The global metal forging market size is expected to reach USD 145.44 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.7% during the forecast period. Rising awareness about climate change and increasing investment in renewables, especially in wind and hydro, by governments is expected to boost the consumption of forged components. Thus, this investment is expected to propel the product demand during the forecast period. For instance, in October 2021, the U.S government unveiled plans to build up to 7 major offshore wind farms. The government is targeting to produce 30 gigawatts of wind power by 2030.

Similarly, in April 2022, the government of the country announced that it is planning to develop a 40 GW offshore wind project by 2050 that is expected to spread over 50 wind farms. Metal forging is the process, in which metals are shaped and formed using compressive force. These forces are applied using pressing, hammering, and rolling. Increasing demand for the product in various industries, such as power, construction, agriculture, marine, and aerospace, is anticipated to augment the market growth. Based on raw material, carbon steel accounted for the largest revenue share in 2021 and it is expected to maintain its dominance throughout the forecast period.

The growth is attributed to the properties of the material as the product often has a tight grain structure, which makes it mechanically strong to withstand friction. Also, carbon steel is cheaper than its counterparts. Construction is anticipated to expand at a steady CAGR, in terms of revenue, during the forecast period. The growth is attributed to increasing government investment in the construction sector to untangle the negative impact created by the COVID-19 pandemic. In November 2021, the Italian government came up with a new recovery and resilience plan to foster economic growth by 1.5 to 2.5% by 2026. The government is expected to invest in the construction of public buildings, renewable energy, and waste & water management.

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

Metal Forging Market Report Highlights

• The aluminum raw materials segment is anticipated to register the fastest CAGR during the forecast period due to the high demand for lightweight materials from industries, such as aerospace, power generation, and automotive
• The aerospace application segment is expected to grow at a steady CAGR during the forecast period due to the high demand for air travel owing to changes in social behavior, which, in turn, is boosting aircraft production
• North America is expected to register a CAGR of 4.7%, in terms of volume, from2022 to 2030. Increasing investment in the construction & infrastructure industry and demand for renewables is driving the regional market
• The agriculture application segment is expected to register a significant CAGR, in terms of revenue, during the forecast period
• Steady demand for farm equipment in countries, such as India and Brazil, is likely to support market growth in the coming years

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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)

• Carbon Steel
• Alloy Steel
• Aluminum
• Magnesium
• Stainless Steel
• Titanium
• Others

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

• Automotive
• Transportation
• Aerospace
• Oil & Gas
• Construction
• Agriculture
• Power Generation
• Marine
• Others

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

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • Spain
  • Italy
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Central & South America
• Middle East & Africa

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