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Stainless Steel Forgings Market Key Players ISGEC Heavy Engineering Ltd., Bourdon Forge Company, Inc.
Persistence Market Research (PMR)
Stainless Steel Forgings Market: Drivers and Restraints
Stainless steel forgings market is witnessing maximum growth owing to expanding demand for lightweight forged products, developing manufacturing activities globally, growing demand for commissioned products, and enhancing the use of stainless steel in various end use application. Moreover, expansion in the construction industry, increasing regime expenditure, and advanced features such as excellent inherent forgeability, higher ductility, cryogenic toughness, lower maintenance, and heat resistance are some of the factors that can boost the demand for stainless steel forgings over the forecast period. However, alternative materials used in the manufacturing of forgings such as plastic, and aluminum coupled with volatile raw material costs such as chromium and nickel may hamper the growth of the stainless steel forgings market during the forecast period.
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Stainless Steel Forgings Market: Segmentation
The stainless steel forgings market has been classified on the basis of product type, process type, shape and application.
Based on product type, the stainless steel forgings market is segmented into the following:
Castings
Hot/Cold Forged Parts
Sintered Parts
Based on process type, the stainless steel forgings market is segmented into the following:
Open Die Forging
Closed Die or Impression Die Forging
Impression Die Forging
Extrusion
Others
Based on shape, the stainless steel forgings market is segmented into the following:
Forged Rings
Discs
Blocks
Flat Bars
Round Bars
Others
Based on application, the stainless steel forgings market is segmented into the following:
Automotive
Aerospace
Industrial
Building & Construction
Consumer Goods
Aviation
Others
Stainless Steel Forgings Market: Overview
Stainless steel forgings market revenue is expected to grow at a rapid growth rate, over the forecast period. The market is anticipated to perform well in the near future owing to its favorable properties such as high strength, reliability, wear & tear resistance, product versatility, economy viability, and high corrosion resistance. Additionally, it is also used for the manufacturing of various aviation components such as hinges, bulkheads, engine mounts, beams, wing roots, landing gear cylinders, and arresting hooks are some of the factors that can propel the market revenue growth of stainless steel forgings in the near future. Based on product type, castings segment is anticipated to grow at the fastest CAGR over the forecast period attributed to the manufacturing of complex designs that would be otherwise difficult to form by other processing methods.
Stainless Steel Forgings Market: Region-wise Outlook
Depending on the geographic region, stainless steel forgings market is divided into seven key regions: North America, Eastern Europe, Latin America, Western Europe, Japan, Asia-Pacific, and the Middle East & Africa. North America dominates the stainless steel forgings market followed by Europe, and Japan is owing to rapidly increase in the aerospace manufacturing industry which is further expanding the demand for defense aircraft, high consumption of forgings, and the presence of key manufacturers in these regions. The market in Asia Pacific and Japan is expected to grow at significant CAGR owing to expanding automotive industry in developing countries such as China, and India along with increasing foreign investment, and a rise in construction projects are some of the factors that are projected to propel the growth of stainless steel forgings market throughout the forecast period.
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Stainless Steel Forgings Market: Key Players
Some of the prominent players in the 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.
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