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
1In 2022, the US forging industry employed 28,500 workers directly
Verified2Global forging workforce estimated at 1.2 million in 2022, with 40% in Asia
Verified3India forging sector employed 250,000 people in FY2022
Verified4China forging industry direct jobs 450,000 in 2022
Directional5Germany forging employment 35,000 workers in 2022, down 3% YoY
Single source6Japan JFIA members employed 120,000 in forging FY2022
Verified7Europe total forging jobs 180,000 in 2021
Verified8US forging establishments numbered 500 in 2022, employing 28,500
Verified9Brazil forging industry workforce 25,000 in 2022
Directional10South Korea forging employment 45,000 in 2022
Single source11Italy forging sector jobs 22,000 in 2022
Verified12UK forging employment 12,500 in 2022
Verified13France forging workforce 18,000 in 2022
Verified14Russia forging jobs 55,000 in 2022
Directional15Mexico forging employment 15,000 in 2022
Single source16Turkey forging sector 28,000 workers 2022
Verified17Spain forging jobs 9,500 in 2022
Verified18Poland forging employment 12,000 in 2022
Verified19Australia forging workforce 4,200 in 2022
Directional20Canada forging jobs 6,800 in 2022
Single source21Global forging average wage USD 45,000/year in 2022
Verified22India forging labor force growth 2.5% YoY to 250,000 in FY2022
Verified23US forging industry labor productivity up 5.2% to 75 tons/worker in 2022
Verified24China forging employment density 15 workers per million tons output 2022
Directional25Europe forging apprenticeship programs trained 5,200 new workers in 2022
Single source26Japan forging overtime hours averaged 180/year per worker FY2022
VerifiedEmployment 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
1Automotive industry consumed 55% of global forged steel, 18.2 million tons 2022
Verified2Aerospace sector used 12% of world forgings, 5.5 million tons 2022
Verified3Oil & gas applications accounted for 15% forging demand, 6.8 million tons 2022
Verified4Power generation (turbines) 8% share, 3.6 million tons forgings 2022
Directional5Railways consumed 7% global forgings, 3.2 million tons 2022
Single source6Shipbuilding forging usage 4.5% , 2.0 million tons 2022
Verified7Construction machinery 9% share, 4.1 million tons 2022
Verified8Defense/military forgings 5% global, 2.3 million tons 2022
Verified9Wind turbine components 3.2%, 1.5 million tons forgings 2022
Directional10Mining equipment forgings 2.8%, 1.3 million tons 2022
Single source11Agricultural machinery 6.1%, 2.8 million tons 2022
Verified12Medical implants and tools 1.2%, 550,000 tons specialized 2022
Verified13Valves and fittings in oil & gas 1.8 million tons forgings 2022
Verified14Crankshafts for autos 4.2 million tons forged globally 2022
Directional15Landing gear forgings for aircraft 280,000 tons 2022
Single source16Gears and shafts in industrial apps 5.5 million tons 2022
Verified17Pressure vessels forgings 1.1 million tons power sector 2022
Verified18EV drivetrain forgings grew to 1.8 million tons 2022
Verified19Hand tools forgings 850,000 tons consumer market 2022
Directional20Flanges for pipelines 2.4 million tons oil & gas 2022
Single source21Connecting rods autos 3.1 million tons 2022
VerifiedEnd-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
1In 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
Verified2The 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
Verified3Asia Pacific dominated the forging market with a 45% revenue share in 2022, fueled by rapid industrialization in China and India
Verified4The European forging industry market was valued at EUR 15.2 billion in 2021, with a projected CAGR of 3.5% through 2028
Directional5Global hot forging segment accounted for 68% of the total forging market revenue in 2022
Single source6Cold 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%
Verified7Aerospace forging sub-market was valued at USD 10.2 billion in 2023, with 5.1% CAGR forecast to 2030 due to aircraft production rise
Verified8Automotive forging components market hit USD 45.3 billion in 2022, projected CAGR 4.0% to USD 62.1 billion by 2030
Verified9US forging market revenue was USD 11.8 billion in 2022, growing at 3.7% CAGR through 2032
Directional10India's forging industry capacity utilization stood at 75% in FY2022, with market size of INR 45,000 crore
Single source11Global forging market for wind turbine components valued at USD 2.1 billion in 2021, CAGR 6.2% to 2028
Verified12Precision forging market size was USD 8.9 billion in 2022, expected to reach USD 14.2 billion by 2031 at 5.4% CAGR
Verified13China’s forging output market share was 38% of global in 2022, valued at CNY 450 billion
Verified14Open die forging segment revenue share was 32% in global market 2022
Directional15Forging market in oil & gas sector valued USD 9.5 billion 2022, CAGR 4.5% forecast
Single source16Japan forging industry sales reached JPY 1.2 trillion in FY2022
Verified17Closed die forging dominated with 55% market share by type in 2023 globally
Verified18Middle East & Africa forging market growth at 5.1% CAGR from 2023-2030
Verified19Forged steel rings market size USD 4.7 billion 2022, to USD 6.8 billion by 2030
Directional20South America forging market valued USD 3.2 billion 2022, CAGR 3.8%
Single source21Global upset forging market at USD 5.1 billion 2023, growth 4.9% CAGR
Verified22UK forging sector turnover £2.1 billion in 2022
Verified23Forging consumables market USD 1.8 billion 2022, CAGR 4.2%
Verified24Global near-net-shape forging market valued USD 12.3 billion 2022
Directional25Germany forging production value €8.5 billion 2022
Single source26Flashless forging process market share 22% in 2023
Verified27World forging market for EV components USD 3.4 billion 2023, CAGR 7.5%
Verified28Canada forging industry revenue CAD 2.8 billion 2022
Verified29Impression die forging segment 48% revenue share 2022
Directional30Global forging market CAGR historical 2017-2022 averaged 3.2%
Single sourceMarket 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
1Global steel forging material usage reached 42.3 million tons in 2022, representing 65% of total forgings
Verified2Aluminum alloys comprised 18% of global forging materials by volume in 2022, totaling 7.8 million tons
Verified3Titanium and superalloys used in 2.1% of forgings, 950,000 tons globally 2022
Verified4Copper and brass forgings material consumption 1.2 million tons worldwide 2022
Directional5Nickel-based alloys for high-temp forgings 450,000 tons used 2022
Single source6Carbon steel forgings material share 45% in automotive sector 2022
Verified7Stainless steel forging usage grew 6% to 5.6 million tons globally 2022
Verified8Magnesium alloys in lightweight forgings 320,000 tons 2022
Verified9Tool steel material for dies and tools 1.8 million tons forged 2022
Directional10Alloy steel dominated aerospace forgings at 72% material share 2022
Single source11Global scrap metal recycling rate in forging 85% for steel in 2022
Verified12Invar and other low-expansion alloys 50,000 tons forged 2022
Verified13Powder metallurgy preforms for forging used 2.5 million tons steel equiv 2022
Verified14Cobalt alloys in medical forgings 15,000 tons 2022
Directional15High-strength low-alloy (HSLA) steel forgings 8.4 million tons 2022
Single source16Global forging material cost index rose 12% for steel in 2022
Verified17Maraging steel usage in defense forgings 120,000 tons 2022
Verified18Recycled aluminum in forgings 92% of total aluminum used 2022
Verified19Molybdenum addition in alloy steels for forgings averaged 0.45% in 2022
Directional20Shape memory alloys experimental forging 8,000 tons 2022
Single sourceMaterial 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
1In 2022, US forging industry shipped 2.1 million tons of forgings, up 4% from 2021
Verified2China produced 12.5 million metric tons of forged products in 2022
Verified3Global steel forging production reached 45.6 million tons in 2022
Verified4India’s forging production volume was 1.8 million tons in FY2022
Directional5Europe total forging output 8.2 million tons in 2021, down 2% YoY
Single source6Japan forged 1.45 million tons of automotive components in FY2022
Verified7US hot forging production 1.2 million tons in 2022
Verified8Global aluminum forging output 3.4 million tons 2022, CAGR 4.1% prior years
Verified9Germany produced 950,000 tons of forgings in 2022
Directional10Brazil forging industry output 450,000 tons 2022
Single source11Aerospace forgings global production 850,000 tons 2022
Verified12South Korea steel forging production 1.1 million tons 2022
Verified13Italy forging output 420,000 tons 2022, down 1.5%
Verified14Global titanium forging production 120,000 tons 2022
Directional15France produced 380,000 tons of open die forgings 2022
Single source16Russia forging production 1.2 million tons 2022 despite sanctions
Verified17Automotive sector global forging output 22.5 million tons 2022
Verified18UK forging production 250,000 tons 2022
Verified19Closed die forging global production 28.4 million tons 2022
Directional20Mexico forging output 320,000 tons 2022, up 5%
Single source21Copper alloy forgings world production 450,000 tons 2022
Verified22Spain produced 180,000 tons forgings 2022
Verified23Wind energy forgings production 1.2 million tons globally 2022
Verified24Turkey forging industry output 550,000 tons 2022
Directional25Magnesium forging production global 85,000 tons 2022
Single source26Australia forging output 95,000 tons 2022
Verified27Oil & gas forgings production 4.8 million tons 2022
Verified28Poland produced 210,000 tons forgings 2022
Verified29Nickel alloy forgings global output 65,000 tons 2022
DirectionalProduction 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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