Forging is a way to make things that involves using a hammer and compressive force to shape materials. Stainless steel is a material that is often used to make industrial parts. Manufacturers choose fabrics made of stainless steel based on their strength, resistance to corrosion and heat, and other mechanical properties. The main benefit of stainless steel is that it doesn’t rust or corrode in air, water, or harsh environments, even when the temperature is low or high.
The market is growing because more factories are being built worldwide. Stainless steel is a mixture of iron and chromium, at least 10.5% by weight. With the forging manufacturing process, many different grades of stainless steel are used to make parts. This is because forging improves the overall qualities of stainless steel. The stainless steel forging process makes stainless steel more robust and corrosion-resistant, so it can last longer and handle harsh environments. Forging can also create something more substantial for its weight. It also makes stainless steel stronger and improves how it works.
Market Trends, Drivers, Restraints and Opportunities of Stainless Steel Forging
• As the forecast period progresses, the market is expected to grow due to the rising need for stainless steel forgings in the manufacturing and transportation sectors.
• In the coming years, the overall growth is likely to be driven by the development of the auto industry.
• In the following years, the increasing need for lightweight forged items will drive the market.
• The market’s growth is expected to be slowed by the changing prices of raw materials over the next few years.
• In the coming years, the market’s growth will likely be slowed down by the rise of aluminium and plastic forgings.
• The COVID-19 pandemic harmed the market’s growth in 2019 and 2020, likely to continue until the middle of 2021.
• Over the next few years, the market’s growth is expected to be fuelled by critical players’ increasing R&D activities.
Parts of the global market for stainless steel forgings:
Castings, sintered components, and cold/hot forged goods have their niches in the market. A sizable portion of 2019 market revenue was generated from the cold/hot forged components subsegment. Making cold-forged goods helps conserve materials by giving them exact shapes and decreasing machining costs, which explains the growth. However, manufacturers’ rising demand for stainless steel castings indicates that the castings industry will increase rapidly over the next few years. The global stainless steel forging market is segmented into submarkets based on end-use industries like construction, manufacturing, transportation, and consumer products. Industrial sales drove much of 2019’s market growth and revenue. Forgings made of stainless steel are desirable because they are durable and resistant to corrosion and rust.
But the automotive segment is expected to increase over the next few years because of a growing market for lightweight forged products with better resistance to wear and tear.
The region’s growth can be explained by the fact that more products are being used in industrial and aerospace applications and that more money is being put into the aerospace industry. But it is expected that the market in Asia-Pacific will grow at a high CAGR because of more foreign investment in forging companies in India and good government policies.