Stainless Steel Forgings Market: Overview
- Stainless steel is an alloy of iron that contains a minimum of 10.5% chromium. Various grades of stainless steel are commonly used to manufacturing components using the forging manufacturing process, as it enhances the existing qualities of stainless steel.
- The forging process also improves the strength and corrosion resistance of stainless steel, enabling it to outlast and withstand extreme environments. Forging can also impart a higher strength to weight ratio. Forging improves the mechanical properties of stainless steel.
Cold/hot forged products segment to lead the market
- Cold/hot forged products dominated the global stainless steel forgings market. The castings segment is anticipated to expand at rapid pace during the forecast period. Sintered products possess properties such as electrical conductivity, translucency, and thermal conductivity.
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Key drivers of stainless steel forgings market
- High recyclability offered by stainless steel is likely to drive the stainless steel forgings market. Increasing demand of the stainless steel forgings in industrial and aviation sectors is offering significant opportunity to stainless steel forging manufacturers.
- Demand for stainless steel forgings is increasing in the industrial segment due to its strength and resistance to wear and tear. The automotive segment is expected to expand rapidly during the forecast period due to the rising demand for lightweight forged products with enhanced wear and tear resistance.
- Stainless steel forgings are widely utilized in the aviation sector to manufacture bulkheads, wing roots, spars, hinges, engine mounts, brackets, beams, shafts, landing gear cylinders and struts, wheels, brake carriers, discs, and arresting hooks.
- Rising demand for lightweight forged products, developing automotive manufacturing activities, growing demand for commissioned products, and enhancing the use of stainless steel in various end use application is likely to drive the global stainless steel forgings market during the forecast period.
- Expansion of the construction industry, increasing regime expenditure, and advanced features such as excellent inherent forge ability, higher ductility, cryogenic toughness, lower maintenance, and heat resistance are major factors that are anticipated to propel the global market for the stainless steel forgings.
- Stainless steel forgings market is anticipated to expand during the forecast period due to favorable properties of stainless steel forgings such as high strength, reliability, wear & tear resistance, product versatility, economy viability, and high corrosion resistance.
Volatility in prices of raw materials is likely to hamper market
- Aluminum and plastic forgings are expected to pose a major threat to the stainless steel forgings market during the forecast period. Volatility in the prices of raw materials, such as nickel and iron ore, is expected to restrain the stainless steel forgings market during the forecast period.
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Asia Pacific expected to hold large share of the global stainless steel forgings market
- Asia Pacific was a leading market globally. Countries such as Japan, China, and India are expected to drive the demand in Asia Pacific due to rise in manufacturing activities in these countries.
- Expansion of the automotive industry in developing countries, such as China and India, in Asia Pacific, increasing foreign investment, and a rise in number of construction projects are projected to boost the stainless steel forgings market in the region during the forecast period.
- Increase in vehicle productions, improved driving experience in terms of smooth gear shifting & progress in acceleration, and enhancement in the installation of automated parts in the automobile is likely to drive the stainless steel forgings market
- Rising demand from the automotive and aerospace industries in North America is likely to drive the stainless steel forgings market in the region.
- Rapid expansion of the aerospace manufacturing industry, rising demand for defense aircraft, high consumption of forgings, and the presence of key manufacturers in North America are driving the stainless steel forgings market in the region.
- Rising number of manufacturing industries in Europe is expected to drive the stainless steel forgings market in the region. Countries such as Germany, U.K., and France witness high demand for stainless steel forgings due to the presence of major manufacturers in these countries.
- Germany accounted for a major share of the total number of forged components manufactured in Europe, followed by the U.K., due to increasing sales of automobiles, coupled with rising R&D investments by auto component manufacturers in the country.
Key players operating in the market
The stainless steel forgings market is highly fragmented with top manufacturers accounting for approximately 45% to 50% share of the global market. Key players operating in the stainless steel forgings market include
- Harihar Alloys Private Limited
- Sintex a/s
- Investacast Limited
- FORGE Products Corp.
- Scot Forge
- Canada Forgings
Global Stainless Steel Forgings Market: Research Scope
Global Stainless Steel Forgings Market, by Product
- Cold/hot forged products
- Sintered parts
Global Stainless Steel Forgings Market, by Application
- Building & construction
- Consumer goods
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