From aircraft landing gear to wind turbine shafts and EV suspension arms, forged metal parts sit at the heart of the machines that move and power the world. Forging aligns the metal's grain structure, improving fatigue resistance, durability and strength, which is why it remains the preferred route for safety-critical components. Here is how the market is shaping up, and which materials and applications are leading the way.

Market Overview & Size

The global metal forging market was valued at USD 39.4 billion in 2025. It is estimated at USD 43.0 billion in 2026 and is projected to reach USD 72.8 billion by 2033, growing at a CAGR of 7.8% from 2026 to 2033.

Asia Pacific dominated in 2025 with a 53.6% revenue share, with China holding the largest share in the region. Rapid industrialization, infrastructure development and large-scale renewable energy buildout are fuelling demand for forged parts across construction equipment, railways and energy systems.

Several forces are shaping the market:

• Demand for high-strength, reliable components: Automotive, aerospace, oil and gas, and heavy equipment makers rely on forged engine parts, gears, shafts, axles and landing gear.
• Lightweighting and efficiency: Emissions and fuel-efficiency regulations are encouraging lightweight forged aluminum and magnesium. Precision forging, closed die forging and automation help reduce material waste and machining needs.
• Digital and sustainable manufacturing: Simulation tools and data-driven optimization are shortening design cycles, while energy-efficient equipment and metal recycling gain importance.
• A key challenge: Presses, dies and furnaces require heavy capital investment, and energy-intensive heating makes costs sensitive to fuel, electricity and feedstock price swings.

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Raw Material Insights

Carbon Steel: The Market Leader

Carbon steel accounted for the largest revenue share, over 37% in 2025. It offers an effective balance of strength, ductility and cost, and its wide carbon content range lets manufacturers tailor properties from highly ductile low-carbon grades to hard, wear-resistant high-carbon grades. Typical forged parts include crankshafts, connecting rods, gears, shafts and fasteners used in automotive, construction, oil and gas, and industrial machinery.

Aluminum: Lightweight and Growing in Importance

Aluminum is valued for its high strength-to-weight ratio and corrosion resistance. Forged aluminum suspension parts, wheels, aircraft structural elements and engine components help improve fuel efficiency and cut emissions, making it a priority material for automotive, aerospace and transportation makers.

Other materials in the market include alloy steel, magnesium, stainless steel, titanium and specialty alloys such as nickel and copper. Titanium and nickel-based alloys are seeing stronger demand from aerospace engine programs.

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Application Insights

Automotive: The Largest Segment

Automotive held the largest share, 52.8% of revenue in 2025. Global EV sales surpassed 20 million units in 2025, and while EVs reduce demand for some traditional engine parts, they create new needs for forged chassis, suspension, drivetrain and structural components, as well as parts such as motor rotors and inverter housings that must withstand intense thermal and mechanical stress.

Power Generation: The Fastest-Growing Segment

Power generation is expected to grow fastest, at a CAGR of 10.1% from 2026 to 2033. According to the IEA, annual renewable capacity additions are projected to rise from 666 GW in 2024 to nearly 935 GW by 2030, with solar PV and wind making up about 95% of additions. That expansion drives demand for forged turbine shafts, flanges and structural rings.

Aerospace, Oil & Gas and Construction

Aerospace continues to need high-performance forgings for aircraft engines and structural assemblies. Oil and gas relies on forged valves, flanges and wellhead components, with Latin America's offshore activity adding momentum. Construction machinery, from cranes to excavators, depends on heavy-duty forged parts as infrastructure investment grows.

What It Means for Manufacturers and Investors

The market's outlook is strong, supported by lightweighting, electrification, renewable energy and defense and aerospace investment. Players such as Arconic, ATI, Bharat Forge, Nippon Steel and Precision Castparts are positioned across these opportunities. Winners will be those who invest in advanced materials, automation and energy-efficient production while managing capital and feedstock cost pressures.

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