth. For instance, in 2021, Boeing delivered 302 aircraft, which was nearly double as compared to the previous year. Furthermore, in March 2022, Boeing announced that they are planning to double the production of 737 Max. This kind of trend in the aerospace industry is expected to boost the demand for metal forgings during the forecast period. The U.S. GDP grew by 6.9% in Q4 2021, compared to Q4 2020.

 U.S. metal forging market size, by raw material, 2020 - 2030 (USD Billion)

This surge was attributed to consumer activity and capital expenditure spending that augmented the U.S. economy to its strongest growth since 1984. The country touched a 37-year high of 5.7% in 2021. The recovery indicates a resumption of industrial activities, which, in turn, is anticipated to augment the demand for metal forgings in the country over the coming years. The growth of the market is being driven by the rising investments in energy, infrastructure, aerospace, and transportation, among others. In 2021, U.S. Senate passed a massive infrastructure bill worth USD 1 trillion. As per this bill, the government is heavily investing in roads, bridges, Electric Vehicle (EV) networks, public transit, high-speed internet, and clean drinking water.

Rising investment in the modernization of power generation and renewable energy is expected to boost the demand for metal forged components during the forecast period. For instance, in September 2021, a USD 550.00 billion clean energy investment bill was passed by U.S Senate. The bill has a provision of USD 73.00 billion for clean energy generation. The automotive industry has been one of the prominent end-users of the market and is anticipated to maintain its dominance in terms of both volume and revenue. However, a consistent decline in vehicle production in the past few years is an ongoing challenge for the market. For instance, U.S. auto sales witnessed a 20% decline in sales in Q4 2021.

Raw Material Insights

Carbon steel held the largest revenue share of more than 43.5% in 2021 of the global market. Based on the carbon content, there are three grades of carbon steel, namely low, medium, and high. The material cost of carbon steel is less compared to stainless steel. Hence, carbon steel forgings are used in oilfield and automotive applications. Aluminum is expected to witness the fastest growth rate, in terms of volume, during the forecast period. The aluminum forged parts are ideal for places where safety is critical, and a lighter metal is required for energy efficiency or speed. Aluminum forged parts are used inside assemblies of automobiles, tractors, airplanes, energy missiles, drilling equipment, and ships.

Rising demand from automotive manufacturers is anticipated to augment the demand for aluminum forgings from 2022 to 2030. For instance, in March 2021, Sansera Engineering, a manufacturer of high precision components, bagged INR 30.0 million (USD 0.3 million) worth of orders from BMW AG for the supply of aluminum forged components. Titanium is another vital raw material segment of the market. The demand for titanium in forgings is directly linked to the growth of the aerospace sector. Titanium has wide usage in aircraft parts due to its high specific strength. It has been reported that over 50% of titanium forgings are used for strength and weight reduction purposes.

Application Insights

Automotive held a volume share of more than 58.5% in 2021 of the global market. Automotive components/parts manufactured by the forging process are stronger than those manufactured by casting or machining. However, increasing penetration of EVs is expected to negatively impact the product demand as it will reduce the number of forged components used as compared to the internal combustion engine. The power generation application segment is expected to register the fastest CAGR, in terms of volume, during the forecast period.

 Global metal forging market share, by application, 2021 (%)

Various small and large forging components, such as turbine blades, flanges, rings, seals, locks, sleeves, motor ends, stators, diaphragms, impellers, covers, spacers, casings, and rotors, are deployed in the wind and hydroelectric power plants. Growing investments in the power generation industry are thus, anticipated to augment segment growth over the coming years. The transportation segment is also expected to witness rapid growth over the coming years. The transportation sector mainly includes components used for railways, high-speed trains, and metros.

Components, such as axes, wheels, bushes, transmission lower spring seats, hanger blocks, center pivot pins, side bearers, guides, torsion bars, rollers, large rings, and connecting rods, are used in the transportation industry. Investments in the transportation sector are projected to remain a key growth factor for the market. For instance, in September 2021, under the 14th five-year action plan (2021-25), the Government of China announced USD 154 billion of investments to expand the railway network for the Yangtze River Delta region. This is likely to increase the railway network in the region to 17,000 km from 4,200 km. Also, the high-speed rail network is expected to increase to 9,500 km from 3,500 km.

Regional Insights

The Asia Pacific dominated the global market in 2021 and accounted for the maximum share of more than 51.8% of the overall revenue. The increasing requirement for metal forgings in the railways, automobiles, energy, and aerospace industries is anticipated to propel its demand during the forecast period. For instance, in April 2021, South Korea announced to invest KRW 114.7 trillion (~USD 102.7 billion) to expand its railway network across the country by 2030. North America also accounted for a significant market share, in terms of revenue, in 2021. The countries in the region are investing in renewable energy, which is expected to propel the product demand.

Metal Forging Market Trends by Region

For instance, in April 2022, the Canadian government announced its plan to invest CAD 300.00 million (~USD 230.1 million) in a clean energy project in rural and remote areas. Europe is characterized by the presence of several automobile and aerospace companies. Automotive is one of the most important industries in this region that also represents a large share of exports from Europe. However, the introduction of EVs in the region is projected to create an adverse impact on the demand for forgings, Thus, the automotive application segment in Europe is projected to witness sluggish growth from 2022 to 2030.

Key Companies & Market Share Insights

The market is extremely competitive with the presence of a large number of players worldwide. Owing to the expanding demand for metal forgings, companies are increasing their manufacturing capacities. For instance, in February 2022, Goodluck India Ltd. announced that they have completed the installation of a new press for the forging unit. The unit is expected to help the company to manufacture larger components for aerospace, defense, and critical industrial machines. Some of the prominent players in the global metal forging market include:

  • Aronic

  • ATI

  • Bharat Forge Ltd.

  • Bruck GmbH

  • China First Heavy Machinery Co., Ltd.

  • ELLWOOD Group, Inc.

  • Jiangyin Hengrun Heavy Industries Co., Ltd.

  • Nippon Steel Corp.

  • Precision Castparts Corp.

  • Larsen & Toubro Ltd.

Metal Forging Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 81.84 billion

Revenue forecast in 2030

USD 145.44 billion

Growth rate

CAGR of 7.7% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion, volume in kilotons, and CAGR from 2022 to 2030

Report coverage

Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Raw material, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Germany; U.K.; France; Italy; Spain; China; India; Japan; South Korea

Key companies profiled

Arconic; ATI; Bharat Forge; Bruck GmbH; ELLWOOD Group Inc.; Jiangyin Hengrun Heavy Industries Co.,Ltd.

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Metal Forging Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global metal forging market report based on raw material, application, and region:

Global Metal Forging Market Segmentation

  • Raw Material Outlook (Volume, Kilotons, Revenue, USD Million, 2017 - 2030)

    • Carbon Steel

    • Alloy Steel

    • Aluminum

    • Magnesium

    • Stainless Steel

    • Titanium

    • Others

  • Application Outlook (Volume, Kilotons, Revenue, USD Million, 2017 - 2030)

    • Automotive

    • Transportation

    • Aerospace

    • Oil & Gas

    • Construction

    • Agriculture

    • Power Generation

    • Marine

    • Others

  • Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • France

      • Spain

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

    • Central & South America

    • Middle East & Africa

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

esomar icon

ESOMAR certified & member

D&B icon

Leading SME award by D&B

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.