Press release
Global Stainless Steel Forgings Market to Grow from USD 10.03 Billion in 2023 to USD 13.24 Billion by 2030 at a 4.05% CAGR - Stainless Steel Forgings Market Forecast
Stainless Steel Forgings Market
According to a new report by Maximize Market Research, the global Stainless Steel Forgings Market was valued at USD 10.03 billion in 2023 and is projected to reach USD 13.24 billion by 2030, growing at a compound annual growth rate (CAGR) of approximately 4.05% from 2024 to 2030. Growth is driven by industrialization in emerging economies, increased demand for forged components in automotive and aerospace applications, and the superior strength, corrosion resistance, and recyclability of stainless steel forgings.
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◉ Key Highlights
Market Size & CAGR: USD 10.03 billion in 2023; forecast to reach USD 13.24 billion by 2030; CAGR of ~4.05%.
Leading Product Type Segment: Cold/hot forged parts dominated in 2023, accounting for ~85% of the market. Casting segment is growing somewhat faster (CAGR ~4.6%) over 2024-2030.
Top Application Segment: Industrial applications led with about 34% of volume in 2023; automotive segment in terms of revenue is expected to grow strongly, along with building & construction showing fastest revenue CAGR.
Regional Market Growth: Asia-Pacific dominated in volume in 2023; North America holds a large revenue share.
Drivers & Trends: Growth propelled by rising industrial equipment demand, automotive production (especially components requiring strength and durability), infrastructure & construction investment, energy sector demand, and the recyclability of stainless steel. Restraints include volatility of raw material prices (nickel, iron ore), and substitution threats from lightweight or non-ferrous materials.
Key Players: Key companies include 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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◉ Market Outlook
Product Type & Application Dynamics
The stainless steel forgings market is segmented largely by product type into cold/hot forged parts, castings, and sintered parts. Cold/hot forged parts account for the bulk (~85%) of global stainless steel forging volume in 2023. However, castings are growing at a slightly higher CAGR over the forecast period due to rising demand in applications where casting provides cost or shape advantages.
In terms of application, industrial uses (machinery, tools, infrastructure components) dominate in volume. But automotive is expected to lead revenue growth, driven by demand for forged components in engines, shafts, brackets, and other high-stress parts. Building and construction also shows one of the fastest revenue growth rates as infrastructure spending increases globally.
◉ Regional Insights
Asia-Pacific: Led in volume in 2023, driven by strong manufacturing base in China, India, Japan, and Southeast Asia; rising foreign investment, government infrastructure projects, and favorable policies support growth.
North America: Significant revenue contributor; growth fueled by the automotive and aerospace industries, and demand for high-quality, forged stainless steel parts meeting stringent performance requirements.
Other regions (Europe, Middle East & Africa, Latin America): Emerging demand with industrialization, energy, and infrastructure investment. Regulatory, cost, and supply-chain challenges vary by region.
◉ Competitive Landscape
Market leaders focus on improving forging technologies, optimizing cost efficiencies, and expanding into emerging markets. Key strategies include:
Enhancing precision forging and cold/hot forging capabilities to meet performance and design requirements.
R&D on sintered parts to improve properties such as strength, thermal/electrical performance.
Mitigating raw material cost volatility through supply chain management.
Exploring sustainable production processes and leveraging the recyclability of stainless steel to appeal to regulatory and environmental considerations.
To learn more about the findings of this research, please check:https://www.maximizemarketresearch.com/market-report/global-stainless-steel-forgings-market/29462/
◉ Quote
"In a market where strength, corrosion resistance, and durability are increasingly demanded across sectors, stainless steel forgings occupy a crucial position," said a senior analyst at Maximize Market Research. "With the market expected to grow at about 4.05% CAGR to reach USD 13.24 billion by 2030, firms that can deliver high-performance forged parts, manage volatility in raw materials, and tap into automotive, industrial, and infrastructure opportunities will see the greatest returns."
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◉ Contact Maximize Market Research:
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Pune, Maharashtra 411041, India
sales@maximizemarketresearch.com
+91 96071 95908, +91 9607365656
◉ About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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