While often unseen, the global forging industry is hammering out immense economic impact, as evidenced by the projected growth from an $82.5 billion market in 2022 to over $112 billion by 2030, driven by relentless demand from the automotive and aerospace sectors.
Key Takeaways
- In 2022, the global forging market was valued at USD 82.5 billion and is projected to reach USD 112.4 billion by 2030, growing at a CAGR of 3.9% from 2023 to 2030
- The North American forging market size was estimated at USD 12.4 billion in 2022 and expected to grow at a CAGR of 4.2% from 2023 to 2030, driven by automotive demand
- Asia Pacific dominated the forging market with a 45% revenue share in 2022, fueled by rapid industrialization in China and India
- In 2022, US forging industry shipped 2.1 million tons of forgings, up 4% from 2021
- China produced 12.5 million metric tons of forged products in 2022
- Global steel forging production reached 45.6 million tons in 2022
- In 2022, the US forging industry employed 28,500 workers directly
- Global forging workforce estimated at 1.2 million in 2022, with 40% in Asia
- India forging sector employed 250,000 people in FY2022
- Global steel forging material usage reached 42.3 million tons in 2022, representing 65% of total forgings
- Aluminum alloys comprised 18% of global forging materials by volume in 2022, totaling 7.8 million tons
- Titanium and superalloys used in 2.1% of forgings, 950,000 tons globally 2022
- Automotive industry consumed 55% of global forged steel, 18.2 million tons 2022
- Aerospace sector used 12% of world forgings, 5.5 million tons 2022
- Oil & gas applications accounted for 15% forging demand, 6.8 million tons 2022
The global forging industry is steadily growing, driven primarily by automotive and aerospace demand worldwide.
Employment Data
- In 2022, the US forging industry employed 28,500 workers directly
- Global forging workforce estimated at 1.2 million in 2022, with 40% in Asia
- India forging sector employed 250,000 people in FY2022
- China forging industry direct jobs 450,000 in 2022
- Germany forging employment 35,000 workers in 2022, down 3% YoY
- Japan JFIA members employed 120,000 in forging FY2022
- Europe total forging jobs 180,000 in 2021
- US forging establishments numbered 500 in 2022, employing 28,500
- Brazil forging industry workforce 25,000 in 2022
- South Korea forging employment 45,000 in 2022
- Italy forging sector jobs 22,000 in 2022
- UK forging employment 12,500 in 2022
- France forging workforce 18,000 in 2022
- Russia forging jobs 55,000 in 2022
- Mexico forging employment 15,000 in 2022
- Turkey forging sector 28,000 workers 2022
- Spain forging jobs 9,500 in 2022
- Poland forging employment 12,000 in 2022
- Australia forging workforce 4,200 in 2022
- Canada forging jobs 6,800 in 2022
- Global forging average wage USD 45,000/year in 2022
- India forging labor force growth 2.5% YoY to 250,000 in FY2022
- US forging industry labor productivity up 5.2% to 75 tons/worker in 2022
- China forging employment density 15 workers per million tons output 2022
- Europe forging apprenticeship programs trained 5,200 new workers in 2022
- Japan forging overtime hours averaged 180/year per worker FY2022
Employment Data Interpretation
While the globe’s 1.2 million forging workforce is heavily concentrated in Asia, a nation's industrial muscle is measured not just by headcount, but by the relentless churn of productivity gains, apprenticeship pipelines, and the sheer tonnage each worker shapes from raw metal.
End-Use Applications
- Automotive industry consumed 55% of global forged steel, 18.2 million tons 2022
- Aerospace sector used 12% of world forgings, 5.5 million tons 2022
- Oil & gas applications accounted for 15% forging demand, 6.8 million tons 2022
- Power generation (turbines) 8% share, 3.6 million tons forgings 2022
- Railways consumed 7% global forgings, 3.2 million tons 2022
- Shipbuilding forging usage 4.5% , 2.0 million tons 2022
- Construction machinery 9% share, 4.1 million tons 2022
- Defense/military forgings 5% global, 2.3 million tons 2022
- Wind turbine components 3.2%, 1.5 million tons forgings 2022
- Mining equipment forgings 2.8%, 1.3 million tons 2022
- Agricultural machinery 6.1%, 2.8 million tons 2022
- Medical implants and tools 1.2%, 550,000 tons specialized 2022
- Valves and fittings in oil & gas 1.8 million tons forgings 2022
- Crankshafts for autos 4.2 million tons forged globally 2022
- Landing gear forgings for aircraft 280,000 tons 2022
- Gears and shafts in industrial apps 5.5 million tons 2022
- Pressure vessels forgings 1.1 million tons power sector 2022
- EV drivetrain forgings grew to 1.8 million tons 2022
- Hand tools forgings 850,000 tons consumer market 2022
- Flanges for pipelines 2.4 million tons oil & gas 2022
- Connecting rods autos 3.1 million tons 2022
End-Use Applications Interpretation
This 2022 forging snapshot reveals a world quite literally held together and propelled forward by shaped steel, from the colossal scale of our cars and planes right down to the precision of a surgeon’s tool, proving that while a modern society may seem abstract, it rests on a foundation of very real, very heavy metal.
Market Size and Forecasts
- In 2022, the global forging market was valued at USD 82.5 billion and is projected to reach USD 112.4 billion by 2030, growing at a CAGR of 3.9% from 2023 to 2030
- The North American forging market size was estimated at USD 12.4 billion in 2022 and expected to grow at a CAGR of 4.2% from 2023 to 2030, driven by automotive demand
- Asia Pacific dominated the forging market with a 45% revenue share in 2022, fueled by rapid industrialization in China and India
- The European forging industry market was valued at EUR 15.2 billion in 2021, with a projected CAGR of 3.5% through 2028
- Global hot forging segment accounted for 68% of the total forging market revenue in 2022
- Cold forging market size reached USD 25.6 billion globally in 2022, expected to grow to USD 35.8 billion by 2029 at CAGR 4.8%
- Aerospace forging sub-market was valued at USD 10.2 billion in 2023, with 5.1% CAGR forecast to 2030 due to aircraft production rise
- Automotive forging components market hit USD 45.3 billion in 2022, projected CAGR 4.0% to USD 62.1 billion by 2030
- US forging market revenue was USD 11.8 billion in 2022, growing at 3.7% CAGR through 2032
- India's forging industry capacity utilization stood at 75% in FY2022, with market size of INR 45,000 crore
- Global forging market for wind turbine components valued at USD 2.1 billion in 2021, CAGR 6.2% to 2028
- Precision forging market size was USD 8.9 billion in 2022, expected to reach USD 14.2 billion by 2031 at 5.4% CAGR
- China’s forging output market share was 38% of global in 2022, valued at CNY 450 billion
- Open die forging segment revenue share was 32% in global market 2022
- Forging market in oil & gas sector valued USD 9.5 billion 2022, CAGR 4.5% forecast
- Japan forging industry sales reached JPY 1.2 trillion in FY2022
- Closed die forging dominated with 55% market share by type in 2023 globally
- Middle East & Africa forging market growth at 5.1% CAGR from 2023-2030
- Forged steel rings market size USD 4.7 billion 2022, to USD 6.8 billion by 2030
- South America forging market valued USD 3.2 billion 2022, CAGR 3.8%
- Global upset forging market at USD 5.1 billion 2023, growth 4.9% CAGR
- UK forging sector turnover £2.1 billion in 2022
- Forging consumables market USD 1.8 billion 2022, CAGR 4.2%
- Global near-net-shape forging market valued USD 12.3 billion 2022
- Germany forging production value €8.5 billion 2022
- Flashless forging process market share 22% in 2023
- World forging market for EV components USD 3.4 billion 2023, CAGR 7.5%
- Canada forging industry revenue CAD 2.8 billion 2022
- Impression die forging segment 48% revenue share 2022
- Global forging market CAGR historical 2017-2022 averaged 3.2%
Market Size and Forecasts Interpretation
In short, the global forging industry is pounding out steady growth, led by the automotive and aerospace sectors, with Asia-Pacific delivering the heaviest blows thanks to its manufacturing might, while specialized segments like cold forging and EV components are being shaped at an even faster pace.
Material Usage
- Global steel forging material usage reached 42.3 million tons in 2022, representing 65% of total forgings
- Aluminum alloys comprised 18% of global forging materials by volume in 2022, totaling 7.8 million tons
- Titanium and superalloys used in 2.1% of forgings, 950,000 tons globally 2022
- Copper and brass forgings material consumption 1.2 million tons worldwide 2022
- Nickel-based alloys for high-temp forgings 450,000 tons used 2022
- Carbon steel forgings material share 45% in automotive sector 2022
- Stainless steel forging usage grew 6% to 5.6 million tons globally 2022
- Magnesium alloys in lightweight forgings 320,000 tons 2022
- Tool steel material for dies and tools 1.8 million tons forged 2022
- Alloy steel dominated aerospace forgings at 72% material share 2022
- Global scrap metal recycling rate in forging 85% for steel in 2022
- Invar and other low-expansion alloys 50,000 tons forged 2022
- Powder metallurgy preforms for forging used 2.5 million tons steel equiv 2022
- Cobalt alloys in medical forgings 15,000 tons 2022
- High-strength low-alloy (HSLA) steel forgings 8.4 million tons 2022
- Global forging material cost index rose 12% for steel in 2022
- Maraging steel usage in defense forgings 120,000 tons 2022
- Recycled aluminum in forgings 92% of total aluminum used 2022
- Molybdenum addition in alloy steels for forgings averaged 0.45% in 2022
- Shape memory alloys experimental forging 8,000 tons 2022
Material Usage Interpretation
The world is being quite literally hammered into shape by an army of metals, with steel as its general commanding a 42-million-ton campaign, aluminum its agile lieutenant, and a host of exotic alloys forging the specialized tools of our modern existence.
Production Statistics
- In 2022, US forging industry shipped 2.1 million tons of forgings, up 4% from 2021
- China produced 12.5 million metric tons of forged products in 2022
- Global steel forging production reached 45.6 million tons in 2022
- India’s forging production volume was 1.8 million tons in FY2022
- Europe total forging output 8.2 million tons in 2021, down 2% YoY
- Japan forged 1.45 million tons of automotive components in FY2022
- US hot forging production 1.2 million tons in 2022
- Global aluminum forging output 3.4 million tons 2022, CAGR 4.1% prior years
- Germany produced 950,000 tons of forgings in 2022
- Brazil forging industry output 450,000 tons 2022
- Aerospace forgings global production 850,000 tons 2022
- South Korea steel forging production 1.1 million tons 2022
- Italy forging output 420,000 tons 2022, down 1.5%
- Global titanium forging production 120,000 tons 2022
- France produced 380,000 tons of open die forgings 2022
- Russia forging production 1.2 million tons 2022 despite sanctions
- Automotive sector global forging output 22.5 million tons 2022
- UK forging production 250,000 tons 2022
- Closed die forging global production 28.4 million tons 2022
- Mexico forging output 320,000 tons 2022, up 5%
- Copper alloy forgings world production 450,000 tons 2022
- Spain produced 180,000 tons forgings 2022
- Wind energy forgings production 1.2 million tons globally 2022
- Turkey forging industry output 550,000 tons 2022
- Magnesium forging production global 85,000 tons 2022
- Australia forging output 95,000 tons 2022
- Oil & gas forgings production 4.8 million tons 2022
- Poland produced 210,000 tons forgings 2022
- Nickel alloy forgings global output 65,000 tons 2022
Production Statistics Interpretation
While the US forging industry is diligently hammering out a modest 4% growth to 2.1 million tons, China, with its colossal 12.5 million metric tons, reminds everyone that in the global forge, they are essentially the anvil upon which the 45.6 million-ton world market is being shaped.
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