The global Stainless Steel Forging for Agriculture Market is forecast to reach USD 15.97 Billion by 2027, according to a new report by Reports and Data. The market is seeing an expanded interest from the aviation and industrial industry, due to its critical characteristics of stainless steel to withstand physical, chemical, and electrical wear-tear with the ability of high recyclability. However, the availability of substitute materials like aluminum is likely to incline the market towards the use of non-ferrous forged products, due to their advantages, including high conductivity, non-magnetic properties, lightweight, and corrosion resistance, thereby hampering the demand of the market.
Rapid urbanization has changed the way of life of the 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.
Top Companies Operating in the Global Stainless Steel Forging for Agriculture Market:
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
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Further key findings from the report suggest
- Based on product type, Cold/Hot forged product generated a revenue of USD 7.87 billion in 2019, as they help in saving materials by obtaining precise shapes, which results in reduced machining costs.
- Open-die forging is a popular process for the Stainless-Steel Forging market and is expected to have a CAGR of 6.6% for the forecasted period, owing to its fundamental characteristics that offer various benefits like less material waste, valuable cost savings, reduced chance of voids, better fatigue resistance.
- The Aerospace sector is the major contributor to the Stainless-Steel Forging market, which is forecasted USD 3.51 billion by 2027. The Aerospace sector of the Asia Pacific region is the major shareholder of the Stainless-Steel Forging market holds around 22% of the market in comparison to the automotive industry of other areas of the year 2019.
- The Asia Pacific dominated the market for Stainless-Steel Forging. The consistent focus of the region on cost-effective and innovative procedures adopted in the area is driving the market. The Asia Pacific region holds approximately 64.0% of the Stainless-Steel Forging market, followed by Europe, which holds around 17.0% market in the year 2019.
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Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
Stainless Steel Forging for Agriculture Market Segmentation
Product Type Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Castings
- 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
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Automotive
- Aerospace
- Oil Gas
- Building Construction
- Agriculture
- Others
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