An increase in demand from the aviation and industrial sector is propelling the worldwide production of aircraft and infrastructure, which is a significant factor in driving the need for forging in the stainless steel market.
The global Stainless Steel Forging market is forecast to reach USD 15.97 Billion by 2027, according to a new report by Reports and Data. The market is seeing an expanded interest from the aviation and industrial industry, due to its critical characteristics of stainless steel to withstand physical, chemical, and electrical wear-tear with the ability of high recyclability. However, the availability of substitute materials like aluminum is likely to incline the market towards the use of non-ferrous forged products, due to their advantages, including high conductivity, non-magnetic properties, lightweight, and corrosion resistance, thereby hampering the demand of the market.
Rapid urbanization has changed the way of life of the individuals and, thus, has expanded the pervasiveness of aviation sectors over a broad aspect; therefore, augmenting the demand for the market product. The limitations of Stainless-Steel Forging,, which include fluctuating prices of materials, such as iron ore and nickel, thereby shifting the market for the use of substitute products is likely to hinder the growth of the stainless-steel forging market.
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The report puts an emphasis on the information regarding the key players with a special focus on their company profile, business overview, recent advancements, product catalog, and strategic business plans. It provides a comprehensive overview of the strategic alliances in the market under taken by the key players such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches, brand promotions, and corporate deals, among others.
Key companies operating in the market and profiled in the report include:
Harihar Alloys, Ellwood Group Inc., Scot Forge, Sintex A/S, Bourdon Forge Company, Forge Products Corporation, ISGEC Heavy Engineering Ltd., Canada Forgings Inc., and Precision Castparts Corporation, among others.
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The Stainless Steel Forging market takes into account major geographical locations such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa to offer key insights into market growth, market size, market share, revenue growth, current and emerging trends, supply and demand ratio, import/export, consumer demand and behavior, and presence of key players in each region. The report offers an in-depth country wise analysis to impart better understanding of the market and its growth prospects.
Segments Covered in the report
Product Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Castings
- Hot/Cold Forged Parts
- Sintered Parts
Process Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Close-Die Forging
- Open-Die Forging
- Ring Rolling Forging
- Upset Forging
- Precision Forging
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Automotive
- Aerospace
- Oil Gas
- Building Construction
- Agriculture
- Others
Key Regions Analyzed in the Report include:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
Furthermore, it consists information about individual segment of the Stainless Steel Forging market based on the types and application. The report also offers insights about the key segments expected to register significant revenue growth over the forecast period and primary trends influencing their growth. It also offers CAGR and market share values for each segment to provide clear understanding of demand and trend in the global market.
Further key findings from the report suggest
- Based on product type, Cold/Hot forged product generated a revenue of USD 7.87 billion in 2019, as they help in saving materials by obtaining precise shapes, which results in reduced machining costs.
- Open-die forging is a popular process for the Stainless-Steel Forging market and is expected to have a CAGR of 6.6% for the forecasted period, owing to its fundamental characteristics that offer various benefits like less material waste, valuable cost savings, reduced chance of voids, better fatigue resistance.
- The Aerospace sector is the major contributor to the Stainless-Steel Forging market, which is forecasted USD 3.51 billion by 2027. The Aerospace sector of the Asia Pacific region is the major shareholder of the Stainless-Steel Forging market holds around 22% of the market in comparison to the automotive industry of other areas of the year 2019.
- The Asia Pacific dominated the market for Stainless-Steel Forging. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region holds approximately 64.0% of the Stainless-Steel Forging market, followed by Europe, which holds around 17.0% market in the year 2019.
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