Metal Forging Market Size To Reach $145.46 Billion By 2030

Metal Forging Market Growth & Trends

The global metal forging market size is expected to reach USD 145.46 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.4% during the forecast period. Rising awareness about climate change and increasing investment in renewables, especially in wind and hydro, by governments is expected to boost the consumption of forged components. Thus, this investment is expected to propel the product demand during the forecast period. For instance, in October 2021, the U.S government unveiled plans to build up to 7 major offshore wind farms. The government is targeting to produce 30 gigawatts of wind power by 2030.

Similarly, in April 2022, the government of the country announced that it is planning to develop a 40 GW offshore wind project by 2050 that is expected to spread over 50 wind farms. Metal forging is the process, in which metals are shaped and formed using compressive force. These forces are applied using pressing, hammering, and rolling. Increasing demand for the product in various industries, such as power, construction, agriculture, marine, and aerospace, is anticipated to augment the market growth. Based on raw material, carbon steel accounted for the largest revenue share in 2024 and it is expected to maintain its dominance throughout the forecast period.

The growth is attributed to the properties of the material as the product often has a tight grain structure, which makes it mechanically strong to withstand friction. Also, carbon steel is cheaper than its counterparts.Construction is anticipated to expand at a steady CAGR, in terms of revenue, during the forecast period. The growth is attributed to increasing government investment in the construction sector to untangle the negative impact created by the COVID-19 pandemic.In November 2021, the Italian government came up with a new recovery and resilience plan to foster economic growth by 1.5 to 2.5% by 2026. The government is expected to invest in the construction of public buildings, renewable energy, and waste & water management.

In 2024, Asia Pacific was the largest regional market, in terms of revenue as well as volume. China and India were the largest consumers of metal forgings in 2024 in the APAC region. The rising demand for forged products from various application industries, such as construction, automotive, and energy, has pushed product consumption in the region. The global metal market is highly competitive. The rising demand for forged products has forced key manufacturers to opt for merger & acquisition strategies. For instance, in June 2021, Bharat Forge, a leading forging company in India announced that they have acquired Sanghvi Forging & Engineering Ltd.

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Metal Forging Market Report Highlights

• The aluminum raw materials segment is anticipated to register the fastest CAGR during the forecast period due to the high demand for lightweight materials from industries, such as aerospace, power generation, and automotive

• Power generation segment is expected to grow at fastest CAGR of 11.3% over the forecast period. Rising global energy consumption is driving investments in both conventional and renewable energy infrastructure.

• North America is expected to register a CAGR of 4.8%, in terms of volume, from 2025 to 2030. Increasing investment in the construction & infrastructure industry and demand for renewables is driving the regional market

Metal Forging Market Segmentation

Grand View Research has segmented the global metal forging market report on the basis of raw material, application, and region:

Metal Forging Application Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)

• Automotive

• Transportation

• Aerospace

• Oil & Gas

• Construction

• Agriculture

• Power Generation

• Marine

• Others

Metal Forging Raw Material Outlook (Volume, Kil0tons; Revenue, USD Million; 2018 - 2030)

• Carbon Steel

• Alloy Steel

• Aluminum

• Magnesium

• Stainless Steel

• Titanium

• Others

Metal Forging Regional Outlook (Volume, Kil0tons; Revenue, USD Million; 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Spain

  • Italy

• Asia Pacific

  • China

  • Japan

  • South Korea

  • India

• Central & South America

• Middle East & Africa

List of Key Players in the Metal Forging Market

• 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.