Global Stainless Steel Forgings Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027

MarketResearch.biz delivers in-depth insights on the global stainless steel forgings market in its upcoming report titled, “Global Stainless Steel Forgings Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”. The global stainless steel forgings market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global stainless steel forgings market report has been segmented on the basis of product, application and region.

Request Covid - 19 Impact

Forging is a manufacturing process that shapes a work piece by applying compressive forces on it. Mostly hammers or presses are used to squeeze and deform the material into high strength parts. Forging improves mechanical properties of material by making it tougher and stronger.

Increasing demand for stainless steel forgings from end-use industries namely industrial equipment, automobile, aviation, and building & construction is expected to drive the market growth over the forecast period. Rapid industrialization in developing economies is anticipated to propel the market growth over the forecast period. However, fluctuating prices of raw materials such as iron ore and nickel coupled with increasing demand for forgings manufactured from aluminum and plastic composites are expected to be major factors hampering the growth of market.

On the basis of product type, hot/cold forging is expected to be largest product segment in terms of revenue and is estimated to maintain its dominance over the forecast period. Cold forging and hot forging are two different metal forming processes that deliver similar results. The cold forging manufacturing process increases strength of metal through strain hardening at a room temperature while hot forging manufacturing process keeps materials from strain hardening at high temperature, which results in low hardness, optimum yield strength, and high ductility.

On the basis of application, aviation is expected to be fastest growing application segment in the terms of revenue in global stainless steel forgings market over the forecast period. Properties of stainless steel forging such as versatility of size and shape make it an ideal component for the manufacture of wing roots, bulkheads, spars, engine mounts, beams, hinges, brackets, shafts, wheels, landing gear cylinders and struts, arresting hooks and brake carriers and discs.

North America market is estimated to hold significant revenue share in the global stainless steel forgings market in 2017. Increasing number of manufacturing industries in the region is expected to boost market growth in the region. Growing aerospace manufacturing industry in the US and Canada is anticipated to drive the market growth over the forecast period. Moreover, favorable government policies in the region is expected to fuel the market growth.   

Market segmentation and key players operating in the global stainless steel forgings market:

By product:

• Hot/Cold Forged Parts
• Castings
• Sintered parts

By application:

• Automotive
• Building & construction
• Industrial equipments
• Consumer goods
• Aviation
• Others (Agriculture Equipment, Food & dairy sector)

By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa