Global Metal Forging Market Size & Outlook, 2023-2030
Global metal forging market, 2018-2030 (US$M)
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Global metal forging market highlights
- The global metal forging market generated a revenue of USD 87,771.2 million in 2023 and is expected to reach USD 145,440.3 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 7.5% by 2030.
- In terms of segment, carbon steel accounted for a revenue of USD 38,240.3 million in 2023.
- Aluminum is the most lucrative raw material segment registering the fastest growth during the forecast period.
- In terms of region, Asia Pacific was the largest revenue generating market in 2023.
- Country-wise, Gulf Cooperation Council is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 87,771.2 million |
| Market revenue in 2030 | USD 145,440.3 million |
| Growth rate | 7.5% (CAGR from 2023 to 2030) |
| Largest segment | Carbon steel |
| Fastest growing segment | Aluminum |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Other Products |
Other key industry trends
- In terms of revenue, the North America accounted for 23.3% of the global metal forging market in 2023.
- By country, the China is projected to lead the global market in terms of revenue in 2030.
- By country, Gulf Cooperation Council is the fastest growing regional market and is projected to reach USD 1,585.0 million by 2030.
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Metal Forging Market Scope
Metal Forging Market Companies
| Name | Profile | # Employees | HQ | Website |
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Global metal forging market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to metal forging market will help companies and investors design strategic landscapes.
Carbon steel was the largest segment with a revenue share of 43.57% in 2023. Horizon Databook has segmented the Global metal forging market based on carbon steel, alloy steel, aluminum, magnesium, stainless steel, titanium, other products covering the revenue growth of each sub-segment from 2018 to 2030.
Automotive sector holds significant importance in the global metal forging market. Metal forgings are used at a point of shock and stress in automotive applications. The durability, strength, and reliability of forged components have made them a preferred choice in automotive sector for applications where stress, load, tension, and human safety are key considerations.
Growing demand for EVs is further expected to augment the demand for metal forged parts across the forecast period. According to IEA, there were 10 million electric cars on the world roads by the end of 2020. In 2021, EV sales doubled to become 6.6 million, up by 108% than in 2020. Moreover, there was a rise in the registration of electric buses and trucks in the major markets.
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Horizon Databook provides a detailed overview of global-level data and insights on the Global metal forging market , including forecasts for subscribers. This global databook contains high-level insights into Global metal forging market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global metal forging market size, by regions, 2018-2030 (US$M)
Top 10 countries: Metal forging market size, 2023 (US$M)
Global metal forging market share, by raw material, 2023 & 2030 (%, US$M)
Metal forging market: Opportunity assessment by country
Global metal forging market, by region, 2023 (US$M)
| Raw Material | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 16,187.2 | 18,422.4 | 17,116.1 | 17,835.5 | 19,086.7 | 20,447.5 | 21,965.7 | 23,664.5 | 25,553.2 | 27,690.1 | 29,298.6 | 31,284.8 | 33,715.3 | 7.4% |
| Europe | 14,084.8 | 14,750.1 | 13,815.4 | 14,597.4 | 15,871.8 | 16,851.8 | 17,936.7 | 19,142.9 | 20,488.7 | 22,005.2 | 23,118.6 | 24,483.5 | 25,862.3 | 6.3% |
| Asia Pacific | 37,472.2 | 40,785.7 | 34,015.1 | 38,687.0 | 43,292.3 | 46,710.1 | 50,527.1 | 54,807.2 | 59,622.2 | 65,098.4 | 69,536.2 | 74,884.6 | 80,738.6 | 8.1% |
| Latin America | 1,681.7 | 1,764.5 | 1,496.0 | 1,611.5 | 1,744.6 | 1,832.1 | 1,928.1 | 2,033.8 | 2,149.9 | 2,280.0 | 2,365.1 | 2,471.2 | 2,581.1 | 5.0% |
| MEA | 1,731.7 | 1,899.1 | 1,460.0 | 1,633.4 | 1,851.7 | 1,929.7 | 2,014.5 | 2,107.1 | 2,207.5 | 2,319.1 | 2,381.7 | 2,462.3 | 2,543.0 | 4.0% |
| Overall | 71,157.7 | 77,621.8 | 67,902.5 | 74,364.7 | 81,847.0 | 87,771.2 | 94,372.1 | 101,755.5 | 110,021.5 | 119,392.7 | 126,700.2 | 135,586.4 | 145,440.3 | 7.5% |
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