Kenneth Research, in its repository of market research reports, have recently added a report on Stainless Steel Forgings Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Stainless Steel Forgings Market products.
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REPORT HIGHLIGHT
The Stainless Steel Forgings Market was valued at USD 8.51 billion by 2017, growing with 5.3% CAGR during the forecast period, 2018-2025.
Market Dynamics
Forgings made from stainless steel are highly in demand mainly due to the increasing manufacturing activity throughout the world. Stainless steel has incredible capability to endure from electrical, physical, and chemical agents which in turn is catalyzing the surge of this industry. The high recycling capacity offered by Stainless Steel Forgings is driving the demand for these products. The increasing application of these products in the segments of industrial and aviation applications is serving as a growth opportunity for these products. It is expected that the forges made of aluminum and plastic compounds pose a great threat to the growth of these products.
There is a rise in the construction industry of emerging economies due to the increase in government spending on infrastructure, which is expected to increase the demand for these products. It is expected that the fluctuating prices of raw materials such as nickel and iron ore will impact the growth of the industry.
Application Takeaway
Segmentation of the global market has been done on the basis of applications such as industrial, building & construction, aerospace, automotive, consumer goods, and others. Among these industrial captured the largest segment in 2015. The favorable properties of forged stainless steel parts, such as strength and durability, are driving the demand for these products in this segment of applications. The growing demand for light forged products with greater resistance to wear and tear is driving growth.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The versatility of the product in terms of properties like size and shape and make it an ideal component for the manufacture of stop hook discs, brakes holder, wheels, struts of the landing gear, hinges, engine mounts, beams, axles, cylinders, roots and wing spars, and bulkheads.
Product Takeaway
Based on product, the market is bifurcated into cold/hot forged parts, castings and sintered parts. Among these cold/hot forged parts are dominating the market and is estimated to continue this boom with a CAGR of over 4.0%. The growth is attributed to the increasing reliance of construction and automotive industry on stainless steel products. Sintered parts are quite niche and because of their electrical and thermal conductivity will make them suitable for industrial applications in forecast period.
Regional Takeaway
The steady increase in the manufacturing processes of countries in the Asia Pacific region like China, India, and Japan will bolster the market in this region. North America’s forged stainless steel market is driven by strong demand from the automotive industry. The aerospace manufacturing industry in this region is also growing rapidly due to the growing need for defense aircraft. Eastern Europe is experiencing a widespread demand for steel forgings due to steady increase in the number of manufacturing industries. The main countries that lead the consumption of forged parts are Germany, the United Kingdom, and France due to the presence of the main manufacturers in these countries.
Key Vendors Takeaway
The companies in the market are moderately competitive with a presence in all the key regions of the world. Key vendors of this market are ISGEC Heavy Engineering Ltd, Investacast, Ecosteel, Scot Forge, Canada Forgings, Accurate Steel Forgings, Sinteris, Sintex, PCC Forged Products, The Reserve Group, Harihar Alloys Private Limited, and Forge Products Corporation.
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The existence of a large number of competent local vendors is also increasing competition in the market. Macroeconomic factors, such as oil and gas prices and a peaceful political set up ideal for international trade and commerce, have a significantly positive effect on the stainless steel forgings industry’s competitive environment.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
TARGET AUDIENCE
Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies
Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
Cold/Hot Forged Parts
Casting
Sintered Parts
MARKET, BY APPLICATION
Building & Construction
Industrial
Automotive
Aerospace
Consumer Goods
Others
MARKET, BY REGION
North America
U.S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
Middle East and Africa
Latin America
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