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 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.
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Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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