LONDON, Jan. 5, 2017 /PRNewswire/ -- The global stainless steel forgings market is expected to reach USD 13.57 billion by 2024, 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.
Further key findings from the report suggest:
Cold/Hot forged parts are thelargest product segment and are expected to grow at a CAGR of 6.8% from 2016 to 2024. The ease of manufacturing coupled with low costs involved in the manufacture is expected to drive demand for these products.
Industrial application segment is the largest application segment and is expected to reach USD 2.35 billion by 2024 on account of rising industrial activity in Asia Pacific and Africa.
Stainless steel forged products are largely chosen in building and construction application segment as they provide a high degree of corrosion resistance with necessary strength.The buildings & construction application of stainless steel forgings market is expected to grow at a CAGR of 7.4% from 2016 to 2014.
Latin America is expected to witness significant revenue growth, growing at a CAGR of 6.4% from 2016 to 2024 in light of the increasing construction projects and rise in the number of energy installations in the region.
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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