The global stainless steel forgings market size is expected to reach USD 8.10 billion by 2030, registering a CAGR of 7.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Stainless steel forgings are now finding acceptance across various end-use industries on account of characteristics such as economic viability, reliability, and strength. These forgings exhibit higher strength than other steel alloys and also have good corrosion resistance. The forged products also have a higher strength to weight ratio on account of which they are used in a large number of applications. The demand is driven by countries such as China and Japan due to a presence of a large number of heavy component manufacturers present. The application of stainless steel forgings in aviation is also expected to boost the demand.Get deeper insights, latest developments & key market drivers in the Global Stainless Steel Forgings Market
Report Highlights
• The automotive segment dominated the market and accounted for a share of 52.9% in 2023. The significant growth of the market can be attributed to the widespread use of forged parts in automobiles, ranging from engine components and chassis structures to transmission parts.
• The aerospace & defense segment is expected to grow at the fastest CAGR over the forecast period due to the utilization of steel forging to fabricate essential, high-strength components necessary for aircraft and spacecraft.
• Closed die dominated the market and accounted for a revenue share of 74.9% in 2023. The process of closed die forging offers remarkable precision and dimensional accuracy, enabling manufacturers to craft difficult shapes with tight tolerances, making it an ideal choice for producing critical components.
• The open die segment is expected to grow at the fastest CAGR over the forecast period due to its applications in construction, automotive, aerospace, and machinery manufacturing.
• North America stainless steel forgings market is expected to grow at the fastest CAGR over the forecast period. Investments in aerospace and defense, as well as the upgrading of infrastructure, are contributing to the growing demand for high-quality forged components.
• Asia Pacific stainless steel forgings market dominated in 2023 with a revenue share of 48.9%. Asia Pacific demand is anticipated to be driven by the growth of manufacturing operations in emerging economies such as Japan, China, and India.
Key Stainless Steel Forgings Company Insights
Some of the companies in the stainless steel forging market include American Axle & Manufacturing, Inc.; ATI; Bharat Forge; Bruck GmbH; Cornell Forge Co. Companies in the market are focusing on increasing customer base to gain a competitive edge in the industry.
Recent Developments
• In April 2024, Maiden Forgings, a company engaged in producing lines of stainless steel, carbon steels, and alloy steel, bought 4 acres of land for its consolidation and expansion plan, which is expected to help it in purchasing new machinery and enhancing capacity.
• In June 2021, Bharat Forge acquired Sanghvi Forging and Engineering, which produces open and closed die forging products for various industries. The acquisition is likely to strengthen the company's market position.
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