Metal Forging Market Size, Share, Growth, and Industry Analysis, By Types (Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Others), By Applications (Automotive, Defense and Aerospace, Shipbuilding, Power Industry, Oil and Gas, Construction Machinery, Agriculture, Others) , and Regional Insights and Forecast to 2034

Metal Forging Market Size

The Global Metal Forging Market size was USD 75.77 billion in 2024 and is projected to reach USD 80.01 billion in 2025, USD 84.49 billion in 2026, and USD 130.65 billion by 2034, growing at a CAGR of 5.6% from 2025 to 2034. Automotive accounts for nearly 40% of demand, aerospace around 20%, energy and power 15%, construction 12%, and other industries 13%. Asia-Pacific leads with 45% share, followed by Europe at 25%, North America at 20%, and Middle East & Africa at 10%.

The US Metal Forging Market shows steady expansion, accounting for nearly 60% of the North American share. Automotive demand contributes about 45%, aerospace and defense together hold nearly 30%, while industrial machinery and construction account for around 15%. More than 20% of companies are investing in lightweight alloys, while 18% are focusing on precision forging technologies. This growth is reinforced by rising electric vehicle adoption and defense modernization programs, strengthening the country’s dominant role in global forging output.

Key Findings

• Market Size: USD 75.77 billion (2024), USD 80.01 billion (2025), USD 130.65 billion (2034), 5.6% CAGR.
• Growth Drivers: Automotive 40%, aerospace 20%, energy 15%, construction 12%, others 13% share.
• Trends: Asia-Pacific 45%, Europe 25%, North America 20%, Middle East & Africa 10% regional demand.
• Key Players: Precision Castparts Corp., Howmet Aerospace Inc., Thyssenkrupp, Bharat Forge, Nippon Steel & more.
• Regional Insights: Asia-Pacific leads the market with 45% share, supported by automotive and construction demand. Europe holds 25%, driven by aerospace and machinery. North America captures 20% share, fueled by defense and industrial growth. Middle East & Africa represent 10%, supported by oil, gas, and infrastructure projects.
• Challenges: 25% energy costs, 30% raw material volatility, 18% operational inefficiencies, 12% sustainability adoption issues.
• Industry Impact: 40% automotive reliance, 20% aerospace contribution, 15% energy growth, 25% regional advancements shaping market demand.
• Recent Developments: 22% EV components, 18% aerospace alloys, 12% renewable energy parts, 15% digital forging adoption, 20% efficiency enhancements.

The Metal Forging Market is evolving with higher adoption of lightweight alloys, automation, and sustainability initiatives. More than 35% of manufacturers are focusing on digital transformation, with 20% investing in eco-friendly forging processes. Around 15% of the market is shifting towards hybrid forging and additive manufacturing, while 25% targets aerospace and defense applications. Electric vehicles alone contribute over 22% of new demand, reinforcing innovation-led growth and positioning the market for competitive advantage across industries.

Metal Forging Market Trends

The metal forging market is witnessing significant transformation with rising demand across industries such as automotive, aerospace, energy, and construction. Automotive accounts for nearly 40% of the global demand, supported by the production of lightweight yet durable forged components. Aerospace applications represent close to 25%, driven by the rising adoption of titanium and aluminum alloys for engine and structural parts. Energy and power generation segments collectively contribute around 15%, fueled by the rising use of forged turbines and high-strength components. Construction and heavy equipment applications hold nearly 12% share, with forged steel and alloy products being extensively used in machinery and infrastructure projects.

Regionally, Asia-Pacific dominates the market with over 45% contribution, led by strong manufacturing activity in China, India, and Japan. North America holds about 20%, driven by aerospace and defense programs, while Europe secures nearly 22% share, supported by industrial equipment and automotive production. The Middle East & Africa account for 7%, benefiting from oil & gas investment, and Latin America makes up the remaining 6%, with growth in mining and construction sectors. Advancements in precision forging, including open die, closed die, and press forging, are enhancing productivity by over 30% while reducing material waste by 20%, making the process more efficient and sustainable.

Metal Forging Market Dynamics

OPPORTUNITY

Expansion in Aerospace and Defense

Aerospace accounts for nearly 25% of the total forging demand, with titanium alloys contributing 15% growth in engine applications. Defense manufacturing adds about 12% through forged structural and high-strength components. Over 35% of forged aerospace products are utilized in landing gear and fuselage systems, showing strong opportunities for advanced alloy forging and precision processes.

DRIVERS

Automotive Sector Driving Demand

The automotive industry contributes nearly 40% of forging demand, with forged crankshafts, gears, and axles leading adoption. Electric vehicle production boosts forged aluminum penetration by more than 20%. Around 15% of OEMs are shifting to precision forging to improve efficiency, while 10% of manufacturers report an increase in forged lightweight parts for sustainability goals.

RESTRAINTS

"High Energy Costs"

Energy usage represents nearly 25% of total forging costs, creating significant restraints for manufacturers. Over 18% of small and medium forging units face operational disruptions due to rising fuel and electricity expenses. Around 12% of companies report slow adoption of energy-efficient machinery, limiting competitiveness and profitability in the global forging market.

CHALLENGE

"Raw Material Price Volatility"

Steel and alloy price fluctuations impact nearly 30% of forging operations globally. More than 20% of manufacturers report unstable supply chains due to inconsistent raw material availability, while 15% face declining margins. This volatility in input costs poses a major challenge for long-term planning, procurement cycles, and investment in forging infrastructure.

Segmentation Analysis

The global metal forging market, valued at USD 75.77 Billion in 2024, is projected to reach USD 80.01 Billion in 2025 and further expand to USD 130.65 Billion by 2034, growing at a CAGR of 5.6% during 2025–2034. Segmentation by type and application highlights distinct growth opportunities across industries. Carbon steel, alloy steel, aluminum, magnesium, stainless steel, titanium, and other alloys collectively represent diverse forging applications with varying market shares. On the application side, automotive, defense and aerospace, shipbuilding, power industry, oil & gas, construction machinery, and agriculture sectors significantly influence demand. Each type and application carries unique revenue contributions in 2025, with separate CAGR growth prospects, making segmentation analysis vital to identify investment and growth potential across regions and industries.

By Type

Carbon Steel

Carbon steel dominates forging due to its strength, durability, and wide application in automotive, construction, and machinery industries. It accounts for nearly 35% of forging demand globally, with high penetration in structural and heavy-duty components.

Carbon steel held the largest share in the metal forging market, accounting for USD 28.00 Billion in 2025, representing 35% of the total market. This segment is expected to grow at a CAGR of 5.2% from 2025 to 2034, driven by infrastructure expansion, rising automotive production, and industrial machinery demand.

Major Dominant Countries in the Carbon Steel Segment

• China led the Carbon Steel segment with a market size of USD 9.5 Billion in 2025, holding a 34% share and expected to grow at a CAGR of 5.3% due to large-scale manufacturing and construction activity.
• India held USD 6.1 Billion in 2025 with a 22% share, growing at a CAGR of 5.6% supported by rapid urbanization and automotive output.
• United States contributed USD 4.3 Billion in 2025, representing a 15% share and expected to grow at a CAGR of 5.0% due to robust demand from defense and energy sectors.

Alloy Steel

Alloy steel forging is highly utilized in aerospace, automotive, and oil & gas industries due to its enhanced mechanical properties and wear resistance. It contributes nearly 25% of total forging market share globally.

Alloy steel accounted for USD 20.0 Billion in 2025, holding 25% share of the global market. It is projected to grow at a CAGR of 5.4% from 2025 to 2034, driven by defense investments, aerospace engine parts, and oilfield applications.

Major Dominant Countries in the Alloy Steel Segment

• United States led with USD 6.0 Billion in 2025, holding a 30% share, expected to grow at a CAGR of 5.5% due to aerospace and defense demand.
• Germany reached USD 3.8 Billion in 2025 with a 19% share, growing at a CAGR of 5.3% driven by advanced automotive engineering.
• Japan secured USD 3.1 Billion in 2025, accounting for 15% share, with 5.2% CAGR from high-performance machinery and automotive needs.

Aluminum

Aluminum forging is gaining traction in lightweight automotive and aerospace components due to its corrosion resistance and fuel efficiency benefits. It represents around 15% of the forging market share globally.

Aluminum accounted for USD 12.0 Billion in 2025, representing 15% of the market. This segment is projected to grow at a CAGR of 6.0% during 2025–2034, fueled by electric vehicle adoption and aerospace lightweighting trends.

Major Dominant Countries in the Aluminum Segment

• China led with USD 4.0 Billion in 2025, accounting for 33% share, with 6.2% CAGR due to EV production growth.
• United States held USD 2.8 Billion in 2025, representing 23% share, with CAGR 5.8% supported by aerospace development.
• Germany contributed USD 2.1 Billion in 2025, holding 18% share, with CAGR 5.7% from automotive lightweight materials demand.

Magnesium

Magnesium forging is expanding due to its lightweight applications in aerospace and high-performance vehicles. It accounts for nearly 5% of the global forging market.

Magnesium was valued at USD 4.0 Billion in 2025, representing 5% share of the market. It is expected to grow at a CAGR of 6.5% through 2034, led by its increasing role in reducing overall vehicle weight and enhancing fuel efficiency.

Major Dominant Countries in the Magnesium Segment

• China held USD 1.5 Billion in 2025, representing 38% share, with 6.6% CAGR due to aerospace supply chain dominance.
• Japan accounted for USD 1.0 Billion in 2025, holding 25% share, with CAGR 6.4% supported by hybrid car production.
• United States reached USD 0.8 Billion in 2025, 20% share, with 6.3% CAGR fueled by defense and automotive applications.

Stainless Steel

Stainless steel forging is widely used in oil & gas, chemical, and power industries due to corrosion resistance and strength. It makes up nearly 12% of the global forging market.

Stainless steel accounted for USD 9.6 Billion in 2025, representing 12% of the total market. It is projected to grow at a CAGR of 5.7% during 2025–2034, driven by increasing energy exploration and industrial equipment needs.

Major Dominant Countries in the Stainless Steel Segment

• Saudi Arabia held USD 2.8 Billion in 2025, 29% share, with 5.8% CAGR driven by oil & gas projects.
• China recorded USD 2.5 Billion in 2025, 26% share, CAGR 5.6% supported by industrial demand.
• United States secured USD 1.9 Billion in 2025, 20% share, CAGR 5.5% from petrochemical expansion.

Titanium

Titanium forging is critical in aerospace and medical applications due to its strength-to-weight ratio and corrosion resistance. It represents about 6% of the forging market globally.

Titanium was valued at USD 4.8 Billion in 2025, representing 6% market share, expected to grow at CAGR of 6.2% through 2034, driven by demand in aerospace engine components and biomedical implants.

Major Dominant Countries in the Titanium Segment

• United States led with USD 1.8 Billion in 2025, 37% share, CAGR 6.3% supported by aerospace demand.
• Russia accounted for USD 1.2 Billion in 2025, 25% share, CAGR 6.0% due to military applications.
• Japan secured USD 0.9 Billion in 2025, 19% share, CAGR 6.1% driven by medical implants and aerospace industry.

Others

Other metals such as copper, nickel, and specialty alloys serve niche applications in electrical, marine, and precision engineering sectors, contributing 2% of the market share globally.

Other metals accounted for USD 1.6 Billion in 2025, representing 2% share of the forging market. This segment is projected to grow at a CAGR of 4.9% during 2025–2034, with applications in electronics, shipbuilding, and custom machinery.

Major Dominant Countries in the Others Segment

• China held USD 0.6 Billion in 2025, 38% share, with CAGR 4.9% due to electrical industry demand.
• India recorded USD 0.5 Billion in 2025, 31% share, CAGR 5.0% supported by construction and marine applications.
• South Korea contributed USD 0.3 Billion in 2025, 19% share, CAGR 4.8% led by shipbuilding industries.

By Application

Automotive

Automotive is the largest application, holding nearly 40% share of forging demand, with strong usage in crankshafts, axles, gears, and suspension parts. Lightweight forged components are gaining penetration in electric vehicles.

Automotive accounted for USD 32.0 Billion in 2025, representing 40% of the global market, and is expected to grow at a CAGR of 5.8% through 2034, driven by EV production and rising vehicle demand worldwide.

Top 3 Major Dominant Countries in the Automotive Segment

• China led with USD 11.0 Billion in 2025, 34% share, CAGR 5.9% due to large-scale auto manufacturing.
• India accounted for USD 7.5 Billion in 2025, 23% share, CAGR 6.0% supported by growing vehicle ownership.
• United States secured USD 5.8 Billion in 2025, 18% share, CAGR 5.7% from EV development.

Defense and Aerospace

Defense and aerospace represent 20% share of global forging, with extensive use of alloy steel, titanium, and aluminum for high-performance applications in engines, landing gear, and defense equipment.

Defense and aerospace accounted for USD 16.0 Billion in 2025, representing 20% share, projected to grow at CAGR of 6.1% through 2034, driven by aircraft production and global defense spending.

Top 3 Major Dominant Countries in the Defense and Aerospace Segment

• United States led with USD 6.5 Billion in 2025, 41% share, CAGR 6.2% due to strong aerospace industry.
• France recorded USD 3.2 Billion in 2025, 20% share, CAGR 6.0% driven by aircraft manufacturing.
• Russia contributed USD 2.8 Billion in 2025, 17% share, CAGR 6.1% supported by defense sector demand.

Shipbuilding

Shipbuilding accounts for nearly 8% of the forging market, with demand for forged shafts, propellers, and structural parts in marine vessels.

Shipbuilding was valued at USD 6.4 Billion in 2025, representing 8% of the market, projected to grow at CAGR of 5.0% driven by naval expansion and commercial vessel production.

Top 3 Major Dominant Countries in the Shipbuilding Segment

• South Korea held USD 2.4 Billion in 2025, 38% share, CAGR 5.1% due to commercial shipbuilding strength.
• China accounted for USD 2.0 Billion in 2025, 31% share, CAGR 5.0% led by industrial marine expansion.
• Japan secured USD 1.1 Billion in 2025, 17% share, CAGR 4.9% supported by naval and cargo vessels.

Power Industry

The power industry represents around 7% of forging demand, mainly for turbines, generators, and heavy-duty components in energy production.

Power industry accounted for USD 5.6 Billion in 2025, representing 7% of the market, expected to grow at CAGR of 5.3% through 2034, driven by rising demand for renewable and thermal power projects.

Top 3 Major Dominant Countries in the Power Industry Segment

• China led with USD 2.0 Billion in 2025, 36% share, CAGR 5.4% due to energy infrastructure expansion.
• United States recorded USD 1.5 Billion in 2025, 27% share, CAGR 5.2% supported by power modernization.
• India secured USD 1.0 Billion in 2025, 18% share, CAGR 5.3% from renewable projects.

Oil and Gas

Oil and gas contributes nearly 6% of the forging market, using stainless steel and alloy steel components for drilling and exploration.

Oil and gas accounted for USD 4.8 Billion in 2025, representing 6% market share, projected to grow at CAGR of 5.5% through 2034, driven by offshore exploration and investment in refining infrastructure.

Top 3 Major Dominant Countries in the Oil and Gas Segment

• Saudi Arabia held USD 1.6 Billion in 2025, 33% share, CAGR 5.6% supported by upstream projects.
• Russia accounted for USD 1.2 Billion in 2025, 25% share, CAGR 5.5% due to pipeline expansions.
• United States recorded USD 1.0 Billion in 2025, 21% share, CAGR 5.4% from shale and exploration activity.

Construction Machinery

Construction machinery uses nearly 6% of forged products, with applications in heavy equipment, earthmovers, and industrial machinery.

Construction machinery was valued at USD 4.8 Billion in 2025, representing 6% market share, growing at a CAGR of 5.4% through 2034, driven by urbanization and global infrastructure projects.

Top 3 Major Dominant Countries in the Construction Machinery Segment

• China led with USD 1.8 Billion in 2025, 37% share, CAGR 5.5% from infrastructure expansion.
• India held USD 1.2 Billion in 2025, 25% share, CAGR 5.4% supported by construction growth.
• Germany accounted for USD 0.8 Billion in 2025, 17% share, CAGR 5.3% from machinery exports.

Agriculture

Agriculture holds around 5% share of forging demand, focusing on forged tools, tractors, and machinery components.

Agriculture accounted for USD 4.0 Billion in 2025, representing 5% market share, expected to grow at a CAGR of 5.2% through 2034, driven by mechanization and farming modernization.

Top 3 Major Dominant Countries in the Agriculture Segment

• India led with USD 1.5 Billion in 2025, 38% share, CAGR 5.3% due to mechanized farming.
• China accounted for USD 1.0 Billion in 2025, 25% share, CAGR 5.2% from agricultural equipment production.
• Brazil recorded USD 0.8 Billion in 2025, 20% share, CAGR 5.1% supported by agribusiness expansion.

Others

Other applications such as railways, mining, and industrial tools collectively hold about 8% of the forging market share.

Others accounted for USD 6.4 Billion in 2025, representing 8% market share, projected to grow at CAGR of 5.1% through 2034, driven by industrial engineering and heavy transport demand.

Top 3 Major Dominant Countries in the Others Segment

• China led with USD 2.0 Billion in 2025, 31% share, CAGR 5.2% supported by railway projects.
• United States accounted for USD 1.5 Billion in 2025, 23% share, CAGR 5.1% from mining equipment demand.
• Australia recorded USD 1.0 Billion in 2025, 16% share, CAGR 5.0% due to mining expansion.

Metal Forging Market Regional Outlook

The global metal forging market, valued at USD 75.77 Billion in 2024, is expected to reach USD 80.01 Billion in 2025 and grow further to USD 130.65 Billion by 2034, at a CAGR of 5.6% during the forecast period. Regional dynamics remain highly diverse, with Asia-Pacific accounting for the largest share at 45%, followed by Europe with 25%, North America with 20%, and the Middle East & Africa representing 10%. Each region is influenced by its industrial base, automotive production, defense investments, and energy sector growth, making the global market outlook robust and geographically balanced.

North America

North America contributes 20% of the global metal forging market, driven by strong demand from automotive, aerospace, and defense sectors. The region is witnessing increasing adoption of advanced forging processes to meet the requirements of lightweight electric vehicles and aerospace components. Forged parts for energy, power generation, and industrial equipment also add significant volume.

North America accounted for USD 16.0 Billion in 2025, representing 20% of the global market. Growth is supported by aerospace engine demand, EV adoption, and defense modernization programs across the region.

North America - Major Dominant Countries in the Metal Forging Market

• United States led with USD 9.6 Billion in 2025, 60% share, supported by aerospace and defense demand.
• Canada held USD 3.2 Billion in 2025, 20% share, driven by mining and construction equipment demand.
• Mexico accounted for USD 3.2 Billion in 2025, 20% share, supported by automotive manufacturing growth.

Europe

Europe holds 25% of the global metal forging market, supported by advanced automotive, industrial machinery, and renewable energy industries. High-strength alloys for aerospace and defense also drive demand, while forged components for shipbuilding and oilfield equipment add resilience. Germany, France, and Italy remain key contributors.

Europe accounted for USD 20.0 Billion in 2025, representing 25% of the global market. Growth in precision forging, lightweight automotive materials, and aerospace investments support the market expansion in this region.

Europe - Major Dominant Countries in the Metal Forging Market

• Germany led with USD 7.0 Billion in 2025, 35% share, driven by advanced automotive and engineering exports.
• France held USD 5.0 Billion in 2025, 25% share, supported by aerospace production and defense demand.
• Italy accounted for USD 4.0 Billion in 2025, 20% share, driven by industrial machinery and construction equipment.

Asia-Pacific

Asia-Pacific dominates with 45% of the global forging market, led by massive automotive production, construction, and defense projects. The region benefits from large-scale industrial manufacturing in China, India, and Japan. Rising demand for lightweight alloys in electric vehicles and infrastructure growth make this region the fastest-growing contributor to the global market.

Asia-Pacific accounted for USD 36.0 Billion in 2025, representing 45% of the global market. Strong demand in automotive, shipbuilding, and aerospace industries continues to drive growth across this region.

Asia-Pacific - Major Dominant Countries in the Metal Forging Market

• China led with USD 15.0 Billion in 2025, 42% share, supported by automotive and infrastructure projects.
• India accounted for USD 10.8 Billion in 2025, 30% share, driven by construction and automotive manufacturing.
• Japan secured USD 7.2 Billion in 2025, 20% share, fueled by aerospace and precision machinery demand.

Middle East & Africa

Middle East & Africa represent 10% of the global forging market, supported by oil & gas exploration, energy projects, and growing construction activity. Demand is driven by stainless steel and alloy steel forgings used in pipelines, refineries, and heavy machinery. South Africa and the Gulf countries dominate, with investments in industrial equipment and defense adding resilience.

Middle East & Africa accounted for USD 8.0 Billion in 2025, representing 10% of the global market. Growth is fueled by oilfield equipment, construction machinery, and rising industrialization in emerging economies.

Middle East & Africa - Major Dominant Countries in the Metal Forging Market

• Saudi Arabia led with USD 3.2 Billion in 2025, 40% share, supported by oil & gas infrastructure projects.
• United Arab Emirates held USD 2.0 Billion in 2025, 25% share, driven by construction and defense industry investments.
• South Africa accounted for USD 1.6 Billion in 2025, 20% share, supported by mining and heavy machinery demand.

List of Key Metal Forging Market Companies Profiled

Investment Analysis and Opportunities in Metal Forging Market

The metal forging market presents attractive investment opportunities with diverse applications across automotive, aerospace, energy, and industrial sectors. Automotive accounts for nearly 40% of total demand, while aerospace contributes about 20%, creating significant scope for specialized alloy forging. Around 25% of investments in forging are directed towards automation and digital forging technologies, improving efficiency by up to 30%. Approximately 15% of companies are focusing on sustainability, reducing emissions and material wastage by more than 20%. With Asia-Pacific holding 45% market share, regional investments continue to rise, particularly in lightweight materials and electric vehicle components, offering growth avenues for global players.

New Products Development

New product development in the metal forging market is strongly driven by demand for lightweight and durable components. Nearly 22% of new products are targeted toward electric vehicles, focusing on aluminum and magnesium alloys. Aerospace innovations contribute about 18%, with advanced titanium forgings used in next-generation engines and landing gear systems. Around 12% of new developments are aimed at renewable energy applications, including wind and hydropower components. Nearly 15% of companies are investing in additive and hybrid forging techniques, improving performance and reducing material usage by 20%. These efforts highlight the market’s shift toward innovation and sustainability.

Developments

• Precision Castparts Corp.: launched advanced aerospace forgings, boosting titanium alloy demand by 12% in 2024 for critical engine components.
• Bharat Forge: expanded its EV-focused forging line, increasing lightweight aluminum adoption by 15% in 2024 to meet electric mobility demand.
• Howmet Aerospace: introduced precision closed-die forging solutions, reducing waste by 18% and enhancing efficiency for aerospace and defense in 2024.
• Thyssenkrupp: developed sustainable forging technology that lowered carbon emissions by 20% in 2024, aligning with global green initiatives.
• Nippon Steel: advanced high-strength alloy forging for construction and infrastructure, improving durability and performance by 14% in 2024.

Report Coverage

The metal forging market report provides comprehensive coverage with detailed analysis of industry dynamics, segmentation, competitive landscape, and regional performance. Strengths include the wide application of forging in automotive (40%), aerospace (20%), and construction (12%), ensuring steady demand. Weaknesses involve high energy costs, which contribute around 25% of total expenses, and raw material price fluctuations impacting nearly 30% of operations. Opportunities exist in lightweight materials, with aluminum and magnesium alloys showing 15% growth, and technological innovations improving efficiency by 20–30%. Challenges remain in sustainability, as only 15% of players have fully adopted eco-friendly forging processes. Regional outlook reveals Asia-Pacific leads with 45% share, followed by Europe at 25%, North America at 20%, and Middle East & Africa at 10%. With more than 25% of manufacturers investing in digitalization, the market is shifting toward precision, automation, and low-emission production, positioning it for robust expansion globally.