Market Overview

Metal Forging Market is projected to be worth USD 130.51 billion by 2030, registering a CAGR of 6.34% during the forecast period (2021–2028), The market was valued at USD 87.42 billion in 2020.

Market Dynamics

Energy costs account for approximately 15% of total expenditures in the metal forging industry. Significant reductions in energy consumption can result in significant cost savings. This can be accomplished through enhancing operational procedures, using low-cost automation, fine-tuning operating parameters, and upgrading technology. Increased automotive production in developing nations, considerable development in the aerospace and military industry, and increased demand for energy generation from nuclear power plants are the primary factors driving global market growth. In the next years, this is expected to increase demand for metal forging. Furthermore, rising commercial aircraft production and robust defence spending are likely to fuel the expansion of the metal forging market in the coming years. The market’s expansion is largely due to increased demand from the aerospace and automotive industries around the world. Increased passenger traffic has boosted the aerospace sector’s expansion, which in turn has boosted the manufacturing of aerospace forged parts.

The COVID-19 pandemic, on the other hand, had a significant influence on the market, as market companies were forced to temporarily halt operations, affecting the entire value chain, from raw material suppliers to manufacturers and end-users.

Market Segmentation

In terms of raw materials, steel had the greatest market share of more than 70% in 2018. This is due to its strength, availability, increased dependability and tolerance capabilities, as well as the usage of specialist alloy types such as stainless steel and carbon steel. Forged steel is commonly used for forging in the automobile, oil and gas, aerospace, agriculture machinery, and other general industries.

Closed-die forging had the highest share of the market in 2018, accounting for more than 65 percent of the total. Impression die forging is another name for it. The method is suited for all metals and metal alloys, allows for the creation of near net forms, has better mechanical qualities than castings, and can handle large production runs.

Due to rising demand for passenger cars in emerging nations and widespread usage of metal forging in the fabrication of automobile components, the automotive segment accounted for more than half of the end-use industry revenue in 2018. Furthermore, the growing use of aluminium in automobiles to meet lightweight and high strength criteria is expected to propel the market forward throughout the forecast period.

Regional Overview

The automotive sector in North America is well-established, and the aerospace and military business is led by the area. The regional market is expected to grow in the future years due to the widespread presence of industrial hubs and rising demand for aluminium and nickel-based forgings in the automotive and military industries. Due to heavy demand from the automotive, oil & gas, aerospace, and construction industries, the region is one of the main users of forged parts.

During the forecast period, Europe’s automotive industry is expected to increase at a robust rate. Furthermore, the region’s reliance on power plants for energy generation is likely to increase demand for metal forging in the manufacturing of power generation equipment. Manufacturers, on the other hand, predict a market recovery, which would benefit product demand due to the region’s well-established aircraft manufacturing sector and the presence of major automakers and car component manufacturers.

In 2018, the Asia-Pacific metal forging market had the greatest market share of more than 50%, and this dominance is expected to continue over the forecast period. This is owing to the product’s high demand in the automotive and aerospace industries. China, India, and South Korea are all contributing to the regional market’s strong growth.

The automobile industry in the Latin American regional market is modest but growing quickly, which is likely to raise demand for metal forging throughout the study period.

In 2018, the Middle East and Africa market for metal forging had a lesser percentage of the overall market. However, the region’s great potential for automobile manufacturing, as well as the easy availability of raw materials (metals) for forging, are expected to drive market expansion in the approaching years.

Competitive Dynamics

The notable players of the market are Arconic (US), China First Heavy Industries (China), ATI (US), Bharat Forge (India), JAPAN CASTING & FORGING CORP. (Japan), LARSEN & TOUBRO LIMITED (India), Brück GmbH (Germany), Forgiatura Marcora (Italy), NIPPON STEEL CORPORATION (Japan), North American Forgemasters (US), OMZ-Special Steels LLC (Russia), PILSEN STEEL s.r.o. (Czech Republic), JIANGYIN HENGRUN HEAVY INDUSTRIES CO., LTD (China), and the Bharat Heavy Electricals Limited (India).

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.

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