U.S. Metal Forging Market Size, Share & COVID Impact Analysis, By Raw Material (Carbon Steel, Alloy Steel, Stainless Steel, Aluminum, Magnesium, Titanium, and Others), By Technology (Closed Die, Open Die, and Others) By End-user (Automotive, Mechanical Equipment, Aerospace & Railways, and Others), and Country Forecast, 2023-2030

The U.S. metal forging market size was worth USD 7.75 billion in 2022 and is projected to grow at a CAGR of 6.1% during the forecast period.

Forging involves shaping metals through hammering, pressing, or rolling, using compressive forces delivered by a die or hammer. Commonly used metals in forging include carbon steel, alloy steel, stainless steel, and softer metals such as brass, aluminum, and copper. This process yields components with exceptional mechanical properties while minimizing waste. The growth of the market is driven by increased demand for forged materials across various industries. The aerospace and defense sectors, in particular, are witnessing rising demand for forged metals, contributing significantly to market expansion.

However, the U.S. metal forging market faced challenges during the COVID-19 pandemic. Global forging sectors experienced issues such as raw material shortages, logistical hurdles, workforce shortages, and uncertainties leading to the suspension or closure of manufacturing facilities. These challenges resulted in limited options, higher material prices, and delayed project timelines for stakeholders in the forging sector.

U.S. Metal Forging Market Trends

Adoption of Computer-Aided Engineering (CAE) is a Current Trend Driving Market Growth

The use of computer-aided engineering (CAE) has emerged as a prominent trend in the manufacturing industry due to its efficiency and reliability. CAE is a fast and cost-effective method for die forging manufacturing, resulting in low rejection rates, high accuracy, and improved production quality. Finite Element Methods (FEM) simulation software have become integral to the forging process, enabling the design and analysis of temperature, metal flow, and strain types before conducting forging trials.

CAE serves as a robust tool for enhancing process design. It enables the modification of forming imperfections during forging, aids in tool life development, and predicts dimensional and microstructural changes during heat treatment post-forging.

U.S. Metal Forging Market Growth Factors

Rising Demand from Automotive Manufacturing to Boost Market Growth

Forged metal components are utilized in various leading automotive brands, including BMW, Audi, Fiat, DaimlerChrysler, Ford/Volvo, and General Motors/Saab. For instance, steel billets undergo processing to create diverse shapes tailored to new vehicle models entering the market. Steel stands as the primary metal used for manufacturing these components. Billets are cut into necessary pieces, heated to required temperatures, and forged into desired shapes. These characteristics render forged steel an ideal material for resource-conserving automotive production.

Furthermore, factors such as the ongoing 'Next Generation Vehicle' project, advancements in automotive technology, and increasing innovation in electric vehicles contribute to the adoption of these components. Thus, the escalating demand for forged metal among automobile manufacturers is expected to propel market growth.

RESTRAINING FACTORS

Adoption of Metal Casting to Hinder Market Growth

Metal casting is generally less expensive than forging, presenting itself as the more cost-effective and versatile option. However, choosing between casting and forging involves complex considerations as the optimal choice may not always align with overall business functionality.

Casting finds wide commercial application in manufacturing complex components, offering high-quality products at an effective price and produced at a rapid rate. Methods such as investment casting, centrifugal casting, and die casting, which mold materials under high pressure, add to its versatility for manufacturers. These aspects are anticipated to restrain the U.S. market growth.

U.S. Metal Forging Market Segmentation Analysis

By Raw Material Analysis

Based on raw material, the market is segmented into carbon steel, alloy steel, stainless steel, aluminum, magnesium, titanium, and others.

The carbon steel segment accounted for a significant U.S. metal forging market share in 2022 and is anticipated to continue its dominance during the forecast period. Carbon steel is a widely used alloy in manufacturing extremely hard components such as blades, cutting tools, large machine parts, hot water radiators, industrial castings, and metal lamp posts.

The stainless steel segment is anticipated to be the fastest-growing during the forecast period. Stainless steel possesses various anti-corrosion properties, such as rust resistance and non-corrosive nature. Due to its low maintenance requirements, stainless steel finds extensive adoption across various industries, including automotive, aerospace, manufacturing, and others.

By Technology Analysis

Based on technology, the market is segmented into closed die, open die, and others.

The closed die segment held the largest market share in 2022. The high demand for components manufactured using closed die technology is the prime reason driving the segment’s growth. Closed die forging produces near-net shapes, saving time and money required for further machining work. Manufacturers prefer closed die forging due to its economic advantages.

The open-die segment is expected to be the fastest-growing segment by 2030. Its ability to forge extremely large workpieces, weighing several tons and having large widths and lengths, is valuable in machinery and component manufacturing. Hence, the increasing adoption of this technology is expected to drive segment growth.

By End-user Analysis

By end-user, the market is classified into automotive, mechanical equipment, aerospace & railways, and others.

The automotive segment held the largest market share in 2022 and is estimated to be the fastest-growing segment during the forecast period. The increasing use of aluminum, steel, and other metals for manufacturing automobile components is driving segment growth. Growing demand for materials with high strength-to-weight ratios and structural dependability is further influencing performance and driving the segment’s growth.

For instance, according to The European Automobile Manufacturers' Association (ACEA), North America produced 14,901 thousand units of vehicles in 2022, standing as the third-largest producer after China and Europe.

KEY INDUSTRY PLAYERS

In terms of the competitive landscape, the market features established and emerging metal forging companies, including Consolidated Industries, Pacific Forge Incorporated, Weber Metals California, Wyman Gordon, and others. Industry players compete mainly based on product prices and application characteristics. Companies are emphasizing product innovation, social marketing, acquisitions, and collaborations.

LIST OF KEY COMPANIES PROFILED:

• Wyman Gordon (U.S.)


• Shultz Steel (U.S.)


• Consolidated Industries, Inc. (U.S.)


• Pacific Forge Incorporated (U.S.)


• Weber Metals California (U.S.)


• ATI Ladish LLC (U.S.)


• Arconic Corporation (U.S.)


• Alcoa Corporation (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• June 2019: Allegheny Technologies Incorporated (ATI) has announced its decision to sell HPMC's non-core traditional forging capacities, primarily catering to oil & gas, transportation, and mining methods, to Wynnchurch Capital, LLC for a cash value of USD 37 million. The main aim of this transaction is to shift focus toward nickel and titanium metals, primarily used in aerospace and defense markets.


• November 2022: Arconic Corporation announced the sale of its 100% investment in Russian operations to Promishlennie Investitsii LLC, the parent holder of VSMPO-AVISMA Corporation, in a cash deal worth USD 230 million. This sale aims to reduce increased uncertainty due to geopolitical crises, supporting future returns to shareholders. 

REPORT COVERAGE

The study report examines key factors, such as companies, products, and applications. It also covers market trends and highlights noteworthy industry advancements. The study provides different variables that have contributed to the market growth in recent years. It includes the industry's historical data, the latest market dynamics, opportunities, and revenue growth estimates at the country, regional, and global levels.

Report Scope & Segmentation