Meticulous Research®—a leading global market research company, published a research report titled, ‘Metal Forging Market by Method (Closed Die Forging, Open Die Forging, Cold Forging, Roll Forging), Material (Steel, Aluminum, Titanium), End-use Industry (Automotive, Oil & Gas, Construction), and Geography—Global Forecast to 2031.’
According to the latest publication from Meticulous Research®, the metal forging market is projected to reach $153.9 billion by 2031, with a CAGR of 7.4% from 2024 to 2031. The market's growth is driven by rising infrastructure development and increasing commercial aircraft production. However, challenges such as high energy consumption and fluctuating raw material costs may restrain this growth.
Adoption of Industry 4.0 technology and advancements in forging technology are expected to offer significant opportunities for market players. However, supply chain disruptions and regulatory compliance complexities may pose challenges.
The metal forging market is segmented by method, material, and end-use industry. Methods include closed die forging, open die forging, cold forging, roll forging, upset forging, and others. In 2024, open die forging is expected to hold the largest market share, over 49.0%, due to its versatility and ability to produce various shapes and sizes, suitable for industries like aerospace, automotive, and heavy machinery. Cold forging is projected to have the highest CAGR, driven by its ability to enhance the mechanical properties of forged parts.
Materials analyzed include steel, aluminum, titanium, nickel alloys, magnesium, and others. Steel is expected to account for the largest share, above 44.0%, in 2024, owing to its exceptional strength and durability. However, aluminum is projected to register the highest CAGR due to its lightweight characteristics and high strength-to-weight ratio.
End-use industries include automotive, oil & gas, aerospace & defense, construction, agriculture, machines & tools, mining & metals, and others. The automotive segment is anticipated to hold the largest share, above 66.0%, due to the extensive use of forged components in critical engine parts and structural members. The construction segment is expected to register the highest CAGR, driven by the need for strong and durable components in building infrastructure.
Geographically, Asia-Pacific is expected to dominate the market, accounting for over 51.0% in 2024, driven by rapid industrialization and infrastructure development in countries like China, India, Japan, and South Korea. The region is also projected to have the highest CAGR of 8.5%.
Key players in the metal forging market include Arconic Corporation (U.S.), Nippon Steel Corporation (Japan), Precision Castparts Corp. (U.S.), Larsen & Toubro Limited (India), Bharat Forge Limited (India), thyssenkrupp AG (Germany), BRÜCK GmbH (Germany), ELLWOOD Group, Inc. (U.S.), Metal Forging Pvt. Ltd. (India), CELSA Group (Spain), Ovako AB (Sweden), Lolu Alloys Ltd (U.K.), Scot Forge Company (U.S.), Alcoa Corporation (U.S.), and ATI Inc. (U.S.).

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Key Questions Answered in the Report:
• What are the high-growth market segments in terms of method, material, and end-use industry?
• What is the historical market size for the metal forging market?
• What are the market forecasts and estimates for 2024–2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the metal forging market?
• Who are the major players in the metal forging market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the metal forging market?
• What are the different strategies adopted by major market players?
• What are the trends and high-growth countries?
• Who are the local emerging players in the metal forging market, and how do they compete with other players?
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