Forging is a manufacturing procedure which involves the shaping of material with a hammer using compressive force. Stainless steel is a widely use material among manufacturers to develop industrial parts. Manufacturers select stainless steel material based on its corrosion resistance, strength, heat resistance as well as other mechanical properties. The main advantage of stainless steels material includes resistance to corrosion by atmospheric conditions, moisture, and other violent environments at low or high temperature.
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Fabrication is a significant factor required even in the early stage of product design along with forging which is one of the manufacturing method adopted by designers. Forged parts are widely used in machines and mechanisms. Additionally, the stainless steel forgings technique provide an advanced, and continuous grain flow that follows the contour of part unlike different techniques such as machining or casting. Therefore, through gain flow and refinement, forging allows the strength where it required most coupled with improving the mechanical properties of stainless steel the forgings will enhance the overall product part quality.
Stainless Steel Forgings Market: Drivers and Restraints
Stainless steel forgings market is witnessing maximum growth owing to expanding demand for lightweight forged products, developing manufacturing activities globally, growing demand for commissioned products, and enhancing the use of stainless steel in various end use application. Moreover, expansion in the construction industry, increasing regime expenditure, and advanced features such as excellent inherent forgeability, higher ductility, cryogenic toughness, lower maintenance, and heat resistance are some of the factors that can boost the demand for stainless steel forgings over the forecast period. However, alternative materials used in the manufacturing of forgings such as plastic, and aluminum coupled with volatile raw material costs such as chromium and nickel may hamper the growth of the stainless steel forgings market during the forecast period.
Stainless steel forgings market revenue is expected to grow at a rapid growth rate, over the forecast period. The market is anticipated to perform well in the near future owing to its favorable properties such as high strength, reliability, wear & tear resistance, product versatility, economy viability, and high corrosion resistance. Additionally, it is also used for the manufacturing of various aviation components such as hinges, bulkheads, engine mounts, beams, wing roots, landing gear cylinders, and arresting hooks are some of the factors that can propel the market revenue growth of stainless steel forgings in the near future. Based on product type, castings segment is anticipated to grow at the fastest CAGR over the forecast period attributed to the manufacturing of complex designs that would be otherwise difficult to form by other processing methods.
Stainless Steel Forgings Market: Region-wise Outlook
Depending on the geographic region, stainless steel forgings market is divided into seven key regions: North America, Eastern Europe, Latin America, Western Europe, Japan, Asia-Pacific, and the Middle East & Africa. North America dominates the stainless steel forgings market followed by Europe, and Japan is owing to rapidly increase in the aerospace manufacturing industry which is further expanding the demand for defense aircraft, high consumption of forgings, and the presence of key manufacturers in these regions. The market in Asia Pacific and Japan is expected to grow at significant CAGR owing to expanding automotive industry in developing countries such as China, and India along with increasing foreign investment, and a rise in construction projects are some of the factors that are projected to propel the growth of stainless steel forgings market throughout the forecast period.
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Stainless Steel Forgings Market: Key Players
Some of the prominent players in the stainless steel forgings market are All Metals & Forge Group, LLC, Wichard, Inc., Ellwood Closed Die Group, ISGEC Heavy Engineering Ltd., Bourdon Forge Company, Inc., Tarunsika Inc., Precision Castparts Corporation, Keystone Forging Co., Sintex A/S, PSM Industries, Inc., Harsh Steel Trade Pvt Ltd, Forge Products Corporation, J & N Metal Products, LLC, Canada Forgings Inc., Harihar Alloys Private Limited, Scot Forge Company, and others.
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