The global metal forging market size was valued at USD 74.36 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030. The demand for metal forged parts from the aerospace industry is driven by the rise in the number of flyers across the globe, which is propelling aircraft production and benefitting market growth. For instance, in 2021, Boeing delivered 302 aircraft, which was nearly double as compared to the previous year. Furthermore, in March 2022, Boeing announced that they are planning to double the production of 737 Max. This kind of trend in the aerospace industry is expected to boost the demand for metal forgings during the forecast period. The U.S. GDP grew by 6.9% in Q4 2021, compared to Q4 2020.

This surge was attributed to consumer activity and capital expenditure spending that augmented the U.S. economy to its strongest growth since 1984. The country touched a 37-year high of 5.7% in 2021. The recovery indicates a resumption of industrial activities, which, in turn, is anticipated to augment the demand for metal forgings in the country over the coming years. The growth of the market is being driven by the rising investments in energy, infrastructure, aerospace, and transportation, among others. In 2021, U.S. Senate passed a massive infrastructure bill worth USD 1 trillion. As per this bill, the government is heavily investing in roads, bridges, Electric Vehicle (EV) networks, public transit, high-speed internet, and clean drinking water.

Gather more insights about the market drivers, restrains and growth of the Global metal forging market

Metal Forging Market Segments Highlights:

1. Carbon steel held the largest revenue share of more than 43.5% in 2021 of the global market. Based on the carbon content, there are three grades of carbon steel, namely low, medium, and high.

2. Aluminum forged parts are used inside assemblies of automobiles, tractors, airplanes, energy missiles, drilling equipment, and ships.

3. Rising demand from automotive manufacturers is anticipated to augment the demand for aluminum forgings from 2022 to 2030.

4. The demand for titanium in forgings is directly linked to the growth of the aerospace sector. Titanium has wide usage in aircraft parts due to its high specific strength. It has been reported that over 50% of titanium forgings are used for strength and weight reduction purposes.

5. Automotive held a volume share of more than 58.5% in 2021 of the global market. Automotive components/parts manufactured by the forging process are stronger than those manufactured by casting or machining.

6. The power generation application segment is expected to register the fastest CAGR, in terms of volume, during the forecast period.

7. The transportation segment is also expected to witness rapid growth over the coming years. The transportation sector mainly includes components used for railways, high-speed trains, and metros.

8. The Asia Pacific dominated the global market in 2021 and accounted for the maximum share of more than 51.8% of the overall revenue. The increasing requirement for metal forgings in the railways, automobiles, energy, and aerospace industries is anticipated to propel its demand during the forecast period.

9. The automotive application segment in Europe is projected to witness sluggish growth from 2022 to 2030.

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Metal Forging Market Segmentation

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

Metal Forging Raw Material Outlook (Volume, Kilotons, Revenue, USD Billion, 2017 - 2030)

1. Carbon Steel

2. Alloy Steel

3. Aluminum

4. Magnesium

5. Stainless Steel

6. Titanium

7. Others

Metal Forging Application Outlook (Volume, Kilotons, Revenue, USD Billion, 2017 - 2030)

1. Automotive

2. Transportation

3. Aerospace

4. Oil & Gas

5. Construction

6. Agriculture

7. Power Generation

8. Marine

9. Others

Metal Forging Regional Outlook (Volume, Kilotons, Revenue, USD Billion, 2017 - 2030)

1. North America

   1. US

   2. Canada

2. Europe

   1. Germany

   2. UK

   3. Spain

   4. Italy

   5. France

3. Asia Pacific

   1. China

   2. India

   3. Japan

   4. South Korea

4. Central & South America

5. Middle East & Africa

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