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
  • Castings
  • Sintered parts

Global Stainless Steel Forgings Market, by Application

  • Building & construction
  • Industrial
  • Automotive
  • Aviation
  • Consumer goods 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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