Metal Forging Market Projected to Reach $153.9 Billion by 2031
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, growing at a CAGR of 7.4% from 2024 to 2031. This growth is driven by increasing infrastructure development and rising commercial aircraft production. However, the market faces challenges from high energy consumption and fluctuating raw material costs and availability.
Market Segmentation:
The metal forging market is segmented by method, material, and end-use industry:
Method:
Closed Die Forging
Open Die Forging
Cold Forging
Roll Forging
Upset Forging
Other Methods
Material:
Steel
Aluminum
Titanium
Nickel Alloys
Magnesium
Other Materials
Steel is expected to hold the largest market share of over 44.0% in 2024, due to its exceptional strength and durability, making it ideal for critical applications in various industries. Aluminum is projected to grow at the highest CAGR, owing to its lightweight and high strength-to-weight ratio, making it suitable for industries like aerospace, automotive, and transportation.
End-Use Industry:
Automotive
Oil & Gas
Aerospace & Defense
Construction
Agriculture
Machines & Tools
Mining & Metals
Other Industries
The automotive segment is expected to lead with a market share of over 66.0% in 2024, driven by the extensive use of forged components in critical engine parts and vehicle structures. The construction segment is projected to grow at the highest CAGR, as forged components are essential for the strength and precision required in building and infrastructure projects.
Geographical Analysis:
Asia-Pacific: Expected to hold the largest share of 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 expected to register the highest CAGR of 8.5% during the forecast period.
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Key Players:
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.)
ATI Inc. (U.S.)
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https://www.linkedin.com/company/meticulous-research Metal Forging Market Projected to Reach $153.9 Billion by 2031
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, growing at a CAGR of 7.4% from 2024 to 2031. This growth is driven by increasing infrastructure development and rising commercial aircraft production. However, the market faces challenges from high energy consumption and fluctuating raw material costs and availability.
Market Segmentation:
The metal forging market is segmented by method, material, and end-use industry:
Method:
Closed Die Forging
Open Die Forging
Cold Forging
Roll Forging
Upset Forging
Other Methods
Material:
Steel
Aluminum
Titanium
Nickel Alloys
Magnesium
Other Materials
Steel is expected to hold the largest market share of over 44.0% in 2024, due to its exceptional strength and durability, making it ideal for critical applications in various industries. Aluminum is projected to grow at the highest CAGR, owing to its lightweight and high strength-to-weight ratio, making it suitable for industries like aerospace, automotive, and transportation.
End-Use Industry:
Automotive
Oil & Gas
Aerospace & Defense
Construction
Agriculture
Machines & Tools
Mining & Metals
Other Industries
The automotive segment is expected to lead with a market share of over 66.0% in 2024, driven by the extensive use of forged components in critical engine parts and vehicle structures. The construction segment is projected to grow at the highest CAGR, as forged components are essential for the strength and precision required in building and infrastructure projects.
Geographical Analysis:
Asia-Pacific: Expected to hold the largest share of 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 expected to register the highest CAGR of 8.5% during the forecast period.
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5879
Key Players:
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.)
ATI Inc. (U.S.)
Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research