Market Overview:
The global stainless steel forgings market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for stainless steel forgings in various end-use industries, such as automotive, aerospace, industrial, building & construction, consumer goods and aviation. In terms of type, the castings segment is expected to lead the global stainless steel forgings market during the forecast period owing to its properties such as high strength-to-weight ratio and corrosion resistance. In terms of application, the automotive segment is projected to lead the global market due to rising demand for lightweight vehicles with improved fuel efficiency.
Product Definition:
A steel alloy that contains chromium and nickel in addition to carbon and iron. Stainless steel forgings are used in a variety of applications, including medical implants, food processing equipment, and architectural hardware. They are prized for their high resistance to corrosion and staining.
Castings:
Stainless steel forgings are used in various end-use industries including construction, oil & gas, aerospace & defense and automotive. The growth of these industries is expected to drive the demand for stainless steel forgings over the forecast period.
Cast iron is one of the most commonly used materials in manufacturing processes owing to its properties such as high strength and low cost as compared to other materials such as aluminum and copper.
Hot/Cold Forged Parts:
Hot Forged Parts are parts which are forged at temperatures above 800°C. The main advantage of Hot Forged Parts is that they can be made into very thin pieces, and also the grain size can be kept very small, as high temperature helps in eliminating any impurities present in the metal.
The major application of Hot Forged Parts is in turbine blades & pumps where extreme strength and thinness are required.
Application Insights:
The automotive application segment accounted for the largest volume share of over 30% in 2017. The growth can be attributed to the extensive use of forged parts in this sector. For example, Ford has used stainless steel forgings in its vehicles since they offer superior performance and strength at a lower weight as compared to other materials such as aluminum or steel.
Aerospace is expected to emerge as one of the fastest-growing segments during the forecast period owing to rising demand from countries such as China, Japan, and India where aerospace industry is witnessing significant expansion on account of increasing aviation activities. Moreover, growing defense expenditure across various regions including Middle East & Africa will further boost product demand from aerospace applications over next few years.
Industrial application segment was valued at USD 1,000 million in 2017 owing to high product utilization across industries including chemical processing plants.
Regional Analysis:
Asia Pacific dominated the global stainless steel forgings market in 2017 and is expected to continue its dominance over the forecast period. The region accounted for a share of more than 30% in terms of volume, owing to high demand from industries such as automotive, aerospace and others. China is one of the largest producers and consumers of forged parts across the globe. It has been observed that around 80%of cars manufactured by Dongfeng Motor Corporation are equipped with cast iron components made up of forgings produced by Dongfeng Forged Parts Co., Ltd., located in Wuhu city, Anhui province.
The country’s aviation industry also plays an important role in promoting growth across different sectors including construction, industrial machinery etc.; which results into high demand for forged components from these sectors every year. In addition, rapid expansion undertaken by various end-use industries such as automotive & transportation; building & construction; consumer goods; etc.
Growth Factors:
- Increasing demand from end-use industries such as automotive, construction, and engineering sectors
- Rising popularity of stainless steel forgings in the aerospace and defense sectors due to their high strength-to-weight ratio and corrosion resistance properties
- Growing investments by forging companies in innovative production technologies to cater to the customized needs of customers
- Rising number of mergers and acquisitions among forging players to expand their product portfolios and geographical reach
- Proliferation of online marketing channels that offer a wide range of forged products at competitive prices
Scope Of The Report
Report Attributes
Report Details
Report Title
Stainless Steel Forgings Market Research Report
By Type
Castings, Hot/Cold Forged Parts, Sintered Parts
By Application
Automotive, Aerospace, Industrial, Building & Construction, Consumer Goods, Aviation, Others
By Companies
All Metals & Forge, Wichard, Ellwood Closed Die Group, ISGEC Heavy Engineering, Bourdon Forge, Tarunsika, Precision Castparts, Keystone Forging, Sintex, PSM Industries, Harsh Steel Trade, Forge Products, J & N Metal Products, Canada Forgings, Harihar Alloys Private, Scot Forge
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
243
Number of Tables & Figures
171
Customization Available
Yes, the report can be customized as per your need.
Global Stainless Steel Forgings Market Report Segments:
The global Stainless Steel Forgings market is segmented on the basis of:
Types
Castings, Hot/Cold Forged Parts, Sintered Parts
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Automotive, Aerospace, Industrial, Building & Construction, Consumer Goods, Aviation, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- All Metals & Forge
- Wichard
- Ellwood Closed Die Group
- ISGEC Heavy Engineering
- Bourdon Forge
- Tarunsika
- Precision Castparts
- Keystone Forging
- Sintex
- PSM Industries
- Harsh Steel Trade
- Forge Products
- J & N Metal Products
- Canada Forgings
- Harihar Alloys Private
- Scot Forge
Highlights of The Stainless Steel Forgings Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Castings
- Hot/Cold Forged Parts
- Sintered Parts
- By Application:
- Automotive
- Aerospace
- Industrial
- Building & Construction
- Consumer Goods
- Aviation
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Stainless Steel Forgings Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Stainless steel forgings are pieces of metal that have been forged from a single piece of metal. This makes them very strong and durable, and they are often used in products that need to be resistant to corrosion.
Some of the major companies in the stainless steel forgings market are All Metals & Forge, Wichard, Ellwood Closed Die Group, ISGEC Heavy Engineering, Bourdon Forge, Tarunsika, Precision Castparts, Keystone Forging, Sintex, PSM Industries, Harsh Steel Trade, Forge Products, J & N Metal Products, Canada Forgings, Harihar Alloys Private, Scot Forge.
The stainless steel forgings market is expected to register a CAGR of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Stainless Steel Forgings Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Stainless Steel Forgings Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Stainless Steel Forgings Market - Supply Chain
4.5. Global Stainless Steel Forgings Market Forecast
4.5.1. Stainless Steel Forgings Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Stainless Steel Forgings Market Size (000 Units) and Y-o-Y Growth
4.5.3. Stainless Steel Forgings Market Absolute $ Opportunity
5. Global Stainless Steel Forgings Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Stainless Steel Forgings Market Size and Volume Forecast by Type
5.3.1. Castings
5.3.2. Hot/Cold Forged Parts
5.3.3. Sintered Parts
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Stainless Steel Forgings Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Stainless Steel Forgings Market Size and Volume Forecast by Application
6.3.1. Automotive
6.3.2. Aerospace
6.3.3. Industrial
6.3.4. Building & Construction
6.3.5. Consumer Goods
6.3.6. Aviation
6.3.7. Others
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Stainless Steel Forgings Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Stainless Steel Forgings Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Stainless Steel Forgings Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Stainless Steel Forgings Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Stainless Steel Forgings Demand Share Forecast, 2019-2029
9. North America Stainless Steel Forgings Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Stainless Steel Forgings Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Stainless Steel Forgings Market Size and Volume Forecast by Application
9.4.1. Automotive
9.4.2. Aerospace
9.4.3. Industrial
9.4.4. Building & Construction
9.4.5. Consumer Goods
9.4.6. Aviation
9.4.7. Others
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Stainless Steel Forgings Market Size and Volume Forecast by Type
9.7.1. Castings
9.7.2. Hot/Cold Forged Parts
9.7.3. Sintered Parts
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Stainless Steel Forgings Demand Share Forecast, 2019-2029
10. Latin America Stainless Steel Forgings Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Stainless Steel Forgings Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Stainless Steel Forgings Market Size and Volume Forecast by Application
10.4.1. Automotive
10.4.2. Aerospace
10.4.3. Industrial
10.4.4. Building & Construction
10.4.5. Consumer Goods
10.4.6. Aviation
10.4.7. Others
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Stainless Steel Forgings Market Size and Volume Forecast by Type
10.7.1. Castings
10.7.2. Hot/Cold Forged Parts
10.7.3. Sintered Parts
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Stainless Steel Forgings Demand Share Forecast, 2019-2029
11. Europe Stainless Steel Forgings Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Stainless Steel Forgings Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Stainless Steel Forgings Market Size and Volume Forecast by Application
11.4.1. Automotive
11.4.2. Aerospace
11.4.3. Industrial
11.4.4. Building & Construction
11.4.5. Consumer Goods
11.4.6. Aviation
11.4.7. Others
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Stainless Steel Forgings Market Size and Volume Forecast by Type
11.7.1. Castings
11.7.2. Hot/Cold Forged Parts
11.7.3. Sintered Parts
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Stainless Steel Forgings Demand Share, 2019-2029
12. Asia Pacific Stainless Steel Forgings Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Stainless Steel Forgings Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Stainless Steel Forgings Market Size and Volume Forecast by Application
12.4.1. Automotive
12.4.2. Aerospace
12.4.3. Industrial
12.4.4. Building & Construction
12.4.5. Consumer Goods
12.4.6. Aviation
12.4.7. Others
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Stainless Steel Forgings Market Size and Volume Forecast by Type
12.7.1. Castings
12.7.2. Hot/Cold Forged Parts
12.7.3. Sintered Parts
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Stainless Steel Forgings Demand Share, 2019-2029
13. Middle East & Africa Stainless Steel Forgings Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Stainless Steel Forgings Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Stainless Steel Forgings Market Size and Volume Forecast by Application
13.4.1. Automotive
13.4.2. Aerospace
13.4.3. Industrial
13.4.4. Building & Construction
13.4.5. Consumer Goods
13.4.6. Aviation
13.4.7. Others
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Stainless Steel Forgings Market Size and Volume Forecast by Type
13.7.1. Castings
13.7.2. Hot/Cold Forged Parts
13.7.3. Sintered Parts
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Stainless Steel Forgings Demand Share, 2019-2029
14. Competition Landscape
14.1. Global Stainless Steel Forgings Market: Market Share Analysis
14.2. Stainless Steel Forgings Distributors and Customers
14.3. Stainless Steel Forgings Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. All Metals & Forge
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Wichard
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Ellwood Closed Die Group
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. ISGEC Heavy Engineering
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Bourdon Forge
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Tarunsika
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Precision Castparts
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Keystone Forging
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Sintex
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. PSM Industries
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Harsh Steel Trade
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. Forge Products
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. J & N Metal Products
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. Canada Forgings
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. Harihar Alloys Private
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. Scot Forge
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
