Stainless Steel Forgings Market Size, Share & Trends Analysis Report By Application (Automotive, Aerospace & Defense, Industrial), By Process (Open Die, Close Die), By Region, And Segment Forecasts, 2024 - 2030

Stainless Steel Forgings Market Size, Share & Trends Analysis Report By Application (Automotive, Aerospace & Defense, Industrial), By Process (Open Die, Close Die), By Region, And Segment Forecasts, 2024 - 2030

Stainless Steel Forgings Market Growth & Trends

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. Positive energy and construction industry outlook is expected to boost the market growth of stainless steel forgings over the forecast period.

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 industrial application was the dominant segment in the market. 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 growing usage of this product in automotive is expected to boost the overall demand. The application of stainless steel forgings in aviation is also expected to boost the demand over the forecast period.

Stainless Steel Forgings Market Report Highlights

• The automotive segment dominated the market and accounted for a share of 52.9% in 2023. The significant market growth 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 witness the fastest growth over the forecast period with a CAGR of 7.6%. The sector utilizes metal forging to fabricate essential, high-strength components necessary for aircraft and spacecraft, where material integrity and reliability are indispensable.
• North America stainless steel forgings market is projected to be the fastest growing region in the global stainless steel forgings market with a CAGR of 9.5% over the forecast period.
• Companies are moderately competitive with leading companies such as PCC Forged Products and ISGEC Heavy Engineering increasing their product portfolio by introducing new products in the market. The industry leaders are expected to dominate the market by acquisitions and increasing the capacity of their production facilities.
• Manufacturers in the market are also engaged in expanding their presence by increasing the number of warehouses to cater to a large number of customers in different regions. The noticeable trend is of manufacturers entering into agreements with end-users for the supply of products.

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