Metal Forging Market Size, Share, Competitive Landscape and Trend Analysis Report
The global metal forging market, valued at $96.4 billion in 2024, is projected to reach $195.6 billion by 2034, growing at a CAGR of 7.3% from 2025 to 2034. Metal forging shapes metal using compressive forces, enhancing strength and durability for components like crankshafts and gears used in automotive, aerospace, and defense industries. The process includes open die, closed die, and seamless rolling forging.
The automotive sector drives demand, with forged parts critical for vehicle performance and safety. The rise in electric vehicle production boosts the need for lightweight, high-strength components to improve energy efficiency. Stringent regulations on emissions and fuel efficiency further promote advanced forging techniques. However, high initial costs for machinery, energy-intensive processes, and fluctuating raw material prices challenge smaller manufacturers. Skilled labor shortages also hinder growth.
Technological advancements, including automation, AI-driven quality control, and IIoT integration, offer opportunities by enhancing efficiency and reducing costs. Asia-Pacific leads the market, driven by industrial growth in China and India, while North America and Europe benefit from aerospace and automotive advancements. Key players like ATI Inc. and Bharat Forge are adopting acquisitions and innovations, such as ATI’s 2025 additive manufacturing facility, to strengthen market share