Sintered components are a niche market segment. Electrical conductivity, translucency, and thermal conductivity are all characteristics of sintered products. These products’ enhanced properties are driving demand for industrial applications. Demand for sintered products with increased strength is expected to be driven by research and development efforts. The North America stainless steel forgings market is expected to expand at a compound annual growth rate (CAGR) of XX percent during the forecast period. The market demand is due to the high consumption of the product in industrial and aerospace applications. Increased investment in the aerospace industry is expected to drive regional product demand.
In last few years, the United States received many manufacturing investments, which are expected to boost demand for stainless steel forgings. Airbus began operations in September 2015 at its first manufacturing facility in the United States, in Alabama.
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In terms of volume, Europe’s stainless steel forgings market accounted for XX percent of the market in 2019. Eastern Europe’s growing manufacturing sector is driving demand for forgings. Germany, the United Kingdom, and France are the leading countries in terms of forgings consumption, owing to the presence of major manufacturers in these countries.
Asia Pacific dominated the global market in 2019, with a volume share of XX percent. Demand in Asia Pacific is expected to be driven by the expansion of manufacturing activities in countries such as Japan, China, and India. Demand for these products is being fueled by an increase in foreign investment and favorable government policies in these countries.
The development of infrastructure in Latin America and Africa is increasing demand for stainless steel forgings. Over the forecast period, the government initiative aimed at boosting manufacturing activity in the region may boost demand for stainless steel forgings.
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