A Increasing demand from the aviation and industrial sector is propelling global production of aircraft and infrastructure, which is a major factor in the need to forge in the stainless steel market.
The Global Stainless Steel Forge Market is expected to reach $ 15.97 billion by 2027, according to a new report from Reports and Data. The market is seeing increased interest from the aeronautical and industrial industry, due to the critical characteristics of stainless steel to resist physical, chemical and electrical wear with a high recyclability capacity. However, the availability of substitute materials like aluminum is likely to tilt the market towards the use of non-ferrous forged products, due to their advantages including high conductivity, non-magnetic properties, lightness and strength. corrosion, thus hampering market demand.
Rapid urbanization has changed the way of life of individuals and thus has widened the ubiquity of aviation sectors in a wide aspect; hence, increasing the market demand for the product. Limitations of stainless steel forging, which include fluctuating prices of materials, such as iron ore and nickel, thereby shifting the market for the use of substitute products, are likely to hamper the growth of the market. of stainless steel forge.
Major companies featured in the report include:
Harihar Alloys, Ellwood Group Inc., Scot Forge, Sintex A / S, Bourdon Forge Company, Forge Products Corporation, ISGEC Heavy Engineering Ltd., Canada Forgings Inc. and Precision Castparts Corporation, among others.
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The growing consumer inclination towards sustainability and hence to view products according to criteria such as circularity and carbon footprint is expected to change the trends in the materials and chemicals market in the coming years. years. Growing consumer concern about carbon emissions has prompted industry players to invest in renewable energy, transport decarbonization and energy efficiency. These trends are expected to have a significant impact on the end chemicals markets, particularly in construction and the automotive industry.
The increasing focus of materials and chemical companies on adopting decarbonization technologies, re-examining their assets, and diversifying away from hydrocarbons will to a certain extent promote the growth of the global stainless steel forging market over the course of the forecast period.
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Global Stainless Steel Forging Market Segmentation:
Product Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, Billions USD; 2017-2027)
- Hot / cold forged parts
- Sintered parts
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, Billions USD; 2017-2027)
- Petroleum gas
- Building construction
The regional analysis covers:
- North America
- Rest of the EU
- Asia Pacific
- South Korea
- Rest of the APAC
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of the MEA
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