Forging Market is expected to reach US$ 134.9 Billion by 2034

Growth Automotive Sector Fuels Forging Market Growth

According to our latest study, "Forging Market Size and Forecast (2021–2034), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Material Type, Type, End Use Industries, and Geography," the market was valued at US$ 81.38 billion in 2025 and is expected to reach US$ 134.9 billion by 2034; it is estimated to register a CAGR of 5.78% during 2026–2034. The report includes prospects owing to the forging market trends and their foreseeable impact during the forecast period.

The growth of the automotive sector is a major driver of the global forging market, as forged components are extensively used in vehicles due to their high strength, durability, fatigue resistance, and ability to withstand demanding operating conditions. Components such as crankshafts, connecting rods, gears, axles, steering parts, wheel hubs, and suspension components are commonly manufactured using forging processes. As global vehicle production and sales increase, demand for these forged components is expected to rise correspondingly, supporting market expansion. According to ACEA, global car markets showed positive trends in 2025, although growth varied across regions.

Worldwide registrations increased by 3.5% to 77.6 million units, supported by a 5.5% increase in China, where scrappage incentives and new energy vehicle policies contributed to market growth. North America recorded modest growth of 1%, reflecting an uncertain and volatile economic environment. After a subdued start to the year, Europe recorded an increase of 1.4% in overall vehicle registrations. This expansion in major automotive markets is creating sustained demand for forged metal components used across powertrain, drivetrain, chassis, and safety-critical applications. In addition, the transition toward electric vehicles is creating new opportunities for forging manufacturers, particularly in the production of lightweight structural components, gears, shafts, and other high-performance parts.

Forging Market Report

The expansion of manufacturing activities in emerging markets presents a significant opportunity for the global forging market, supported by industrialization, infrastructure development, and increasing investments in automotive, aerospace, energy, and heavy machinery industries. Countries across Asia-Pacific, Latin America, the Middle East, and other developing regions are strengthening their manufacturing capabilities as companies seek to establish regional production bases, diversify supply chains, and reduce dependence on traditional manufacturing centers. This trend is creating new demand for forged components used in vehicles, industrial equipment, construction machinery, power-generation systems, railways, and aerospace applications. The automotive sector is particularly important, as rising vehicle production and growing domestic demand in emerging economies are encouraging manufacturers and component suppliers to expand local production capacity.

At the same time, increasing investments in aircraft manufacturing, defense programs, renewable energy, and industrial infrastructure are creating opportunities for higher-value forged components. The development of local forging capabilities can also help manufacturers reduce transportation costs, shorten delivery times, and improve supply-chain resilience. In addition, multinational original equipment manufacturers (OEMs) are increasingly developing supplier networks in emerging economies, providing local forging companies with opportunities to participate in international supply chains. Investments in modern forging presses, automation, precision machining, heat treatment, and quality-control systems can enable manufacturers in these regions to produce more complex and higher-value components that meet international standards

At the same time, increasing investments in aircraft manufacturing, defense programs, renewable energy, and industrial infrastructure are creating opportunities for higher-value forged components. The development of local forging capabilities can also help manufacturers reduce transportation costs, shorten delivery times, and improve supply-chain resilience. In addition, multinational original equipment manufacturers (OEMs) are increasingly developing supplier networks in emerging economies, providing local forging companies with opportunities to participate in international supply chains. Investments in modern forging presses, automation, precision machining, heat treatment, and quality-control systems can enable manufacturers in these regions to produce more complex and higher-value components that meet international standards.

The forging market analysis is performed by considering the following segments: material type, type, and end use industry. Based on material type, the market is classified into nickel-based alloys, titanium alloys, steel alloys, aluminum alloys, others. The steel alloys segment held the largest forging market share.

By end use industry, the market is divided into automotive, aerospace, heavy equipment, manufacturing, oil and gas, construction equipment, agricultural equipment, energy and power, pharmaceutical, others. The automotive segment held the largest share in 2025.  

The automotive segment is one of the largest end-use industries for forged components because forging provides high strength, fatigue resistance, durability and reliable performance for safety-critical vehicle parts. Forged components are used across powertrain, transmission, steering, suspension and drivetrain systems. Common products include crankshafts, connecting rods, gears, axle beams, steering knuckles, wheel hubs, shafts and suspension components. The segment is important because forged parts can withstand repeated mechanical and impact loads while providing favorable grain flow and structural integrity. Growth is supported by global vehicle production, increasing demand for fuel-efficient and durable vehicles, electrification and rising adoption of lightweight high-strength components. Electric vehicles are also creating opportunities for forged aluminum and steel components in drivetrains, suspension and structural systems. In emerging economies, expanding automotive manufacturing and infrastructure investment are supporting demand for commercial and passenger vehicles, thereby increasing requirements for forged components. At the same time, automakers are demanding tighter tolerances, lower component weight, improved material efficiency and cost-effective high-volume production, encouraging forging manufacturers to adopt automation, precision forging and advanced process-control technologies.

The aerospace segment is a high-value end-use market for forged components because aircraft and aerospace systems require parts with exceptional strength, fatigue resistance, dimensional accuracy and reliability. Forging is used for engine discs, shafts, landing-gear components, structural fittings, rings, airframe parts and other safety-critical components. Titanium, nickel-based superalloys, aluminum and high-strength steels are particularly important. The segment's growth is supported by increasing commercial aircraft deliveries, fleet modernization, defense spending, engine production and expansion of aerospace manufacturing in emerging markets. The increasing use of lightweight materials is also encouraging demand for titanium and aluminum forgings.

SIFCO Industries, Inc., ANDRITZ AG, RIGANTI SPA, Precision Castparts Corp, Scot Forge Co, Bharat Forge Ltd., Thyssenkrupps AG, Ramkrishna Forgings Ltd, M M Forgings Limited, Doosan Enerbility Co Ltd. are among the leading companies profiled in the forging market report.