Metal Forging Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global metal forging market reached a value of nearly USD 97.55 Billion in 2024. The metal forging market is further projected to grow at a CAGR of 6.50% between 2025 and 2034, reaching a value of USD 183.11 Billion by 2034.

Metal Forging Market Growth

Forging is a process of manufacturing using localised compression forces to shape metal. Forging is often classified by the temperature at which it takes place: cold forging, warm forging, or hot forging.

One of the key drivers supporting metal forging market expansion is the demand for metal forged parts in aerospace industry, driven by the increase in the number of air travelers globally and the subsequent rise in aircraft production. For instance, in 2021 Boeing delivered 302 aircraft, nearly double the previous year, and doubled the production of the 737 Max in 2022.

Key Trends and Developments

Rising demand for titanium in aviation, advancements in forging technology, and growing use of forged carbon steel in construction applications are factors accelerating metal forging market development

June 2024

A new documentary film titled "All Things Metal" is set to premiere at the 2024 Tribeca Film Festival. The film focuses on the art of forging metal work and will feature heavy metal music as part of the production.

June 2024

IACMI, the Composites Institute, has partnered with the Department of Defence’s Industrial Base Analysis and Sustainment (IBAS) Program to address the critical workforce shortages in the U.S. casting and forging industry. It will enhance the nation's casting and forging capabilities through 2050.

June 2024

The Department of Defence has invested USD 4.4 million in Penn State Behrend's manufacturing programs through the Institute for Advanced Composites Manufacturing Innovation. This investment aims to enhance the development of advanced composites, which can reduce carbon emissions in aerospace and automotive industries.

December 2023

Nippon Steel Corp. (NSC) announced that in 2024, it will acquire U.S. Steel in an all-cash transaction valued at approximately USD 14.9 billion. This acquisition aims to enhance NSC’s crude steel production capacity and strengthen NSC's position in North America.

Increasing adoption of eco-friendly forging processes

The metal forging market outlook can witness a significant shift towards environmentally friendly forging processes, driven by the need to reduce carbon footprints. Companies like Scot Forge Company are already recycling and reusing metals to reduce their environmental impact.

Growing demand for titanium in various industries

The demand for high-tech materials like titanium is increasing as it provides high strength-to-weight ratio and resistance to corrosion. Reportedly, 95% of titanium is consumed in the form of titanium sponge, which is used in aerospace, medical, defence, and chemical manufacturing industries.

Rise of automation in forging processes

The metal forging market is also experiencing significant advancements in digitalisation and automation. Companies like Brück GmbH are investing in automation technologies to streamline their forging processes and improve product consistency.

Growing demand for carbon steel

Carbon steel is the most widely used raw material in the market due to its low cost and widespread availability. The demand for carbon steel is expected to surge over the decade, driven by its increased use in various applications such as construction, automotive, and energy.

Metal Forging Market Trends

The recovery in the U.S. economy, with GDP growth of 1.3% in Q1 2024, has also boosted industrial activities and augmented the demand for metal forgings. Increased investments in energy, infrastructure, aerospace, and transportation sectors, such as the USD 1 trillion U.S. infrastructure bill passed in 2021, are expected to further provide impetus to metal forging market growth.

Moreover, factors like the adoption of new forged metals, including high-performance and special alloys and R&D for new production methods, are expected to boost the industry’s growth. The growing construction industry is another significant factor driving the demand for forged metal for manufacturing of construction equipment.

Metal Forging Industry Segmentation

The report titled “Metal Forging Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Metal

• Carbon Steel
• Alloy steel
• Aluminum
• Magnesium
• Stainless steel
• Titanium
• Others

Market Breakup by Application

• Automotive
• Aerospace
• Oil and Gas
• Construction
• Agriculture
• Others

Market Breakup by Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Metal Forging Market Share

Metals like carbon steel, aluminium, and titanium are high in demand due to their excellent strength-to-weight ratios

Carbon steel dominates the product segment as it is widely used due to its strength, durability, and cost-effectiveness. Alloy steel is another significant material in metal forging. Its composition includes various alloying elements, enhancing properties such as hardness, corrosion resistance, and heat resistance. As per industry reports, The EU steel sector produces approximately 152 million tonnes of finished steel per year, showcasing extensive demand for steel.

According to metal forging market report, aluminum forgings find applications in aerospace, automotive, and construction industries as it produces lightweight yet robust components. Magnesium forgings are also lightweight and possess excellent strength-to-weight ratios. They are used in aerospace and automotive applications. Titanium forgings are valued for their high strength, corrosion resistance, and biocompatibility. They are commonly used in aerospace, medical, and chemical industries.

Automotive application segment holds a significant market share due to the rising demand for light-weight vehicles

The automotive industry is the largest consumer of metal forging, driven by the need for high-strength, lightweight, and durable components. Forged metal components are used in various automotive parts, including piston forgings, and connecting rods, which offer superior mechanical properties compared to other manufacturing methods. Moreover, new emission regulations from governments, such as the EPA's stricter environmental rules for light and medium-duty vehicles is driving the demand for forged metals like aluminium and stainless steel in automotive sector.

As per metal forging market analysis, the aerospace industry is another significant user of metal forging. Titanium alloy forging is commonly used in the aerospace industry due to its high strength-to-weight ratio and corrosion resistance. The demand for metal forging in the aerospace sector is driven by the need for durable and lightweight components, such as frames for airplane fuselages and rings for rocket walls. The oil and gas industry also uses metal forging for various components, including pipes, valves, and fittings. The demand for metal forging in the oil and gas sector is driven by the need for strong and corrosion-resistant components that can withstand harsh environments.

Metal Forging Market Analysis by Region

Asia-Pacific leads the market due to its robust industrial base and wide metal production

The Asia-Pacific region emerged as the largest market due to the region's broad industrial base and increasing demand for forged metals from various sectors such as automotive, aerospace, and defense. China's aircraft demand is another key factor driving growth in the region. Boeing projects that Chinese airlines will purchase 8,600 new aircraft valued at USD 1.4 trillion and incur expenses of approximately USD 1.7 trillion over the next 20 years, which will drive demand for metal forgings in the region.

The presence of major metal forging nations like China, India, and Japan also contributes to the region's growth. These countries have significant manufacturing capabilities, which enable them to cater to the growing demand for metal forgings. In February 2022, Goodluck India Ltd. completed the installation of a new press for its forging unit, which will help the company produce larger components for aerospace, defense, and critical industrial machinery. This expansion demonstrates the company's commitment to meeting the growing demand for metal forgings in the region.

The North American region also has a significant metal forging market share due to the rising demand for commercial and military aircraft in USA. Additionally, increased investments in infrastructure projects, such as construction and power generation, are also contributing to the growth of the market in North America. The regional growth is also driven by the expansion of manufacturing capabilities in the region. In March 2024, ATI Inc., a leading speciality materials company, celebrated the commissioning of its state-of-the-art 12,500-ton billet forging press, which produces titanium for aerospace and defense applications.

Leading Companies in the Metal Forging Market

Market players are investing in research and development, new manufacturing facilities, and strategic partnerships to increase production capacities and market share

Bharat Forge Limited

Bharat Forge Limited was founded in 1961 and based in Maharashtra, India, is one of the largest and technologically most advanced manufacturers of forged and machined components, primarily for the automotive industry. The company has a significant presence in the aerospace and defence sectors as well.

China First Heavy Machinery Co., Ltd

China First Heavy Machinery Co., Ltd is one of China's key industrial enterprises. Founded in 1954 and based in Tianjin, China, it specialises in heavy-duty vessel manufacturing for nuclear reactor pressure vessels and large heat exchangers, as well as petrochemical vessel manufacturing.

Nippon Steel Corporation

Nippon Steel Corporation is one of the largest steel producers globally. Founded in 1950 and headquartered in Tokyo, Japan, it has a diverse range of products and services, including steel sheets, plates, and pipes, as well as engineering and construction services.

Allegheny Technologies (ATI)

Allegheny Technologies (ATI) is a leading speciality materials company that provides high-performance materials for aerospace, and defence industries. Founded in 1839 and headquartered in Texas, United States, it offers forged metal products and services such as heat treatment, machining, and finishing.

Other key players in the global metal forging market include Bruck GmbH, Jiangyin Hengrun Heavy Industries Co. Ltd., and Arconic Corporation, among others.