The global Stainless Steel Forging Market is forecast to reach USD 15.97 Billion by 2027, according to a new report by Reports and Data. The market is seeing an expanded interest from the aviation and industrial industry, due to its critical characteristics of stainless steel to withstand physical, chemical, and electrical wear-tear with the ability of high recyclability. However, the availability of substitute materials like aluminum is likely to incline the market towards the use of non-ferrous forged products, due to their advantages, including high conductivity, non-magnetic properties, lightweight, and corrosion resistance, thereby hampering the demand of the market.
Rapid urbanization has changed the way of life of the individuals and, thus, has expanded the pervasiveness of aviation sectors over a broad aspect; therefore, augmenting the demand for the market product. The limitations of Stainless-Steel Forging, which include fluctuating prices of materials, such as iron ore and nickel, thereby shifting the market for the use of substitute products is likely to hinder the growth of the stainless-steel forging market.
The use of Stainless-Steel Forging supported by the Ministry of Steel, Heavy Industries & Public Enterprises, Department of Commerce (Commerce) and the International Trade Commission (ITC) of the Indian government, as the forging market in India is the key contributor to the overall manufacturing sector, thus creating a demand for the product. Moreover, other nations such as China, Europe, and the United States are also supported by their respective government, which help them to withhold their position in the market and raise the potential to increase expenditure in the Stainless-Steel Forging industry. China announced an increase in export rebates on cold-rolled steel, stainless steel strip, and others from the present 10% to 13% for a large number of steel products upon resuming its operations after the Covid-19 epidemic. This may prompt Indian steelmakers to seek higher border tariffs if imports, too, were to surge now. The Asia Pacific region is forecasted to grow with the highest growth rate owing to the increase in the use of Stainless-Steel Forging.
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Key participants 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, among others.
The COVID-19 impact:
As the COVID-19 crisis grows, manufacturers are quickly changing their practice and purchasing priorities to meet the required demand of a pandemic, which has cut the need for stainless-steel in the market. Over a couple of months, there will be a series of both positive and negative shocks, as manufacturers and their suppliers respond to providers changing needs. With an unfortunate global situation, the export-dependent economies of many regions look vulnerable. Global stainless steel forging market is reshaped by the effects of this pandemic, as some suppliers are either shutting down or reducing their output, due to a lack of demand for forging in the downstream market. While others are having their production suspended by their respective governments as a precautionary measure to combat the spread of the virus. In certain regions, markets are focusing on becoming more localized, by looking at the severity of the outbreak, and the consequent actions by the individual national authorities. In many cases, this replaces supplies that are no longer available from Italy and Spain, where the government has suspended operations. Under these circumstances, market conditions in Asia Pacific regions have been very fluid, declining weekly, making it challenging to stabilize itself.
Further key findings from the report suggest
Based on product type, Cold/Hot forged product generated a revenue of USD 7.87 billion in 2019, as they help in saving materials by obtaining precise shapes, which results in reduced machining costs.
Open-die forging is a popular process for the Stainless-Steel Forging market and is expected to have a CAGR of 6.6% for the forecasted period, owing to its fundamental characteristics that offer various benefits like less material waste, valuable cost savings, reduced chance of voids, better fatigue resistance.
The Aerospace sector is the major contributor to the Stainless-Steel Forging market, which is forecasted USD 3.51 billion by 2027. The Aerospace sector of the Asia Pacific region is the major shareholder of the Stainless-Steel Forging market holds around 22% of the market in comparison to the automotive industry of other areas of the year 2019.
The Asia Pacific dominated the market for Stainless-Steel Forging. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region holds approximately 64.0% of the Stainless-Steel Forging market, followed by Europe, which holds around 17.0% market in the year 2019.
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For the purpose of this report, Reports and Data have segmented into the global Stainless Steel Forging market on the basis of product type, process type, application, and region:
Product Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Castings
Hot/Cold Forged Parts
Sintered Parts
Process Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Close-Die Forging
Open-Die Forging
Ring Rolling Forging
Upset Forging
Precision Forging
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
Automotive
Aerospace
Oil & Gas
Building & Construction
Agriculture
Others
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Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
North America
Europe
Asia Pacific
MEA
Latin America
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