Chicago, Aug. 04, 2025 (GLOBE NEWSWIRE) -- The global metal forging market was valued at US$ 95.12 billion in 2024 and is expected to reach US$ 188.57 billion by 2033 at a CAGR of 7.9% during the forecast period 2025–2033.
The global metal forging market is currently in a dynamic phase of strategic expansion and heavy investment, as key players position themselves to capture growth in high-value sectors. Companies are aggressively funding new facilities and technologies to meet soaring demand, exemplified by FRISA's US$350 million investment in a new rolling mill and Bharat Forge's new aerospace ring mill. The automotive industry's shift to electric vehicles is a primary catalyst, prompting investments in automated aluminum forging lines for chassis and EV components. Through significant capital expenditures, facility expansions, and strategic partnerships, leading forgers are actively reshaping their operations to serve the future of aerospace, energy, and transportation.
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Key Findings in Metal Forging Market
| Market Forecast (2033) | US$ 188.57 billion |
| CAGR | 7.9% |
| Largest Region (2024) | Asia Pacific (52%) |
| By Vehicle Type | Carbon Steel (42%) |
| By Type | Automotive (59%) |
| Top Drivers |
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| Top Trends |
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| Top Challenges |
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Automotive Evolution: Powering Forging Demand with Electrification and Lightweighting Solutions in the Metal Forging Market
The automotive sector, a cornerstone of forging demand, is undergoing a paradigm shift that places forged components at the center of its future. The relentless drive towards electric vehicles (EVs) and aggressive lightweighting strategies has created a fertile ground for growth. Forged aluminum components, which can be up to 50% lighter than their traditional steel counterparts, are critical. This weight reduction is paramount, considering that a vehicle's battery system can constitute 30% of its total weight. The application of these advanced parts, such as the up to 45 kg of forged aluminum found in some modern EV chassis, is a direct contributor to enhancing vehicle range and performance.
The impact extends beyond efficiency; the use of lightweight forged parts can lead to a remarkable 70% reduction in CO2 emissions over a vehicle's lifecycle. Projections show the global electric vehicle market is expected to surge to 27 million units by 2025, driving a parallel increase in the demand for automotive aluminum, which is projected to grow by 1.5 million tons in the same year. This trend is solidified by forecasts that the average aluminum content in European cars will reach 200 kg by 2025, securing the automotive industry's role as a primary catalyst for the metal forging market.
Aerospace and Defense: Forging High-Value Components for Extreme Performance Requirements
In the aerospace and defense arena, where performance and reliability are non-negotiable, the metal forging market finds one of its most critical and high-value applications. The sector’s stringent requirements for components that can withstand extreme stress, temperature, and fatigue have cemented its reliance on advanced forging technologies. The global aerospace parts manufacturing market is on a trajectory to reach an astounding $1.1 trillion by 2025. This growth is supported by a significant ramp-up in commercial aircraft production; for instance, Airbus is targeting a production rate of 75 A320neo family aircraft per month in 2025.
The demand for specialized materials is soaring, with projections indicating an 8% increase in the demand for titanium forgings in the aerospace sector in 2024 alone. Next-generation aircraft like the Boeing 777X and Airbus A350 feature a higher percentage of composite materials, which paradoxically drives the demand for complex titanium and nickel alloy forgings needed for adjoining structures. The wider aviation industry also contributes, with the business jet market forecast to have 6,362 new deliveries between 2023 and 2032. Simultaneously, the global military aircraft market is expected to grow to $69.72 billion in 2024, further fueling demand for robust forged parts. Innovation is also accelerating production, as additive manufacturing is now being used to produce forging dies, reducing lead times for complex aerospace components by up to 50%.
The Digital Forge: How Automation and Industry 4.0 Revolutionize Production
The integration of automation and digital technologies in the Metal forging market is heralding a new age of efficiency and precision in forging operations. Industry 4.0 is no longer a buzzword but a tangible reality, enabling companies to overcome challenges related to productivity and worker safety. The implementation of fully automated forging lines can increase productivity by up to 30%. A key component of this shift is the deployment of robotic arms for loading and unloading forging presses, which has been shown to reduce manual labor in these specific tasks by up to 80%. Quality control is also being transformed; automated inspection systems that use technologies like 3D scanning can slash inspection times by over 50%.
This technological adoption is reflected in market trends, with the market for industrial robots in the metals industry projected to grow by 7% annually through 2025. Furthermore, the use of sophisticated simulation software to optimize the forging process is reducing material waste by up to 15%. Predictive maintenance, enabled by the adoption of IoT sensors on forging equipment, can reduce costly downtime by up to 20%. This comprehensive digital transformation is gaining momentum, with projections indicating that by 2025, over 20% of forging companies will have implemented some form of smart manufacturing technology.
Raw Material Dynamics: Navigating Supply Chains for a Resilient Future
The stability and growth of the metal forging market are intrinsically linked to the volatile dynamics of raw material supply chains. The availability and pricing of key metals like steel, aluminum, and titanium dictate production costs and operational stability. After a period of fluctuation, global steel demand is expected to see a 1.7% recovery in 2024 to reach 1,814.5 million tonnes. Meanwhile, aluminum prices have seen significant volatility, directly impacting the cost structures for many forgers. This has accelerated a push towards sustainability and circular economies, with the demand for recycled aluminum growing rapidly; projections show it could account for 50% of the total aluminum supply by 2030.
Demand for high-performance metals remains robust, with global titanium demand forecast to grow at a CAGR of 5.5% through 2028. However, recent global events have highlighted supply chain vulnerabilities, leading to an increase in lead times for critical forging materials by an average of 10-15% in 2024. In response, a strategic rise of nearshoring and reshoring of forging production is being observed as companies seek to build more resilient supply networks. Concurrently, the use of advanced high-strength steels (AHSS) in forging is growing, with a projected 5% increase in demand in 2024.
The Clean Energy Transition: Forging New Opportunities in Renewable Power
The global pivot towards renewable energy represents one of the most significant new growth frontiers for the metal forging market. As the world invests in sustainable power generation, the demand for large, durable, and reliable forged components is escalating. The global wind turbine market is expected to see over 100 GW of new installations in 2024 alone. The scale of these projects is immense; a single offshore wind turbine can require over 1,200 tons of steel, a significant portion of which is comprised of forged components like main shafts and tower flanges. The size of these parts is also increasing, with some wind turbine main shafts now exceeding 3 meters in diameter.
The solar sector provides another bright spot, with the global solar power market projected to grow by over 20% in 2024, driving demand for forged components in mounting systems and structural supports. Looking ahead, the nascent hydrogen economy will require a new generation of forged components for high-pressure storage tanks, valves, and pipelines. This is complemented by the global energy storage market, which is expected to grow 15-fold by 2030, using forged parts in battery enclosures and structural components. This entire movement is underpinned by massive capital flows, with investment in the clean energy sector projected to reach $2 trillion in 2024.
Regional Hotspots: Asia-Pacific's Industrial Might Fuels Global Market Momentum
Geographically, the Asia-Pacific region stands as the undisputed engine of the global metal forging market, serving as both its largest producer and fastest-growing consumer. This dominance is driven by the region's colossal automotive and industrial sectors. China is the world's largest producer and consumer of forged metal parts, its scale setting the pace for global trends. Notably, its electric vehicle market is the largest in the world, with over 9 million units sold in 2023. Elsewhere, India's manufacturing sector is projected to grow by 6.5% in 2024, creating significant domestic demand for forgings. This is amplified by the "Make in India" initiative, which is expected to boost domestic forging production by 10-15% by 2025. The broader region is also thriving, as Southeast Asia emerges as a key manufacturing hub with a projected 5% growth in its industrial sector in 2024. This growth is further supported by massive government investments in infrastructure projects across the Asia-Pacific region, which will continue to fuel demand for forged components, while South Korea and Japan continue to be key innovators in forging technology and high-value applications.
Forging Ahead with Technology: Innovations Shaping Modern Component Production
Continuous innovation in forging processes and equipment is enabling the production of components with greater complexity, superior quality, and improved cost-effectiveness. While closed-die forging continues to be the dominant process in the Metal forging market, accounting for over 60% of the market, niche and advanced techniques are gaining ground. Isothermal forging, a specialized process for high-performance alloys, is seeing increased adoption, particularly in the demanding aerospace sector. Moreover, hybrid forging processes, which ingeniously combine forging with other manufacturing techniques like additive manufacturing, are gaining significant traction for creating novel part designs.
The machinery itself is evolving; the use of servo-driven presses is increasing, offering superior control and energy efficiency compared to traditional hydraulic presses. In the design phase, advanced simulation software across the global Metal forging market is enabling "first-time-right" forging, which drastically reduces development time and material costs. Even ancillary products are advancing, as the market for forging lubricants evolves with a growing demand for environmentally friendly and high-performance products. This commitment to progress is backed by capital, with investment in R&D for new forging techniques expected to increase by 5% in 2024.
The Sustainability Imperative: Forging an Eco-Conscious and Efficient Industry
Environmental stewardship and corporate responsibility are no longer optional but are core strategic drivers transforming the Metal forging market. As a significant consumer of energy, where energy costs can account for up to 20% of the total production cost, there is a powerful business case for sustainability. The adoption of energy-efficient technologies, such as induction heating and servo presses, is proving effective, with the potential to reduce energy consumption by up to 30%. The push for a circular economy is evident in material usage, with some forward-thinking forging companies now using up to 80% recycled steel. The development of "green" lubricants is also helping to reduce the environmental footprint of the forging process. On the regulatory front, the implementation of ISO 50001, the international standard for energy management, is on the rise. Forward-looking research into Carbon Capture and Utilization (CCU) technologies is being explored to decarbonize forging operations, and in a sign of growing transparency, companies are increasingly publishing sustainability reports to demonstrate their environmental commitments.
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Securing the Future: Addressing the Critical Need for Skilled Talent
The long-term health and innovative capacity of the metal forging market depend entirely on its workforce, which is currently facing a critical skills shortage. In many developed nations, the average age of a skilled worker in the forging industry is over 50, creating an urgent need for knowledge transfer and recruitment. In response, apprenticeship programs are being revitalized to attract and train the next generation of forging professionals. An investment in training on new technologies, particularly robotics and automation, is crucial for upskilling the existing workforce. To bridge the gap between education and industry needs, collaborations between industry and academia are being strengthened.
The demand for engineers with expertise in materials science and metallurgy is growing, reflecting the industry's shift towards more advanced applications. Companies are leveraging digital training tools, such as virtual reality and augmented reality, to enhance the learning experience and are offering more competitive salaries and benefits to attract and retain the highly skilled workers essential for future growth.
Global Metal Forging Market Major Players:
- ATI
- Aronic
- Bharat Forge Ltd.
- 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.
- Other Prominent Players
Key Market Segmentation:
By Raw Material
- Carbon Steel
- Alloy Steel
- Aluminum
- Magnesium
- Stainless Steel
- Titanium
- Others
By Application
- Automotive
- Transportation
- Aerospace
- Oil & Gas
- Construction
- Agriculture
- Power Generation
- Marine
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East
- Africa
- South America
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