According to the report, the market for global metal forging is experiencing growth due to several factors, such as industrial expansion in the automotive and aerospace sectors, growth in the energy industry, and industrialization. According to the report, the global metal forging industry was estimated at $83.4 billion in 2022 and is anticipated to generate $168 billion by 2032, witnessing a CAGR of 7.2% from 2023 to 2032.

However, the limitations associated with the metal forging process restrict market growth. But on the other hand, the incorporation of industry 4.0 technologies in the metal forging process and machinery presents new opportunities in the coming years.