Global Forging Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

By Raw Material;

Attractiveness, and Metals.

By Application;

Automotive, Transportation, Aerospace, Oil & Gas, Construction, and Agriculture.

By Geography;

North America, Europe, Asia Pacific, Middle East and Africa, and Latin America - Report Timeline (2021 - 2031).
Report ID: Rn889639265 Published Date: January, 2025 Updated Date: February, 2025

Introduction

Global Forging Market (USD Million), 2021 - 2031

In the year 2024, the Global Forging Market was valued at USD 71,559.43 million. The size of this market is expected to increase to USD 103,407.29 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 5.4%.

The global forging market encompasses a critical segment of the metalworking industry, where raw metal is shaped into desired forms through heat and pressure. Forging is a versatile process used to produce high-strength, durable components for a wide range of applications, from automotive parts and aerospace components to industrial machinery and infrastructure materials. This process enhances the mechanical properties of metals by aligning their grain structure, making forged components more resistant to stress and fatigue compared to those produced by other methods.

Driven by advancements in technology and growing demand across various industries, the global forging market is experiencing steady growth. The automotive sector is a major contributor, with an increasing need for lightweight and high-strength parts to improve vehicle performance and fuel efficiency. Additionally, the aerospace industry relies heavily on forged components due to their superior strength-to-weight ratio and reliability. The expansion of industrial infrastructure and the rise of renewable energy projects also play a significant role in boosting demand for forged parts.

Geographically, the market is influenced by regional industrial activities, with significant contributions from North America, Europe, and Asia-Pacific. Emerging economies in Asia-Pacific are particularly noteworthy, driven by rapid industrialization and increasing manufacturing capabilities. Innovations in forging technologies, such as precision forging and advanced alloy development, are shaping the market's future, offering enhanced product quality and expanded applications. As industries continue to evolve, the global forging market is set to play a pivotal role in meeting the demands for high-performance, durable components.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Raw Material
    2. Market Snapshot, By Application
    3. Market Snapshot, By Region
  4. Global Forging Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Urbanization Growth

        2. Agricultural Needs

        3. Industrial Applications

        4. Improved Technology

      2. Restraints
        1. High Initial Costs

        2. Maintenance Requirements

        3. Environmental Concerns

        4. Limited Market Penetration

      3. Opportunities
        1. Emerging Markets

        2. Sustainable Solutions

        3. Increased Agricultural Investments

        4. Expansion of Industrial Applications

    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Global Forging Market, By Raw Material, 2021 - 2031 (USD Million)
      1. Attractiveness
      2. Metals
    2. Global Forging Market, By Application, 2021 - 2031 (USD Million)
      1. Automotive
      2. Transportation
      3. Aerospace
      4. Oil & Gas
      5. Construction
      6. Agriculture
    3. Global Forging Market, By Geography, 2021 - 2031 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea ASEAN (Association of South East Asian Countries)
        6. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. Bharat Forge Limited
      2. Allegheny Technologies Incorporated
      3. Thyssenkrupp AG
      4. KITZ Corporation
      5. Ellwood Group Inc
      6. Hinduja Foundries
      7. Kalyani Forge
  7. Analyst Views
  8. Future Outlook of the Market