Reports and Data have recently published a novel report on the global Stainless Steel Forging Market to provide details about ongoing and upcoming activities in the Stainless Steel Forging industry. The global market is expected to reach USD 15.97 Billion By 2027 from USD 9.76 Billion in 2019 with a CAGR of 6.3%. The research report offers in-depth information about market share, market size, revenue growth, drivers, restraints, limitations, growth opportunities, and top companies in the market.
Rapid urbanization has changed the way of life of individuals and, thus, has expanded the pervasiveness of aviation sectors over a broad aspect; therefore, augmenting the demand for the market product. The 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 is likely to hinder the growth of the stainless-steel forging market.
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The materials and the chemical market is rapidly expanding in terms of revenue in recent years and over the forecast period owing to increasing demand for raw materials and chemicals for various industrial applications such as paper and paint, food and beverages, healthcare and pharmaceutical, manufacturing, construction, and agriculture. Revenue growth of the global Stainless Steel Forging market is attributed to factors such as rapid industrialization and urbanization, increasing awareness about green energy, rising inclination towards eco-friendly and biodegradable products, and rising presence for packaged food. In addition, increasing investments in research and development activities, rising disposable income, and increasing demand for products such as soaps, detergents, perfumes for daily usage are fueling the market growth.
The report offers precise information about each market player along with global position, business expansion plan, license agreement, research and development investments, and product base expansion plans. The global Stainless Steel Forging market is extremely competitive and comprised key operating at global and regional levels. Major companies are focusing on developing new strategies like mergers and acquisitions, partnerships, collaborations, and new product launches to maintain their market position as well as enhance their product base.
The top 10 leading companies profiled 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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Product Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Hot/Cold Forged Parts
- Sintered Parts
Process Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Close-Die Forging
- Open-Die Forging
- Ring Rolling Forging
- Upset Forging
- Precision Forging
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Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Oil & Gas
- Building & Construction
Stainless Steel Forging Market Segmentation Based on Regions:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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