Global Forecast to 2031: Metal Forging Market Size, Share, and Trends Analysis by Method (Closed Die Forging, Open Die Forging, Cold Forging, Roll Forging), Material (Steel, Aluminum, Titanium), and End-use Industry (Automotive, Oil & Gas, Construction)
Meticulous Research®, a leading global market research company, has released a report titled "Metal Forging Market by Method (Closed Die Forging, Open Die Forging, Cold Forging, Roll Forging), Material (Steel, Aluminum, Titanium), End-use Industry (Automotive, Oil & Gas, Construction), and Geography—Global Forecast to 2031." Aluminum Casting
According to the latest report from Meticulous Research®, the metal forging market is poised to reach $153.9 billion by 2031, with a projected CAGR of 7.4% from 2024 to 2031. The market's growth is primarily attributed to increasing infrastructure development and the expanding commercial aircraft production. However, challenges such as intensive energy consumption and fluctuating raw material costs may hinder market growth.
The adoption of industry 4.0 technology and advancements in forging technology present significant growth opportunities for players in the metal forging market. Nonetheless, supply chain disruptions and regulatory compliance complexities may pose obstacles to market growth.
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The metal forging market is segmented by method, material, and end-use industry, with an analysis conducted at regional and country levels.
In 2024, the open die forging segment is anticipated to dominate, capturing over 49.0% of the metal forging market. This dominance is credited to its capability to produce a wide range of shapes and sizes, catering to diverse forging needs across industries such as aerospace, automotive, oil and gas, construction, and heavy machinery. Open die forging offers flexibility in production volumes, efficiently handling both small batches and large quantities of parts.
The cold forging segment is expected to register the highest CAGR during the forecast period, enhancing the mechanical properties of forged parts like strength, hardness, and durability.
Steel holds the largest share, accounting for over 44.0% of the market in 2024. Forged steel components are favored for their exceptional strength, durability, and mechanical properties, making them ideal for critical applications in industries such as automotive, aerospace, oil and gas, construction, and power generation.
However, the aluminum segment is projected to achieve the highest CAGR during the forecast period due to its lightweight properties, making it suitable for applications where weight reduction is crucial, such as aerospace, automotive, and transportation.
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In 2024, the automotive segment is expected to hold the largest share, representing over 66.0% of the metal forging market. Forged metal components are extensively used in critical engine components and structural members, enhancing engine performance, rigidity, and occupant safety.
However, the construction segment is projected to register the highest CAGR during the forecast period, driven by the demand for strength, durability, and precision in various construction applications.
The market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to dominate, with over 51.0% of the market share in 2024 and is anticipated to register the highest CAGR of 8.5% during the forecast period. Rapid industrialization, infrastructure development, and advancements in forging technology in countries like China, India, Japan, and South Korea contribute to the region's growth.
The key players operating in the metal forging market include Arconic Corporation (U.S.), Nippon Steel Corporation (Japan), Precision Castparts Corp. (U.S.), Larsen & Toubro Limited (India), Bharat Forge Limited (India), thyssenkrupp AG (Germany), BRÜCK GmbH (Germany), ELLWOOD Group, Inc. (U.S.), Metal Forging Pvt. Ltd. (India), CELSA Group (Spain) Ovako AB (Sweden), Lolu Alloys Ltd (U.K.), Scot Forge Company (U.S.), Alcoa Corporation (U.S.), and ATI Inc.(U.S.).
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Steel Machining Key Questions Answered in the Report: