Meticulous Research®—a leading global market research company, published a research 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.’
According to the latest publication from Meticulous Research®, the metal forging market is projected to reach $153.9 billion by 2031, growing at a CAGR of 7.4% from 2024 to 2031. This growth is driven by increasing infrastructure development and rising commercial aircraft production. However, the market faces challenges from high energy consumption and fluctuating raw material costs and availability.
The adoption of Industry 4.0 technologies and advancements in forging techniques present significant growth opportunities for market players. Conversely, supply chain disruptions and complex regulatory compliance could impede market growth.
Market Segmentation:
The metal forging market is segmented by method, material, and end-use industry:
Method:
Closed Die Forging
Open Die Forging
Cold Forging
Roll Forging
Upset Forging
Other Methods
In 2024, open die forging is expected to dominate, accounting for over 49.0% of the market. Its ability to produce a wide range of shapes and sizes makes it attractive to industries such as aerospace, automotive, oil and gas, construction, and heavy machinery. Cold forging is anticipated to register the highest CAGR, driven by the enhanced mechanical properties it imparts to forged parts, making them suitable for high-strength and reliability applications.
Material:
Steel
Aluminum
Titanium
Nickel Alloys
Magnesium
Other Materials
Steel is expected to hold the largest market share of over 44.0% in 2024, due to its exceptional strength and durability, making it ideal for critical applications in various industries. Aluminum is projected to grow at the highest CAGR, owing to its lightweight and high strength-to-weight ratio, making it suitable for industries like aerospace, automotive, and transportation.
End-Use Industry:
Automotive
Oil & Gas
Aerospace & Defense
Construction
Agriculture
Machines & Tools
Mining & Metals
Other Industries
The automotive segment is expected to lead with a market share of over 66.0% in 2024, driven by the extensive use of forged components in critical engine parts and vehicle structures. The construction segment is projected to grow at the highest CAGR, as forged components are essential for the strength and precision required in building and infrastructure projects.
Geographical Analysis:
Asia-Pacific: Expected to hold the largest share of over 51.0% in 2024, driven by rapid industrialization and infrastructure development in countries like China, India, Japan, and South Korea. The region is also expected to register the highest CAGR of 8.5% during the forecast period.
Key Players:
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.)
ATI Inc. (U.S.)
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Key Questions Answered in the Report:
What are the high-growth market segments by method, material, and end-use industry?
What is the historical market size of the metal forging market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the metal forging market?
Who are the major players in the market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the metal forging market?
What strategies are adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players, and how do they compete with established players?
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