Forging Market

Market Overview:

The global Forging Market is valued at USD 90.72 Billion in 2024 and is projected to reach a value of USD 188.9 Billion by 2035 at a CAGR (Compound Annual Growth Rate) of 6.90% between 2025 and 2035.

Forging is a metal forming process that has changed over time and has seen the incorporation of new and diverse techniques. In this technique, a metal is deformed in controlled settings using compressive pressures such as hammering, rolling, and pressing to achieve a specific geometric change. This method ensures that the metal structure and composition are consistent. The procedure can be carried out in various conditions, including cold, warm, and hot. By covering gaps and filling empty spaces, a metal Forging technique can manufacture high-quality metal parts like stainless steel with higher material strength. In addition, this method enables the creation of forged objects in various shapes, sizes, materials, and finishes. Steel, titanium, aluminum, and magnesium are the raw materials used in this procedure.

The forged parts produced due to this Forging have higher mechanical characteristics, fatigue resistance, flexibility, and impact resistance. The products increasing demand can be attributed to its uses in industrial devices, construction, automotive, oil and gas, and aerospace. However, using the Forging method is expected to be limited as the demand for other metal forming processes such as melting grows. The material is poured into the mold, containing a chamber with the required casting shape during the casting process. The molten metal is then allowed to harden, a process known as casting. This sort of Forging method is more expensive than casting. As a result, most manufacturers choose to use the casting technique because it is less expensive. Market growth is projected to be hampered by alternative metal forming technologies.

Market Segmentation:

The Forging Market is segmented based on Techniques, Material Types, and Region. Based on Techniques, the market is sub-segmented into Closed Die Forging, Open Die Forging and Seamless Forging. Furthermore, based on the segment Materials, the market is sub-segmented into Nickel-Based Alloys, Titanium Alloys, Aluminum Alloys, Carbon Steel Alloys, and Other Materials. Finally, based on the segment Industries, the market is sub-segmented as Automotive, Aerospace, Railway Heavy Equipment, and Wind Power.

Based on Materials:

Based on the segment Materials, Alloy Steel is the second most used material in metal Forging. Compared to Carbon Steel Forgings, it is a solid and rigid material with superior wear resistance. To improve its physical properties, Alloy Steel is frequently alloyed with Chromium, Nickel, Silicon, Molybdenum, and Manganese. As a result, parts of Forged Alloy steel have less shrinkage, voids, and porosity. These parts also have higher impact strength than cast steel parts. These advantages boost alloy steel usage in the metal Forging sector.

Based on Techniques:

Based on the segment Techniques, Closed Die Forging, commonly called the impression die, is the most common Forging technology. The compatibility of all metals with the technique is credited with the technologys progress. In addition, its a clean technique with near-net forms, high strength, correct ways, no material limitations, and higher surface polish. The advantages of the Closed Die Forging method have increased its application in the Forging of steel and aluminum components.

Asia Pacific is projected to Grow at the Fastest CAGR during the Forecast Period

In the global automotive Forging Market, Asia Pacific is expected to be the most crucial region, followed by North America. Infrastructure development, industrialization, and rapid economic expansion in India, China, and Indonesia will drive forward the Asia Pacific automotive Forging industry. Furthermore, automobile Forging producers are concentrated in India and China. Again, supportive government measures are driving the regions manufacturing sector, which will boost the automotive Forging Markets growth shortly. On the other hand, the automotive Forging industry is predicted to increase moderately in North America.

However, the two drivers are projected to fuel investments in the automobile industry. Hence, the automotive Forging Markets growth is a positive economic outlook and an excellent political climate in North America.

Competitive Landscape:

The key players in the Global Forging Market include- Berkshire Hathaway Inc. (Precision Castparts Corp.), and others.

Recent Development

• February 2024: Ovako and Tibnor, well known material manufacturing and distributing companies, announced a strategic partnership to endorse low carbon footprint resolutions in steel production. As various industrial players are committing towards science-based environmental targets and legislative representatives are insisting companies to decrease their emissions or to pay the true cost for pollution.
• May 2023: Arconic Corporation announced to enter into a definitive agreement to be acquired by the Apollo Global Management Inc. fund holders in an all-cash transaction deal for an approximate value of USD 5.2 billion. This deal will provide Arconic to back with one of the worlds premier investment firms and deliver substantial value to customers and the end users of the products.
• July 2022: Patriot Forge announced to adjunct the forging facilities with a complete rough machining process in its open-die custom forging manufacturing plant. The complex has open die components of up to 50,000 lbs. to make the desired shape by processing more efficiently and conveniently.
• August 2021: Otto Fuchs KG announced a purchase agreement with ServoDirect technology from Schuler to buy a crank forging press with a capacity of 3,150 tons for its Shenyang, China, location. This deal will aim to produce more aluminum chassis components for automobile customers in China.
• February 2020: Arconic Corporation separated into two independent publicly-listed companies in the NYSE as Hownet Aerospace Inc., which includes engine products, forged steel, and engineered structures. The aluminum extrusions and building & construction systems will be named Arconic Corporation under the symbol of "ARNC." This separation will qualify Arconic, Inc. into the U.S. tax-free regime for federal income tax purposes.

Segmentation of the Global Forging Market: