Stainless Steel Forging Market To Reach USD 15.97 Billion By 2027 | Reports And Data
An increase in demand from the aviation and industrial sector is propelling the worldwide production of aircraft and infrastructure, which is a significant factor in driving the need for forging in the stainless steel market.
New York City, United States – June 30, 2020 /MarketersMedia/ —
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.
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Key players mentioned in the research report are:
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.
In terms of applications, the global Stainless Steel Forging market can be segmented into:
Automotive
Aerospace
Oil & Gas
Building & Construction
Agriculture
Others
In terms of types, the global Stainless Steel Forging market can be segmented into:
Castings
Hot/Cold Forged Parts
Sintered Parts
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For geographical segmentation, regional supply, application-wise, and type-wise demand, key players, and others, this report covers the following regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The report sheds light on the competitive landscape of the market that covers the product offerings, services, market shares, and business overview. This Stainless Steel Forging Market research report covers various dynamic aspects like the market drivers, restraints and challenges, and growth prospects. The prominent and leading companies are profiled in the report.
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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This research report delivers a 360 overview of the competitive landscape of the Global Stainless Steel Forging Market. Furthermore, it includes massive data regarding the latest trends, technological advancements, and methodologies. The study analyzes the Global Stainless Steel Forging Market in a detailed and extensive manner for the readers to gain better insights.
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