U.S. Metal Forging MarketU.S. Metal Forging Market Unlocking Growth Potential: Analysis and Forecasts 2024-2032
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 2024-2032
Base Year: 2023
120 Pages
U.S. Metal Forging Market Unlocking Growth Potential: Analysis and Forecasts 2024-2032
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
- Elevated production costs associated with the energy-intensive forging process, including high equipment and labor expenses.
- Intensified competition from alternative manufacturing techniques, particularly casting and machining, which offer lower production costs for certain applications.
- Susceptibility to fluctuations in raw material prices, particularly for specialty metals used in high-performance forgings.
- Environmental regulations and sustainability concerns can lead to additional costs for pollution control and waste management, affecting the overall profitability of metal forging operations.
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
- Increasing demand for lightweight and strong components.
- Technological advancements in forging equipment and processes.
- Government initiatives promoting the use of domestic manufacturing.
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
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
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 | 2018-2032 |
| Base Year | 2023 |
| Estimated Year | 2024 |
| Forecast Period | 2024-2032 |
| Historical Period | 2018-2023 |
| Growth Rate | CAGR of 6.1% from 2018-2032 |
| Segmentation |
|
Frequently Asked Questions
Table Of Content
- 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, 2018-2030
- 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, 2018-2030
- 6.1. Market Analysis, Insights and Forecast - By Raw Material
- 6.1.1 Carbon Steel
- 6.1.2 Alloy Steel
- 6.1.3 Stainless Steel
- 6.1.4 Aluminum
- 6.1.5 Magnesium
- 6.1.6 Titanium
- 6.1.7 and Others
- 6.2. Market Analysis, Insights and Forecast - By Technology
- 6.2.1 Closed Die
- 6.2.2 Open Die
- 6.2.3 and Others
- 6.3. Market Analysis, Insights and Forecast - By End-user
- 6.3.1 Automotive
- 6.3.2 Mechanical Equipment
- 6.3.3 Aerospace & Railways
- 6.3.4 and Others
- 7. Southeast U.S. Metal Forging Market Analysis, Insights and Forecast, 2018-2030
- 7.1. Market Analysis, Insights and Forecast - By Raw Material
- 7.1.1 Carbon Steel
- 7.1.2 Alloy Steel
- 7.1.3 Stainless Steel
- 7.1.4 Aluminum
- 7.1.5 Magnesium
- 7.1.6 Titanium
- 7.1.7 and Others
- 7.2. Market Analysis, Insights and Forecast - By Technology
- 7.2.1 Closed Die
- 7.2.2 Open Die
- 7.2.3 and Others
- 7.3. Market Analysis, Insights and Forecast - By End-user
- 7.3.1 Automotive
- 7.3.2 Mechanical Equipment
- 7.3.3 Aerospace & Railways
- 7.3.4 and Others
- 8. Midwest U.S. Metal Forging Market Analysis, Insights and Forecast, 2018-2030
- 8.1. Market Analysis, Insights and Forecast - By Raw Material
- 8.1.1 Carbon Steel
- 8.1.2 Alloy Steel
- 8.1.3 Stainless Steel
- 8.1.4 Aluminum
- 8.1.5 Magnesium
- 8.1.6 Titanium
- 8.1.7 and Others
- 8.2. Market Analysis, Insights and Forecast - By Technology
- 8.2.1 Closed Die
- 8.2.2 Open Die
- 8.2.3 and Others
- 8.3. Market Analysis, Insights and Forecast - By End-user
- 8.3.1 Automotive
- 8.3.2 Mechanical Equipment
- 8.3.3 Aerospace & Railways
- 8.3.4 and Others
- 9. Southwest U.S. Metal Forging Market Analysis, Insights and Forecast, 2018-2030
- 9.1. Market Analysis, Insights and Forecast - By Raw Material
- 9.1.1 Carbon Steel
- 9.1.2 Alloy Steel
- 9.1.3 Stainless Steel
- 9.1.4 Aluminum
- 9.1.5 Magnesium
- 9.1.6 Titanium
- 9.1.7 and Others
- 9.2. Market Analysis, Insights and Forecast - By Technology
- 9.2.1 Closed Die
- 9.2.2 Open Die
- 9.2.3 and Others
- 9.3. Market Analysis, Insights and Forecast - By End-user
- 9.3.1 Automotive
- 9.3.2 Mechanical Equipment
- 9.3.3 Aerospace & Railways
- 9.3.4 and Others
- 10. West U.S. Metal Forging Market Analysis, Insights and Forecast, 2018-2030
- 10.1. Market Analysis, Insights and Forecast - By Raw Material
- 10.1.1 Carbon Steel
- 10.1.2 Alloy Steel
- 10.1.3 Stainless Steel
- 10.1.4 Aluminum
- 10.1.5 Magnesium
- 10.1.6 Titanium
- 10.1.7 and Others
- 10.2. Market Analysis, Insights and Forecast - By Technology
- 10.2.1 Closed Die
- 10.2.2 Open Die
- 10.2.3 and Others
- 10.3. Market Analysis, Insights and Forecast - By End-user
- 10.3.1 Automotive
- 10.3.2 Mechanical Equipment
- 10.3.3 Aerospace & Railways
- 10.3.4 and Others
- 11. Competitive Analysis
- 11.1. Market Share Analysis 2023
- 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 2023 & 2031
- Figure 2: U.S. Metal Forging Market Value Share (%), by Raw Material 2023 & 2031
- Figure 3: U.S. Metal Forging Market Value Share (%), by Technology 2023 & 2031
- Figure 4: U.S. Metal Forging Market Value Share (%), by End-user 2023 & 2031
- Figure 5: U.S. Metal Forging Market Share (%) by Company 2023
List of Tables
- Table 1: U.S. Metal Forging Market Revenue USD Billion Forecast, by Raw Material 2018 & 2031
- Table 2: U.S. Metal Forging Market Volume Kiloton Forecast, by Raw Material 2018 & 2031
- Table 3: U.S. Metal Forging Market Revenue USD Billion Forecast, by Technology 2018 & 2031
- Table 4: U.S. Metal Forging Market Volume Kiloton Forecast, by Technology 2018 & 2031
- Table 5: U.S. Metal Forging Market Revenue USD Billion Forecast, by End-user 2018 & 2031
- Table 6: U.S. Metal Forging Market Volume Kiloton Forecast, by End-user 2018 & 2031
- Table 7: U.S. Metal Forging Market Revenue USD Billion Forecast, by Region 2018 & 2031
- Table 8: U.S. Metal Forging Market Volume Kiloton Forecast, by Region 2018 & 2031
- Table 9: U.S. Metal Forging Market Revenue USD Billion Forecast, by Raw Material 2018 & 2031
- Table 10: U.S. Metal Forging Market Volume Kiloton Forecast, by Raw Material 2018 & 2031
- Table 11: U.S. Metal Forging Market Revenue USD Billion Forecast, by Technology 2018 & 2031
- Table 12: U.S. Metal Forging Market Volume Kiloton Forecast, by Technology 2018 & 2031
- Table 13: U.S. Metal Forging Market Revenue USD Billion Forecast, by End-user 2018 & 2031
- Table 14: U.S. Metal Forging Market Volume Kiloton Forecast, by End-user 2018 & 2031
- Table 15: U.S. Metal Forging Market Revenue USD Billion Forecast, by Region 2018 & 2031
- Table 16: U.S. Metal Forging Market Volume Kiloton Forecast, by Region 2018 & 2031
- Table 17: U.S. Metal Forging Market Revenue USD Billion Forecast, by Raw Material 2018 & 2031
- Table 18: U.S. Metal Forging Market Volume Kiloton Forecast, by Raw Material 2018 & 2031
- Table 19: U.S. Metal Forging Market Revenue USD Billion Forecast, by Technology 2018 & 2031
- Table 20: U.S. Metal Forging Market Volume Kiloton Forecast, by Technology 2018 & 2031
- Table 21: U.S. Metal Forging Market Revenue USD Billion Forecast, by End-user 2018 & 2031
- Table 22: U.S. Metal Forging Market Volume Kiloton Forecast, by End-user 2018 & 2031
- Table 23: U.S. Metal Forging Market Revenue USD Billion Forecast, by Country 2018 & 2031
- Table 24: U.S. Metal Forging Market Volume Kiloton Forecast, by Country 2018 & 2031
- Table 25: Northeast U.S. Metal Forging Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 26: Northeast U.S. Metal Forging Market Volume (Kiloton) Forecast, by Application 2018 & 2031
- Table 27: Southeast U.S. Metal Forging Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 28: Southeast U.S. Metal Forging Market Volume (Kiloton) Forecast, by Application 2018 & 2031
- Table 29: Midwest U.S. Metal Forging Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 30: Midwest U.S. Metal Forging Market Volume (Kiloton) Forecast, by Application 2018 & 2031
- Table 31: Southwest U.S. Metal Forging Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 32: Southwest U.S. Metal Forging Market Volume (Kiloton) Forecast, by Application 2018 & 2031
- Table 33: West U.S. Metal Forging Market Revenue (USD Billion) Forecast, by Application 2018 & 2031
- Table 34: West U.S. Metal Forging Market Volume (Kiloton) Forecast, by Application 2018 & 2031
- Table 35: U.S. Metal Forging Market Revenue USD Billion Forecast, by Raw Material 2018 & 2031
- Table 36: U.S. Metal Forging Market Volume Kiloton Forecast, by Raw Material 2018 & 2031
- Table 37: U.S. Metal Forging Market Revenue USD Billion Forecast, by Technology 2018 & 2031
- Table 38: U.S. Metal Forging Market Volume Kiloton Forecast, by Technology 2018 & 2031
- Table 39: U.S. Metal Forging Market Revenue USD Billion Forecast, by End-user 2018 & 2031
- Table 40: U.S. Metal Forging Market Volume Kiloton Forecast, by End-user 2018 & 2031
- Table 41: U.S. Metal Forging Market Revenue USD Billion Forecast, by Country 2018 & 2031
- Table 42: U.S. Metal Forging Market Volume Kiloton Forecast, by Country 2018 & 2031
| Aspects | Details |
|---|---|
| Study Period | 2018-2032 |
| Base Year | 2023 |
| Estimated Year | 2024 |
| Forecast Period | 2024-2032 |
| Historical Period | 2018-2023 |
| Growth Rate | CAGR of 6.1% from 2018-2032 |
| Segmentation |
|
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Note* : In applicable scenarios
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During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
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