Thursday, June 13, 2024

Stainless Steel Forging Market is Expected to Clock a Notable A CAGR of 6.3%and Reach USD 15.97 billion by 2027

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Market Overview The global market for Stainless Steel Forging is projected to experience a 6.3% growth in terms of value, increasing from USD 9.76 billion to USD 15.97 billion by 2027. The market’s upward trajectory can be attributed to the inherent characteristics of stainless steel, which enables it to endure physical, chemical, and electrical wear and tear, coupled with its high recyclability.

Opportunities and Threats The expanding applications in the aviation and industrial sectors present growth opportunities for stainless steel. However, the threat from forgings made of plastic and aluminum composites is a significant concern for the stainless-steel forging market. The building and construction sector’s growth, driven by increased government spending on infrastructure, is a positive trend. Nevertheless, fluctuating prices of materials like iron ore and nickel may impede market growth.

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Energy Sector Dynamics The energy sector is experiencing rapid growth, driven by demand from industrial and domestic purposes. The use of stainless steel forgings in energy installations, such as tidal or wind energy plants, is contributing to market expansion. Despite this, the availability of alternative materials like aluminum poses a challenge, as there is a rising preference for non-ferrous forged products due to their advantages, including high conductivity, non-magnetic properties, lightweight, and corrosion resistance.

Product Types Insight Cold/Hot forged parts hold the largest market share by volume, offering material-saving benefits and reduced machining costs. Casting, the fastest-growing product segment, has prompted manufacturers to scale up their production capacities. Sintered parts, with properties like translucency, thermal conductivity, and electrical conductivity, are driving demand across various industrial applications.

Process Types Overview Closed-die forging dominates the market, accounting for approximately 65.0% of the market share in 2018. This process requires less machining and allows for the production of close net shapes with large production runs. Open-die forging offers benefits such as less material waste, cost savings, and improved fatigue resistance. Ring rolling, upset forging, and precision forging cater to specific needs in various industries.

Application Landscape The industrial sector holds the largest application segment by volume, driven by stainless steel’s wear and tear resistance and strength. In the automotive industry, there is a growing demand for lightweight forged products, suitable for various components. The building and construction segment, segmented into gear components, joints, hubs, flanges, fasteners, etc., exhibits substantial demand for stainless steel forgings.

Regional Dynamics North America’s market is influenced by high product consumption in the aerospace and industrial sectors. Europe, with a significant number of manufacturing facilities, holds the second-largest share. The Asia Pacific region dominates the global market due to increased manufacturing activities in countries like India, Japan, and China. Latin America and Africa are witnessing infrastructural development, boosting demand for stainless steel forgings.

Market Insights The rise in demand for casting products is expected to achieve a CAGR of 7.2% during the forecast period. Close-die forging contributes around 60.0% to overall business based on the process in 2019. The aerospace and oil & gas industries together generate around 44.0% of the total business value. Asia Pacific contributes approximately 64.0% to the overall activity of the global Stainless-Steel Forging market in 2019.

Competitive Landscape Major manufacturers in the market include Harihar Alloys, Ellwood Group Inc., Scot Forge, Sintex A/S, Bourdon Forge Company, Forge Products Corporation, ISGEC Heavy Engineering Ltd., Canada Forgings Inc., and Precision Castparts Corporation.

Start-up and Deals Landscape Startups entering the industry include Harsh Steel Trade Private Limited and Jayant Impex Private Limited. Mergers and acquisitions are integral, with key players like Ellwood Group Inc. acquiring McInnes Rolled Rings in March 2019.

Expert Insights Industrial experts predict promising developments for increased adoption of Stainless-Steel Forging, driven by growth in aerospace and oil & gas sectors in developing economies. New manufacturers entering the market are expected to focus on innovation through advanced technologies, reducing complexity and overall operational costs.

Market Segmentation The report provides a detailed segmentation based on product type, process type, application, and region, forecasting revenue growth globally, regionally, and at the country level from 2017 to 2027.

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