Castings & Forgings for Shipbuilding Market - Global Forecast 2026-2032

The Castings & Forgings for Shipbuilding Market size was estimated at USD 7.13 billion in 2025 and expected to reach USD 7.54 billion in 2026, at a CAGR of 7.11% to reach USD 11.54 billion by 2032.

In modern shipbuilding, components manufactured through casting and forging processes form the structural and functional backbone of vessels, providing the high-strength parts required for propulsion, hull integrity, and mechanical assemblies. Growth in global trade, rising demand for eco-friendly vessels, and defense modernization programs are fueling expansion of the shipbuilding industry, reinforcing the need for robust casting and forging capabilities that can meet the evolving requirements of both commercial and naval shipbuilders.

As regulatory mandates such as the IMO 2020 sulfur cap and emerging CO₂ reduction targets push shipbuilders to reduce emissions, materials and manufacturing techniques that deliver weight savings, durability, and precision become indispensable. The adoption of lightweight alloys and composite-reinforced castings, along with large-scale forging presses, is redefining component supply chains and enabling the production of greener, more efficient vessels that align with environmental and performance objectives.

The marine castings and forgings sector is undergoing a technological revolution driven by additive manufacturing, which allows for rapid prototyping and the production of complex geometries previously unattainable through conventional methods. By integrating 3D printing techniques, manufacturers can create lighter, stronger parts that enhance vessel efficiency and reduce fuel consumption, accelerating innovation across engine components and structural assemblies.

Simultaneously, digital transformation is reshaping production floors into smart factories, where IoT-enabled machinery, real-time data analytics, and robotics converge to optimize quality control and drive down lead times. Shipyards leveraging digital twins and AI-driven predictive maintenance can identify defects early in the casting or forging process, minimizing waste and ensuring consistent output of critical parts such as rudder assemblies and propeller shafts.

Environmental imperatives are also steering the market toward sustainable practices, with a growing preference for aluminum and magnesium castings as weight reduction targets become more stringent. The expansion of offshore wind energy and hybrid propulsion systems is creating demand for corrosion-resistant, high-performance components designed to withstand harsh marine environments, prompting manufacturers to invest in eco-friendly materials and advanced surface treatments to extend component life and reduce lifecycle emissions.

On June 3, 2025, the United States issued a presidential proclamation doubling Section 232 tariffs on imported steel and aluminum from 25% to 50%, effective June 4. This escalation directly impacts marine castings and forgings, which rely on high-grade steel and aluminum inputs to meet the rigorous standards of naval and commercial vessels.

Domestic steel prices have surged by 24% to $876 per short ton this year, a sharp contrast to European prices that have declined by 4% to €531 per metric ton. This price divergence has provided U.S. producers with a competitive shield, yet shipbuilders face increased material costs that threaten project budgets and timelines. The tariffs have also introduced volatility, prompting concerns about supply chain resilience and long-term contract stability.

Supply chain bottlenecks are intensifying as domestic mills strive to ramp up production to fill the void left by imports. Fabricators report extended lead times of 14 to 18 weeks for architectural metals, leading to project delays and redesigns. Industry leaders are urged to assess alternative sourcing strategies, invest in domestic capacity expansion, and leverage contractual mechanisms to mitigate tariff-related risks and maintain project momentum.

Market segmentation across component types reveals that engine components, including crankshafts, cylinder blocks, cylinder heads, gear housings, and turbine casings, remain the largest value drivers due to their critical role in vessel propulsion and efficiency. Fasteners and valve fittings complement these high-stress parts by ensuring reliable assembly integrity, while hull structure elements such as brackets, bulkheads, frames, and keel castings sustain the vessel’s overall strength under extreme marine conditions. These distinctions in component design and function enable targeted innovation and material selection strategies to meet specific performance requirements.

Material segmentation highlights a shift toward lightweight and corrosion-resistant alloys, where aluminum and copper alloys are increasingly favored for fuel-efficient designs, and specialized bronze and iron variants deliver exceptional wear resistance for steering gear and propeller shafts. Process segmentation underscores the importance of diverse manufacturing techniques; investment casting and die casting offer precise geometries for complex valve housings, while open die and closed die forging provide the robust mechanical properties required for large-scale hull and rudder components. Application segmentation, spanning new-build projects and repair and maintenance operations, emphasizes the need for flexible production capabilities that support mid-life upgrades and rapid part replacement. End-use vessel type segmentation, which includes commercial vessels, leisure craft, military ships, and offshore platforms, further refines strategic focus areas, directing resources to the most demanding marine environments and reinforcing competitive prioritization in research and development approaches. As repair and retrofitting activities accelerate across aging fleets, manufacturers must adapt to modular component designs that simplify installation and optimize lifecycle management.

The Americas region is characterized by robust defense budgets and a burgeoning offshore energy sector, where the United States leads investments in next-generation naval vessels and offshore wind support ships. These demands are underpinned by a network of established manufacturers capable of delivering large-scale forgings and castings for destroyers, aircraft carriers, and wind turbine installation vessels, positioning North America as a critical hub for high-performance marine component production with a strong emphasis on domestic supply chain development to mitigate tariff impacts.

Europe, Middle East, and Africa benefit from technological innovation clusters in Germany, Italy, and Scandinavia, where stringent environmental regulations and the European Green Deal drive adoption of eco-friendly vessel designs. Regional shipyards focus on lightweight alloys and high-performance steel variants for corrosion resistance in offshore drilling and renewable energy applications. The EMEA market leverages advanced manufacturing capabilities to produce bespoke components for naval modernization programs and luxury leisure crafts, balancing sustainability goals with the technical demands of critical maritime operations.

The Asia-Pacific region dominates global shipbuilding volumes, with China, South Korea, and Japan accounting for the majority of new commercial vessel orders. Government support and infrastructure investments have bolstered local foundries and forging facilities, enabling mass production of castings and forgings at competitive price points. Emerging shipbuilding centers in Vietnam and Poland are also gaining traction, targeting specialized segments such as offshore oil and gas and regional ferry services. As the Asia-Pacific continues to expand its industrial base, it remains the primary growth engine for marine component suppliers aiming to scale production and integrate advanced materials and processes into high-volume workflows.

JSW Steel, Kobe Steel, and Doosan Heavy Industries maintain leading positions in the Asia-Pacific marine castings and forgings market through vertically integrated production models and metallurgical innovation. JSW leverages 18 million tonnes of annual steel output to supply high-strength castings for naval and commercial applications, while Kobe Steel’s stringent quality control systems support precision-engineered forgings worldwide. Doosan’s focus on sustainable manufacturing processes and integrated heavy equipment solutions ensures reliable delivery of large-scale components for offshore and shipbuilding projects.

In Europe, ThyssenKrupp and Schuler Group are at the forefront of forging technology and process optimization, supplying multi-ton crankshafts and hull structure parts to defense and commercial shipbuilders. ThyssenKrupp’s investment in digital production lines and Schuler’s advanced forging presses enhance throughput and consistency, addressing the region’s demand for lightweight, high-performance parts. Sheffield Forgemasters, now under UK government ownership, specializes in bespoke steel castings and forgings, including flood-tested nuclear and defense components, reinforcing the United Kingdom’s strategic shipbuilding capabilities.

Precision Castparts and Bharat Forge represent leading international suppliers with expansive material portfolios and R&D centers focused on marine applications. Precision Castparts’ expertise in nickel-based alloys and titanium forgings supports critical subsea and propulsion components, while Bharat Forge’s robust production network delivers high-strength marine forgings to shipyards across Europe, North America, and Asia. Wyman-Gordon’s record-setting 35,000-ton presses and diverse alloy processing capabilities further enhance the competitive landscape, enabling complex, large-scale parts for both commercial and defense platforms.

To navigate ongoing tariff uncertainties, industry leaders should diversify their raw material sourcing by establishing strategic partnerships with domestic mills and forging alliances in low-tariff jurisdictions. This proactive approach reduces reliance on a single supply channel and cushions against future trade policy shifts, ensuring stable input availability and financial predictability.

Investing in digital manufacturing technologies-including AI-enabled quality inspection, predictive maintenance, and real-time process monitoring-can unlock efficiency gains and lower production costs. By integrating smart factory solutions, foundries and forging plants can minimize scrap rates, shorten lead times, and accelerate the delivery of critical components to shipyards worldwide.

Collaboration between shipbuilders, component manufacturers, and research institutions is essential to drive material innovation and process optimization. Joint R&D initiatives focused on advanced alloy development, additive manufacturing integration, and lifecycle performance studies will enable the creation of lighter, stronger parts that meet stringent environmental regulations and performance benchmarks. Coupled with robust contract frameworks that include escalation clauses and risk-sharing mechanisms, this coordinated ecosystem will bolster resilience against market disruptions and enforce continuous improvement across the value chain.

This research employs a robust methodology that combines primary data collection through in-depth interviews with industry experts, supply chain stakeholders, and naval architects to capture firsthand insights on market dynamics and emerging challenges. Secondary research includes the analysis of trade policies, tariff proclamations, white papers, patent filings, and technical standards to contextualize the regulatory environment and technological advancements. Quantitative data is further validated through triangulation, comparing shipyard production statistics, steel and aluminum trade flow data, and company financial disclosures. Statistical tools are utilized to identify trends and correlations, ensuring the reliability and consistency of findings. The resulting framework delivers a comprehensive perspective on market segmentation, regional developments, and competitive positioning, enabling decision-makers to make informed strategic choices.

Advanced castings and forgings are poised to remain indispensable elements in shipbuilding, bridging the gap between evolving performance requirements and manufacturing capabilities. The interplay of environmental regulations, digital transformation, and geopolitical factors underscores the necessity for agile supply chains and continuous innovation in materials and processes. Companies that adapt their strategies to encompass diversified sourcing, smart factory implementations, and collaborative R&D will lead the industry’s trajectory toward sustainable and resilient shipbuilding practices. As defense and commercial sectors advance their vessel programs, the role of precision forgings and high-performance castings will intensify, shaping the future of maritime transportation and offshore infrastructure.

For exclusive access to the comprehensive report on the marine castings and forgings market, reach out to Ketan Rohom, Associate Director of Sales & Marketing. He will guide you through the report’s rich insights, detailed analyses, and strategic implications tailored to your organization’s objectives. Secure your competitive advantage by obtaining the full report today and ensure your decision-making is grounded in the latest industry data and expert intelligence.