Metal Forging Market by Forging Type (Cold Forging, Impression Die Forging, Open Die Forging), Material (Aluminum, Beryllium, Brass), Application - Global Forecast 2024-2030

Metal Forging Market by Forging Type (Cold Forging, Impression Die Forging, Open Die Forging), Material (Aluminum, Beryllium, Brass), Application - Global Forecast 2024-2030

The Metal Forging Market size was estimated at USD 84.55 billion in 2023 and expected to reach USD 92.70 billion in 2024, at a CAGR 9.95% to reach USD 164.31 billion by 2030.

Metal forging is a method in which the material is formed by applying localized compressive forces manually or with power hammers, presses, or specialized forging equipment. Materials in hot or cold conditions can be used in the procedure, and it is an efficient method of producing parts and components such as rivets, bolts, crane hooks, connecting rods, gears, turbine shafts, hand tools, and railroads in different shapes. Government efforts to automate end-user sectors through Industry 4.0 initiatives, accelerating infrastructure spending across all economies, and continuous global electrification and expansion of the transportation industry fuel the use of metal forging. On the other hand, metal forging is highly expensive and could lead to defective component production. In addition, the limited usability of metal forging techniques for microstructures and smaller components and issues in forging compounded metals hinder their adoption. However, the continuous improvements made in metal forging techniques and technologies and increasing demand in end-user industries for hybrid and customized components are expected to proliferate its adoption in the coming years.

Regional Insights

In the Americas, with a robust focus on aerospace, automotive, and construction industries, metal forging is integral to manufacturing high-strength components, and the region is home to a blend of long-established companies and innovative start-ups. Production is technologically advanced, emphasizing energy efficiency and material optimization, driven by stringent environmental regulations and the adoption of Industry 4.0 technologies. The APAC region, due to its significant manufacturing base, particularly in China and India, portrays large-scale global metal forging production volume, catering to an expansive domestic as well as global market. Usage is diverse, encompassing sectors such as infrastructure development, transportation, and agricultural machinery, reflecting the region's rapidly expanding economic footprint. APAC's company scenario is characterized by both large-scale state-owned enterprises and an extensive array of small to medium-sized forging companies, with a competitive edge in mass production and cost-effectiveness. Within the EMEA region, the scenario is quite nuanced, with highly specialized manufacturing practices prevalent in Europe, often focusing on premium, customized forgings for the automotive, industrial, and defense sectors, underpinned by deep-rooted engineering expertise and innovation. The Middle East has an evolving forging industry, leveraging its strategic location and investments to diversify away from an oil-dependent economy, while Africa is still at a nascent stage with significant growth potential. EMEA companies often emphasize adherence to strict quality and sustainability standards, with a rich heritage in metalwork being adapted to modern demands through R&D and strategic partnerships.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Metal Forging Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing government initiatives towards automating industries
Surging investments in infrastructure development across economies
Continuous expansion of the transportation sector worldwide with electrification

Market Restraints

High cost associated with metal forging and possibilities of defects

Market Opportunities

Improvements in metal forging equipment and technologies
Growing demand for hybrid and customized components in end-user industries

Market Challenges

Complexities associated with compound forging and limited usability for microstructures and smaller components

Market Segmentation Analysis

Material: Proliferating metal forging activities for aluminum and stainless steel materials
Application: Rising automotive production and the need for precision metal forging

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Metal Forging Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Metal Forging Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

New Defense Department Program Aims to Transform U.S. Metal Manufacturing in the Casting and Forging Industry

The Institute for Advanced Composites Manufacturing Innovation (IACMI) joined forces with the Department of Defense's Industrial Base Analysis and Sustainment (IBAS) Program to launch an ambitious workforce initiative aimed at addressing the urgent needs of the U.S. defense sector in the casting and forging industry. This strategic alliance was announced at the 2023 Defense Manufacturing Conference in Nashville, signaling a proactive response to the stark 80% reduction in the supply chain for critical cast and forge components within the Defense Industrial Base.

Goodluck India to Expand Defence & Aerospace Wing by Raising INR 96 Crore

GoodLuck India announced that it is bolstering its defense and aerospace division with an ambitious fundraising plan of INR 96 crore. This strategic expansion is in response to the increasing demand within the metal forging industry, particularly from the defense and aerospace sectors, which are experiencing considerable growth. This move underscores GoodLuck India's commitment to enhancing its manufacturing capabilities and solidifying its market presence in these sectors.

Hydro Opens New Casting Line to Meet Growing Demand for Low-Carbon Forging Stock

Hydro unveiled its pioneering HyForge casting line at the Rackwitz recycling facility in Germany in a strategic move to align with the automotive sector’s push toward decarbonization. The EUR 40 million investment culminates 14 months of construction, ushering in a new era of sustainable production with the ability to create smaller diameter aluminum billets. These high-quality billets are optimized for direct forging into critical automotive parts, notably wheel suspension components, bypassing additional processes like extrusion.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Metal Forging Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Metal Forging Market, highlighting leading vendors and their innovative profiles. These include Aichi Steel Corporation, American Axle & Manufacturing, Inc., Arconic Corporation, ATI Inc., Bharat Forge Limited, Bula Forge and Machine, Inc., Carbo Forge, Inc., Coulter Forge Technologies, Inc., ELLWOOD Group Inc., Farinia Group, Forjas Bolívar S.A.S, FRISA INDUSTRIAS, S.A. de C.V., Georgsmarienhütte Holding GmbH, Hilton Metal Forging Ltd., IBC Advanced Alloys, Kalyani Forge Limited, Larsen & Toubro Limited (L&T), M M Forgings Limited, Maiden Forgings Ltd., Metal Forging Pvt. Ltd., Nikolic Industries, Inc., NIPPON STEEL CORPORATION, Precision Castparts Corp., Ramkrishna Forgings Ltd., Saarstahl AG, Sheffield Forgemasters International Ltd., Sumitomo Metal Corporation, ThyssenKrupp AG, Xianyang Tong Hui Forging Co., Ltd., and Zhangqiu Baohua Forging Co.,Ltd.

Market Segmentation & Coverage

This research report categorizes the Metal Forging Market to forecast the revenues and analyze trends in each of the following sub-markets:

Forging Type
Cold Forging
Impression Die Forging
Open Die Forging
Ring Rolling Forging
Material
Aluminum
Beryllium
Brass
Bronze
Copper
Magnesium
Stainless Steel
Titanium
Zirconium
Application
Aerospace & Defense
Agriculture
Automotive & Transportation
Construction
Manufacturing
Mining & Mineral Exploration
Oil & Gas
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year