Forged steel is an alloy of carbon and iron that is compressed under high pressure to make a very strong and hard substance. The forged metal becomes stronger than equivalent types that are machined or cast.
The global stainless steel forgings market report has been segmented on the basis of product type, application, and region.
On the basis of product, the global stainless steel forgings market is segmented into hot or cold forged parts, castings, and sintered parts. Sintered parts segment is expected to grow at a moderate CAGR over the forecast period. Enhanced properties of sintered parts such as electric conductivity and thermal conductivity are expected to drive the market growth.
On the basis of application, the global stainless steel forgings market has been segmented into automotive, building & construction, industrial equipment’s, consumer goods, aviation, and other (agriculture equipment, food & dairy sector). Industrial application segment estimated to account for major revenue share in the global stainless steel market. The favorable properties of stainless steel forgings such as resistance to wear & tear and high strength are driving the demand for these products in industrial application segment.
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On the basis of region, the global stainless steel forgings market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific is estimated to account for major revenue share in the global stainless steel market in 2017, and is expected to maintain its dominance over the forecast period owing to increase in manufacturing activities in countries such as India, China, Japan, and Korea in the region. Moreover, increase in government expenditure on infrastructure development which is expected to fuel the market growth over the forecast period.
Key players operating in the global stainless steel forgings market include Precision Castparts Corp., Harihar Alloys Private Limited, FORGE Products Corp., Canada Forgings Inc., Scot Forge, Accurate Steel Forgings (india) Limited., Sinteris Inc., K.K. Metals Pvt. Ltd., Investacast Ltd, and Bharat Forge Limited.