Stainless Steel Forgings Market Size And Forecast By Product (Cold/Hot Forged Products, Castings, Sintered Parts), By Application (Building & Construction, Industrial, Automotive, Aviation, Consumer Goods), By Region And Trend Report

Stainless Steel Forgings Market Size And Forecast By Product (Cold/Hot Forged Products, Castings, Sintered Parts), By Application (Building & Construction, Industrial, Automotive, Aviation, Consumer Goods), By Region And Trend Analysis From 2018 To 2024

  • Published Date: Nov, 2016
  • Base Year for Estimate: 2015
  • Report ID: GVR-1-68038-197-9
  • Format: Electronic (PDF)
  • Historical Data: 2013 - 2014
  • Number of Pages: 100

Industry Insights

The global stainless steel forgings market size was valued at USD 7.51 billion in 2015. The stainless steel forgings demand is majorly driven by growing manufacturing activity around the world. The ability of stainless steel to withstand chemical, physical and electrical wear and tear is the major factor responsible for the growth of these products.

High recyclability offered by stainless steel is driving the demand for these products. The growing application of these products in industrial and aviation application segments is serving as a growth opportunity for these products. Forgings manufactured from aluminum and plastic composites are expected to pose a major threat to the growth of these products over the forecast period.

Global iron ore prices, (USD per dry metric ton), 2011 - 2016

Global iron ore prices

There is an upswing in the construction industry from emerging economies owing to increased government expenditure on infrastructure which is expected to increase the demand for these products. The fluctuating prices of raw materials such as nickel and iron ore are expected to impact the industry growth.

Application Insights

The global market has been segmentedon the basis of application as building & construction, industrial, automotive, aerospace, consumer goods, and other applications. Industrial was the largest application segment in 2015 with a share of 33%. The favorable properties of stainless steel forgings such as strength and resistance to wear and tear are driving the demand for these products in this application segment.

The stainless steel forgings application in automotive is expected to grow rapidly at a CAGR of 4.5% from 2016 to 2024. The rising demand for lightweight forged products with enhanced wear and tear resistance is driving the growth.

Global stainless steel forgings market, by application, 2015

Global stainless steel forgings market

The demand for stainless steel forgings in aviation application is expected to grow at a CAGR of 7.0% from 2016 to 2024. The product’s versatility of size, shape, and properties make it an ideal component for the manufacture of bulkheads, wing roots and spars, hinges, engine mounts, brackets, beams, shafts, landing gear cylinders and struts, wheels, brake carriers and discs and arresting hooks.

Product Insights

The stainless steel products manufactured using the forging products are classified into three main categories: cold/hot forged parts, castings and sintered parts. Cold/Hot forged parts are the dominant product segment with a market share of over 80% in 2015. Castings are fastest growing product segment growing at a CAGR of 4.5% from 2016 to 2024.

Sintered parts are the niche product segment in the market. Sintered products possess properties such as electrical conductivity, translucency, and thermal conductivity. The enhanced property provided by these products is driving the demand forindustrial applications. The research and development efforts concerning the development of sintered products with enhanced strength are expected to drive demand for these products.

Regional Insights

North America stainless steel forgings market is driven by strong demand from the automotive industry. The revenue is expected to reach USD 1.05 billion by 2024. The aerospace manufacturing industry in this region is also growing rapidly owing to rising need for defense aircraft.

The rising number of manufacturing industries in Eastern Europe is driving the demand for forgings. The major countries leading forgings consumption are Germany, UK, and France due to the presence of major manufacturers in these countries.

Asia Pacific dominated the global market with a share of over 60% in 2015. The rise in manufacturing activities in countries such as Japan, China and Indiais expected to drive the demand in Asia Pacific. The rise in foreign investment and favorable government policies in these countries is driving the demand for these products.

China stainless steel forgings market revenue, by product, 2013 - 2024 (USD Million)

China stainless steel forgings market

Infrastructure development in Latin America and Africa is fueling demand for stainless steel forgings.The government initiative aimed at increasing the manufacturing activity in the region can boost the demand for stainless steel forgings over the forecast period.

Competitive Insights

Companies in the market are moderately competitive with presence across all the key regions worldwide. PCC Forged Products and ISGEC Heavy Engineering are the major players. The other notable market players are Harihar Alloys, Sintex A/S, Investacast, Forge Products Corporation, Scot Forge and Canada Forgings Inc.

The presence of a large number of local players is also increasing competition in the market. The macro economic factors such as oil & gas prices and political scenario have a profound effect on the competitive environment of the stainless steel forgings industry.

Report Scope



Customization Offer (15% free)*

Additional Cost

Base year





2013 - 2014

Extended historic data (2012 to 2015)



2016 - 2024

Extended Forecast data (2024 – 2027)


Report details

Size, company share, competitive Landscape, growth factors, trends

Contact us for specific information not available in this report

Quotation to be shared post feasibility

Market representation

USD Million, Kilo Tons



Geographic coverage

Global & Regional (by country)

Information on up to three additional countries


Company profiles

All major industry players

Profiles of 10 additional companies


*15% free customization - It is equivalent to work done by a research analyst for 5 working days 

Segments covered in the report

Grand View Research has segmented the stainless steel forgings market by product, application, and region.

  • Global Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
    • Cold/Hot Forged Parts

    • Castings

    • Sintered Parts

  • Global Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
    • Building & Construction

    • Industrial

    • Automotive

    • Aviation

    • Consumer Goods

    • Others (Food & Dairy, Paper Mills)

  • Global Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)
    • North America

      • U.S.

    • Europe

      • Germany

      • UK

      • France

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa (MEA)

Key questions answered by the report
Request for Customization

Choose License Type

Single User - $4,250
Multi User (2-5) - $5,250
Enterprise Access - $7,250

Buy Chapters or Sections

Avail customized purchase options to meet your exact research needs:

  • Buy sections of this report
  • Buy country level reports
  • Request for historical data
  • Request discounts available for Start-Ups & Universities

Why Choose Us

  • Research support

    24/5 Research support

    Get your queries resolved from an industry expert.

  • Custom research service

    Custom research service

    Design an exclusive study to serve your research needs.

  • Quality assurance

    Quality assurance

    A testimonial for service in the form of BBB "A" Accreditation.

  • BBB Rating dandb
  • Information security

    Information security

    Your personal and confidential information is safe and secure.

  • grand view research PCI DSS complaint grand view research paypal verified