1. What is the projected Compound Annual Growth Rate (CAGR) of the U.S. Metal Forging Market?
The projected CAGR is approximately 6.1%.
U.S. Metal Forging MarketU.S. Metal Forging Market Unlocking Growth Potential: Analysis and Forecasts 2025-2033
U.S. Metal Forging Market by Raw Material (Carbon Steel, Alloy Steel, Stainless Steel, Aluminum, Magnesium, Titanium, Others), by Technology (Closed Die, Open Die, Others), by End-user (Automotive, Mechanical Equipment, Aerospace & Railways, Others), by Forecast 2025-2033
Base Year: 2024
120 Pages
U.S. Metal Forging Market Unlocking Growth Potential: Analysis and Forecasts 2025-2033
U.S. Metal Forging Market Unlocking Growth Potential: Analysis and Forecasts 2025-2033
Key Insights
The U.S. Metal Forging Market size was valued at USD 7.75 USD Billion in 2023 and is projected to reach USD 11.73 USD Billion by 2032, exhibiting a CAGR of 6.1 % during the forecast period. The US Metal Forging Market is shaped by compression force metal shaping methods which improve their unyielding force and longevity. It has become the major field of application in transportation, aeronautics, mechanical engineering, and so on. In the related automotive components, forged components play an important role in the design and manufacture of engines, transmissions, and steering systems owing to their performance potential. The aerospace industry manifests high-purity forged parts for highly demanding components under stringent conditions like landing gear and engine components. In the U.S. market, evolved approaches employing more precision and near-net-shape forging are key in focusing on efficiency and material waste reduction. A production method for titanium forgings is being developed, which is the most useful for automotive and aerospace sectors driven by a great demand for lightweight components. As embodied changes in attitude are happening, related to sustainability, people put more emphasis on the green forging that can be acquired through recycled metals or energy-efficient methods.
U.S. Metal Forging Trends
- Increasing demand from the automotive and aerospace industries.
- Adoption of advanced technologies, such as closed-die forging and powder metallurgy.
- Growing focus on lightweight and durable materials.
Driving Forces: What's Propelling the U.S. Metal Forging Market
- Rising demand for forged components in critical applications.
- Technological advancements in forging processes.
- Government regulations and industry standards promoting the use of forged components.
Challenges and Restraints in U.S. Metal Forging Market
- High Production Costs and Energy Consumption: The forging process is inherently energy-intensive, demanding significant investment in equipment and skilled labor. Rising energy prices and increased labor costs further exacerbate production expenses, impacting profitability and competitiveness.
- Intense Competition from Alternative Manufacturing Processes: Casting, machining, and additive manufacturing offer compelling alternatives for certain applications, particularly those requiring lower production volumes or simpler geometries. This competition pressures pricing and necessitates continuous innovation to maintain market share.
- Supply Chain Volatility and Raw Material Price Fluctuations: The metal forging industry relies heavily on the timely and cost-effective supply of specialty metals. Global supply chain disruptions, geopolitical instability, and fluctuating commodity prices pose significant risks, impacting both production schedules and profitability.
- Stringent Environmental Regulations and Sustainability Concerns: The industry faces increasing pressure to comply with stringent environmental regulations regarding emissions, waste management, and resource consumption. Meeting these requirements demands significant investment in pollution control technologies and sustainable practices, adding to operational costs.
- Skilled Labor Shortages and Workforce Development Challenges: The metal forging industry requires a highly skilled workforce. Attracting and retaining skilled technicians and engineers is becoming increasingly difficult, leading to labor shortages and hindering operational efficiency and technological advancements.
- Technological Disruption and the Rise of Advanced Manufacturing: Rapid advancements in automation, robotics, and additive manufacturing (3D printing) present both opportunities and challenges. While automation can improve efficiency, the integration of new technologies requires significant investment and expertise, and may displace traditional forging processes in certain segments.
Emerging Trends in U.S. Metal Forging
- Integration of additive manufacturing with forging processes.
- Use of AI and machine learning to optimize forging operations.
- Development of new forging alloys with enhanced properties.
Growth Catalysts in U.S. Metal Forging Industry
- Growing Demand for Lightweight and High-Strength Components: The automotive, aerospace, and energy sectors are driving demand for lighter, stronger, and more durable metal components, creating opportunities for advanced forging techniques.
- Technological Advancements in Forging Equipment and Processes: Innovations in forging presses, automation systems, and process optimization techniques are enhancing efficiency, quality, and the production of complex components.
- Government Initiatives Promoting Domestic Manufacturing and Reshoring: Government policies aimed at boosting domestic manufacturing and reducing reliance on foreign suppliers are creating a favorable environment for the U.S. metal forging industry.
- Increased Focus on Customization and Value-Added Services: Metal forgers are increasingly offering customized solutions and value-added services to meet the specific needs of their customers, enhancing competitiveness.
Market Segmentation: U.S. Metal Forging Analysis
Raw Material:
- Carbon Steel
- Alloy Steel
- Stainless Steel
- Aluminum
- Magnesium
- Titanium
- Others
Technology:
- Closed Die
- Open Die
- Others
End-user:
- Automotive
- Mechanical Equipment
- Aerospace & Railways
- Others
Leading Players in the U.S. Metal Forging Market
- 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.)
- Cleveland-Cliffs Inc. (U.S.)
- Ellwood Group Inc. (U.S.)
Significant developments in U.S. Metal Forging Sector
- June 2019: Allegheny Technologies Incorporated (ATI) announced its decision to sell HPMC's non-core traditional forging capacities to Wynnchurch Capital, LLC for USD 37 million.
- November 2022: Arconic Corporation sold its 100% investment in Russian operations to Promishlennie Investitsii LLC for USD 230 million.
Comprehensive Coverage U.S. Metal Forging Market Report
- Detailed Market Analysis: Insights into market dynamics, industry trends, growth drivers, and challenges influencing the U.S. metal forging market.
- Comprehensive Segmentation: Segmentation of the market based on raw materials (aluminum, steel, titanium, and others), technology (open-die forging, closed-die forging, and others), and end-user industries (automotive, aerospace, energy, and others) for granular analysis.
- Industry Player Profiles: In-depth profiles of leading companies operating in the U.S. metal forging industry, including their business overview, financial performance, product portfolio, and competitive strategies.
- Market Size Projections: Historical, current, and future market size estimates and projections to provide a comprehensive understanding of the market's growth trajectory.
- Emerging Trends Analysis: Identification and analysis of emerging trends and technological advancements shaping the U.S. metal forging market, such as the adoption of automation and additive manufacturing.
Regional Insight
A detailed regional analysis would encompass:
- North America: Examining market trends and growth drivers within the U.S., Canada, and Mexico.
- Europe: Analyzing key markets like Germany, France, and the UK, considering their unique industrial landscapes and regulations.
- Asia-Pacific: Focusing on major economies such as China, Japan, South Korea, and India, highlighting their manufacturing capabilities and market dynamics.
- South America: Assessing the growth potential and challenges in countries like Brazil and Argentina.
- Middle East and Africa: Identifying key regional players and growth opportunities.
Consumer Side Analysis
- Purchasing patterns
- Consumer preferences
- End-user requirements
Demand Side Analysis
- Market drivers and restraints
- Demand forecasting
- Market size estimation
Import And Export Analysis
- Import and export volumes
- Major trading partners
- Trade regulations
Pricing Strategies
- Pricing models
- Competitive pricing analysis
- Cost analysis
Segmentation
- Revenue breakdown by raw material, technology, and end-user
- Market share analysis
- Competitive landscape
U.S. Metal Forging Market REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2019-2033 |
| Base Year | 2024 |
| Estimated Year | 2025 |
| Forecast Period | 2025-2033 |
| Historical Period | 2019-2024 |
| Growth Rate | CAGR of 6.1% from 2019-2033 |
| Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. Rising Demand from Automotive Manufacturing to Boost Market Growth
- 3.3. Market Restrains
- 3.3.1. Adoption of Metal Casting to Hinder Market Growth
- 3.4. Market Trends
- 3.4.1. Adoption of Computer-Aided Engineering (CAE) is a Current Trend Driving Market Growth
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. U.S. Metal Forging Market Analysis, Insights and Forecast, 2019-2031
- 5.1. Market Analysis, Insights and Forecast - by Raw Material
- 5.1.1. Carbon Steel
- 5.1.2. Alloy Steel
- 5.1.3. Stainless Steel
- 5.1.4. Aluminum
- 5.1.5. Magnesium
- 5.1.6. Titanium
- 5.1.7. Others
- 5.2. Market Analysis, Insights and Forecast - by Technology
- 5.2.1. Closed Die
- 5.2.2. Open Die
- 5.2.3. Others
- 5.3. Market Analysis, Insights and Forecast - by End-user
- 5.3.1. Automotive
- 5.3.2. Mechanical Equipment
- 5.3.3. Aerospace & Railways
- 5.3.4. Others
- 5.4. Market Analysis, Insights and Forecast - by Region
- 5.4.1.
- 5.1. Market Analysis, Insights and Forecast - by Raw Material
- 6. Northeast U.S. Metal Forging Market Analysis, Insights and Forecast, 2019-2031
- 7. Southeast U.S. Metal Forging Market Analysis, Insights and Forecast, 2019-2031
- 8. Midwest U.S. Metal Forging Market Analysis, Insights and Forecast, 2019-2031
- 9. Southwest U.S. Metal Forging Market Analysis, Insights and Forecast, 2019-2031
- 10. West U.S. Metal Forging Market Analysis, Insights and Forecast, 2019-2031
- 11. Competitive Analysis
- 11.1. Market Share Analysis 2024
- 11.2. Company Profiles
- 11.2.1 Wyman Gordon (U.S.)
- 11.2.1.1. Overview
- 11.2.1.2. Products
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Financials (Based on Availability)
- 11.2.2 Shultz Steel (U.S.)
- 11.2.2.1. Overview
- 11.2.2.2. Products
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Financials (Based on Availability)
- 11.2.3 Consolidated Industries Inc. (U.S.)
- 11.2.3.1. Overview
- 11.2.3.2. Products
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Financials (Based on Availability)
- 11.2.4 Pacific Forge Incorporated (U.S.)
- 11.2.4.1. Overview
- 11.2.4.2. Products
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Financials (Based on Availability)
- 11.2.5 Weber Metals California (U.S.)
- 11.2.5.1. Overview
- 11.2.5.2. Products
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Financials (Based on Availability)
- 11.2.6 ATI Ladish LLC (U.S.)
- 11.2.6.1. Overview
- 11.2.6.2. Products
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Financials (Based on Availability)
- 11.2.7 Arconic Corporation (U.S.)
- 11.2.7.1. Overview
- 11.2.7.2. Products
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Financials (Based on Availability)
- 11.2.8 Alcoa Corporation (U.S.)
- 11.2.8.1. Overview
- 11.2.8.2. Products
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Financials (Based on Availability)
- 11.2.9 Ellwood Group Inc. (U.S.)
- 11.2.9.1. Overview
- 11.2.9.2. Products
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Recent Developments
- 11.2.9.5. Financials (Based on Availability)
- 11.2.10 Cleveland-Cliffs Inc. (U.S.)
- 11.2.10.1. Overview
- 11.2.10.2. Products
- 11.2.10.3. SWOT Analysis
- 11.2.10.4. Recent Developments
- 11.2.10.5. Financials (Based on Availability)
- 11.2.1 Wyman Gordon (U.S.)
List of Figures
- Figure 1: U.S. Metal Forging Market Revenue Breakdown (USD Billion, %) by Product 2024 & 2032
- Figure 2: U.S. Metal Forging Market Share (%) by Company 2024
List of Tables
- Table 1: U.S. Metal Forging Market Revenue USD Billion Forecast, by Region 2019 & 2032
- Table 2: U.S. Metal Forging Market Volume Kiloton Forecast, by Region 2019 & 2032
- Table 3: U.S. Metal Forging Market Revenue USD Billion Forecast, by Raw Material 2019 & 2032
- Table 4: U.S. Metal Forging Market Volume Kiloton Forecast, by Raw Material 2019 & 2032
- Table 5: U.S. Metal Forging Market Revenue USD Billion Forecast, by Technology 2019 & 2032
- Table 6: U.S. Metal Forging Market Volume Kiloton Forecast, by Technology 2019 & 2032
- Table 7: U.S. Metal Forging Market Revenue USD Billion Forecast, by End-user 2019 & 2032
- Table 8: U.S. Metal Forging Market Volume Kiloton Forecast, by End-user 2019 & 2032
- Table 9: U.S. Metal Forging Market Revenue USD Billion Forecast, by Region 2019 & 2032
- Table 10: U.S. Metal Forging Market Volume Kiloton Forecast, by Region 2019 & 2032
- Table 11: U.S. Metal Forging Market Revenue USD Billion Forecast, by Country 2019 & 2032
- Table 12: U.S. Metal Forging Market Volume Kiloton Forecast, by Country 2019 & 2032
- Table 13: Northeast U.S. Metal Forging Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 14: Northeast U.S. Metal Forging Market Volume (Kiloton) Forecast, by Application 2019 & 2032
- Table 15: Southeast U.S. Metal Forging Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 16: Southeast U.S. Metal Forging Market Volume (Kiloton) Forecast, by Application 2019 & 2032
- Table 17: Midwest U.S. Metal Forging Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 18: Midwest U.S. Metal Forging Market Volume (Kiloton) Forecast, by Application 2019 & 2032
- Table 19: Southwest U.S. Metal Forging Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 20: Southwest U.S. Metal Forging Market Volume (Kiloton) Forecast, by Application 2019 & 2032
- Table 21: West U.S. Metal Forging Market Revenue (USD Billion) Forecast, by Application 2019 & 2032
- Table 22: West U.S. Metal Forging Market Volume (Kiloton) Forecast, by Application 2019 & 2032
- Table 23: U.S. Metal Forging Market Revenue USD Billion Forecast, by Raw Material 2019 & 2032
- Table 24: U.S. Metal Forging Market Volume Kiloton Forecast, by Raw Material 2019 & 2032
- Table 25: U.S. Metal Forging Market Revenue USD Billion Forecast, by Technology 2019 & 2032
- Table 26: U.S. Metal Forging Market Volume Kiloton Forecast, by Technology 2019 & 2032
- Table 27: U.S. Metal Forging Market Revenue USD Billion Forecast, by End-user 2019 & 2032
- Table 28: U.S. Metal Forging Market Volume Kiloton Forecast, by End-user 2019 & 2032
- Table 29: U.S. Metal Forging Market Revenue USD Billion Forecast, by Country 2019 & 2032
- Table 30: U.S. Metal Forging Market Volume Kiloton Forecast, by Country 2019 & 2032
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database
Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segments, product, and application.
Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
Additionally, after gathering mixed and scattered data from a wide range of sources, data is triangulated and correlated to come up with estimated figures which are further validated through primary mediums or industry experts, opinion leaders.
Frequently Asked Questions
2. Which companies are prominent players in the U.S. Metal Forging Market?
Key companies in the market include 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.), Ellwood Group Inc. (U.S.), Cleveland-Cliffs Inc. (U.S.).
3. What are the main segments of the U.S. Metal Forging Market?
The market segments include Raw Material, Technology, End-user.
4. Can you provide details about the market size?
The market size is estimated to be USD 7.75 USD Billion as of 2022.
5. What are some drivers contributing to market growth?
Rising Demand from Automotive Manufacturing to Boost Market Growth.
6. What are the notable trends driving market growth?
Adoption of Computer-Aided Engineering (CAE) is a Current Trend Driving Market Growth.
7. Are there any restraints impacting market growth?
Adoption of Metal Casting to Hinder Market Growth.
8. Can you provide examples of recent developments in the market?
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.
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 2850, USD 3850, and USD 4850 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in USD Billion and volume, measured in Kiloton.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "U.S. Metal Forging Market," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the U.S. Metal Forging Market report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the U.S. Metal Forging Market?
To stay informed about further developments, trends, and reports in the U.S. Metal Forging Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.