Stainless Steel Forgings Market: Global Emerging Opportunities, Trends and Forecast Analysis (2023-2029)

The Stainless Steel Forgings Market is expected to reach US$ 12.73 Bn.by 2029 from US$ 9.64 Bn. in 2022 with a CAGR of 4.05% for the period 2023-2029, because rising demand for stainless steel forgings from various end-use sectors.

Stainless Steel Forgings Market Introduction:

Forging is a manufacturing process that involves compressive force being used to shape material with a hammer. Stainless steel is a common material used by manufacturers when creating industrial parts. Stainless steel is chosen by manufacturers for its corrosion resistance, strength, heat resistance, and other mechanical properties. The primary benefit of stainless steel is its resistance to corrosion caused by atmospheric conditions, moisture, and other harsh environments at low and high temperatures. Fabrication, along with forging, which is one of the manufacturing methods used by designers, is an important factor that must be considered even in the early stages of product design. In machines and mechanisms, forged parts are commonly used. Also, unlike other techniques such as machining or casting, stainless steel forgings provide an advanced and continuous grain flow that follows the contour of the part. Because of the gain flow and refinement, forging allows for greater strength where it is needed the most, while also improving the mechanical properties of stainless steel, resulting in improved overall product part quality.Stainless Steel Forgings MarketTo know about the Research Methodology :- Request Free Sample Report

Stainless Steel Forgings Market Dynamics:

Over the estimated period, the market is expected to increase, thanks to rising demand for stainless steel forgings from end-use sectors such as industrial equipment, automobiles, aircraft, and building and construction. Also, rapid industrialization in emerging economies is expected to drive market growth. Growing manufacturing operations around the world are driving demand for stainless steel forgings. The ability of stainless steel to survive chemical, physical, and electrical wear and tear is a primary driver of market growth. The need for stainless steel forgings is being driven by stainless steel's high recyclability. The expanding use of these goods in industrial and aviation applications is providing a growth opportunity for the industry. Over the forecast period, forgings made of aluminium and plastic composites are likely to represent a significant threat to the market's growth. The construction industry in emerging countries is on the rise as a result of increased government infrastructure spending, which is expected to boost demand for these items. The industry's growth is expected to be hampered by fluctuating raw material prices such as nickel and iron ore. Globally, the energy sector has been quickly expanding due to rising residential and industrial demand. Due to the operational benefits of forgings during the installation of wind or tidal energy plants, demand for forgings is likely to grow in this industry. The need for stainless steel forgings in the energy sector is predicted to rise as the number of grid installations in developing countries increases. On the other hand, fluctuating raw material prices such as iron ore and nickel, as well as rising demand for forgings made of aluminium and plastic composites, are likely to be control the market's growth. The sector is expected to be restrained by the availability of replacement materials such as aluminium. The market's growth is likely to be hampered by the growing desire for non-ferrous forged goods, which have advantages such as lightweight, high conductivity, non-magnetic characteristics, and corrosion resistance.

Stainless Steel Forgings Market Segment Analysis:

Based on Product Type: The Stainless Steel Forgings market is sub-segmented into Castings, Hot/Cold Forged Parts, and Sintered Parts. In terms of volume, cold/hot forged parts accounted for 85% of the market in 2022. Cold forged products' manufacturing process helps to save materials by obtaining precise shapes, resulting in lower machining costs. Casting is the fastest-growing product segment, with a CAGR of 4.6% expected to from 2023 to 2029. Manufacturers have expanded their production capacities in response to rising demand for stainless steel casting. Sintered parts are a relatively new product category on the market. Electrical conductivity, translucency, and thermal conductivity are all characteristics of sintered products. The demand for industrial applications is being driven by the enhanced properties provided by these products. Demand for these products is expected to be driven by R&D efforts aimed at developing sintered products with increased strength. On the basis of Application: The Stainless Steel Forgings market is sub-segmented into Automotive, Aerospace, Industrial, Building & Construction, Consumer Goods, Aviation, and Others. Industrial was the most popular application segment in 2022, accounting for 34% of total volume. The demand for stainless steel forgings in this application segment is being driven by their favorable properties, such as strength and resistance to wear and tear. From 2022 to 2029, the application of stainless steel forgings in automotive is expected to grow at a CAGR of 4.6%. The growth is being fueled by a growing demand for lightweight forged products with improved wear and tear resistance. In terms of revenue, the automotive segment is expected to grow at a rate of 7.5 percent over the forecast period. Bulkheads, wing roots and spars, hinges, engine mounts, brackets, beams, shafts, landing gear cylinders and struts, wheels, brake carriers and discs, and arresting hooks all benefit from the product's versatility in size, shape, and properties. During the forecast period, the building and construction segment is expected to grow at the fastest CAGR of 7.8% in terms of revenue. Hubs, flanges, gear components, joints, fasteners, and others make up the segment, which is further divided into hubs, flanges, gear components, joints, fasteners, and others.

Stainless Steel Forgings Market Regional Insights:

In 2022, the North American market for stainless steel forgings is expected to account for a large revenue share xx% of the global industry. The region's market growth is likely to be boosted by the growing number of industrial industries. Over the forecast period, the market is expected to be driven by the growing aerospace manufacturing industry in the United States and Canada. Also, the industry is likely to develop because to favorable government policies in the region. In terms of volume, Asia Pacific dominated the global market in 2022, with a share of 65.5%. Demand in Asia Pacific is likely to be driven by an increase in manufacturing operations in emerging economies such as Japan, China, and India. The demand for these products is being driven by an increase in foreign investment and favorable government policies in these countries. The objective of the report is to present a comprehensive analysis of the global Stainless Steel Forgings market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Stainless Steel Forgings dynamics, structure by analyzing the market segments and projecting the Stainless Steel Forgings size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Stainless Steel Forgings market make the report investor’s guide.

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Stainless Steel Forgings Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2017 to 2022 Market Size in 2022: US $ 9.64 Bn.
Forecast Period 2023 to 2029 CAGR: 4.05% Market Size in 2029: US $ 12.73 Bn.
Segments Covered: by Product Type • Castings • Hot/Cold Forged Parts • Sintered Parts
by Application • Automotive • Aerospace • Industrial • Building & Construction • Consumer Goods • Aviation • Others
by Process Type • Open Die Forging • Closed Die or Impression Die Forging • Impression Die Forging • Extrusion • Others

Stainless Steel Forgings Market, by Region

North America (United States, Canada and Mexico) • Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) • Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) • Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) • South America (Brazil, Argentina Rest of South America)

Stainless Steel Forgings Market Key Players

All Metals & Forge Group, LLC • Wichard, Inc. • Ellwood Closed Die Group • ISGEC Heavy Engineering Ltd. • Bourdon Forge Company, Inc. • Tarunsika Inc. • Precision Castparts Corporation • Keystone Forging Co. • Sintex A/S • PSM Industries, Inc. • Harsh Steel Trade Pvt Ltd • Forge Products Corporation • J & N Metal Products, LLC • Canada Forgings Inc. • Harihar Alloys Private Limited • Scot Forge Company • Others. Frequently Asked Questions: 1. Which region has the largest share in Global Stainless Steel Forgings Market? Ans: North America region held the highest share in 2022. 2. What is the growth rate of Global Stainless Steel Forgings Market? Ans: The Global Stainless Steel Forgings Market is growing at a CAGR of 4.05% during forecasting period 2023-2029. 3. What is scope of the Global Stainless Steel Forgings Market report? Ans: Global Stainless Steel Forgings Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. Who are the key players in Global Stainless Steel Forgings Market? Ans: The important key players in the Global Stainless Steel Forgings Market are – All Metals & Forge Group, LLC, Wichard, Inc., Ellwood Closed Die Group, ISGEC Heavy Engineering Ltd., Bourdon Forge Company, Inc., Tarunsika Inc., Precision Castparts Corporation, Keystone Forging Co., Sintex A/S, PSM Industries, Inc., Harsh Steel Trade Pvt Ltd, Forge Products Corporation, J & N Metal Products, LLC, Canada Forgings Inc., Harihar Alloys Private Limited, Scot Forge Company, and Others. 5. What is the study period of this Market? Ans: The Global Stainless Steel Forgings Market is studied from 2022 to 2029.
1. Stainless Steel Forgings Market: Research Methodology 2. Stainless Steel Forgings Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Stainless Steel Forgings Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Stainless Steel Forgings Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Stainless Steel Forgings Market Segmentation 4.1. Stainless Steel Forgings Market, by Product Type (2022-2029) • Castings • Hot/Cold Forged Parts • Sintered Parts 4.2. Stainless Steel Forgings Market, by Application (2022-2029) • Automotive • Aerospace • Industrial • Building & Construction • Consumer Goods • Aviation • Others 4.3. Stainless Steel Forgings Market, by Process Type (2022-2029) • Open Die Forging • Closed Die or Impression Die Forging • Impression Die Forging • Extrusion • Others 5. North America Stainless Steel Forgings Market(2022-2029) 5.1. North America Stainless Steel Forgings Market, by Product Type (2022-2029) • Castings • Hot/Cold Forged Parts • Sintered Parts 5.2. North America Stainless Steel Forgings Market, by Application (2022-2029) • Automotive • Aerospace • Industrial • Building & Construction • Consumer Goods • Aviation • Others 5.3. North America Stainless Steel Forgings Market, by Process Type (2022-2029) • Open Die Forging • Closed Die or Impression Die Forging • Impression Die Forging • Extrusion • Others 5.4. North America Stainless Steel Forgings Market, by Country (2022-2029) • United States • Canada • Mexico 6. European Stainless Steel Forgings Market (2022-2029) 6.1. European Stainless Steel Forgings Market, by Product Type (2022-2029) 6.2. European Stainless Steel Forgings Market, by Application (2022-2029) 6.3. European Stainless Steel Forgings Market, by Process Type (2022-2029) 6.4. European Stainless Steel Forgings Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Stainless Steel Forgings Market (2022-2029) 7.1. Asia Pacific Stainless Steel Forgings Market, by Product Type (2022-2029) 7.2. Asia Pacific Stainless Steel Forgings Market, by Application (2022-2029) 7.3. Asia Pacific Stainless Steel Forgings Market, by Process Type (2022-2029) 7.4. Asia Pacific Stainless Steel Forgings Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Stainless Steel Forgings Market (2022-2029) 8.1. Middle East and Africa Stainless Steel Forgings Market, by Product Type (2022-2029) 8.2. Middle East and Africa Stainless Steel Forgings Market, by Application (2022-2029) 8.3. Middle East and Africa Stainless Steel Forgings Market, by Process Type (2022-2029) 8.4. Middle East and Africa Stainless Steel Forgings Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Stainless Steel Forgings Market (2022-2029) 9.1. South America Stainless Steel Forgings Market, by Product Type (2022-2029) 9.2. South America Stainless Steel Forgings Market, by Application (2022-2029) 9.3. South America Stainless Steel Forgings Market, by Process Type (2022-2029) 9.4. South America Stainless Steel Forgings Market, by Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1. All Metals & Forge Group, LLC 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Wichard, Inc. 10.3. Ellwood Closed Die Group 10.4. ISGEC Heavy Engineering Ltd. 10.5. Bourdon Forge Company, Inc. 10.6. Tarunsika Inc. 10.7. Precision Castparts Corporation 10.8. Keystone Forging Co. 10.9. Sintex A/S 10.10. PSM Industries, Inc. 10.11. Harsh Steel Trade Pvt Ltd 10.12. Forge Products Corporation 10.13. J & N Metal Products, LLC 10.14. Canada Forgings Inc. 10.15. Harihar Alloys Private Limited 10.16. Scot Forge Company 10.17. Others.
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