4.5% CAGR for Stainless Steel Market Size and Share to Hit

2023-01-06 17:12:45 By : Ms. Ella Su

December 13, 2022 07:33 ET | Source: The Insight Partners The Insight Partners

New York, Dec. 13, 2022 (GLOBE NEWSWIRE) -- -- The Insight Partners published latest research study on Stainless Steel Market to 2028 – Global Analysis and Forecast – by Grade (200 Series, 300 Series, 400 Series, and Others), Product (Hot Bars/ Wire Rods, Semis, Cold Bars/Wire Rods, Cold-Rolled Flat, Hot Coils, and Hot Plate & Sheet), Application (Automotive & Transportation, Building & Construction, Consumer Goods & Other Metal Components, Heavy Industries, and Electrical Appliances), and Geography. The stainless-steel market is largely driven by the rapid growth in automotive and construction industries. Single Platform Laser Cutting Machine

4.5% CAGR for Stainless Steel Market Size and Share to Hit

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Stainless-Steel Market - Strategic Insights

Stainless Steel Market: Competitive Landscape

A few players operating in the global stainless steel market include Acerinox S.A., Aperam S.A, ArcelorMittal S.A, Jindal Stainless Limited, Outokumpu OYJ, Sandmeyer Steel Company, Sandvik AB, Schmolz + Bickenbach Group, Thyssenkrupp AG, and Guangxi Chengdu Group. Players operating in the stainless steel market are focusing on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and new product launches.

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In 2021, Asia Pacific held the largest share of the global stainless steel market. Rising demands from construction, automotive, consumer goods, and heavy industries have led to the stainless steel market expansion in the region and is expected to continue to grow at a high rate in the future. China is one of the largest producers and consumers of stainless steel in Asia Pacific. The low manufacturing and capital costs in China attracts new investment and better opportunities for stainless steel businesses in the region. China and India are among the biggest construction markets in the world and expected to grow at a rapid rate in future, which, in turn, propels the demand for stainless steel. According to IBEF, the Indian automotive industry is projected to reach approximately US$ 250–280 billion by 2026. The countries from the region are witnessing an upsurge in the middle-class population, as well as growth in urbanization, which provides ample opportunities for the key market players in the stainless steel market. The region is also dominated by the presence of a number of stainless steel manufacturers such as Acerinox S.A., Guangxi Chengde Group, Jindal Stainless Limited, and Sandvik AB.

As stainless steel has proven to exhibit safety combined with performance, efficiency, lightweight and strength, it is highly preferred in the automotive industry. The corrosion resistance property of stainless steel makes it ideal for manufacturing decorative wheel rims. Due to the lightweight property of stainless steel, it has been considered as a primary material in the construction of fuel tanks. Thus, owing to the wide scope of stainless-steel applications, its market portrays notable growth trajectory.

The connecting components made with stainless steel are abundant to every aspect of the automotive manufacturing sector. Flanges, substructures, brackets, tubing, springs, as well as fasteners and panels, are made using stainless steel. Stainless steel is specially used in the production of high-performance cars.

Based on grade, the stainless-steel market is segmented into 200 series, 300 series, 400 series, and others. The stainless-steel market share for the 300 series segment was largest in 2021. The 300 series grade of stainless-steel alloy is capable of maintaining high strength at high temperatures, resist corrosion, and easy maintenance. It finds application in rail car structural components that are usually roll-formed stretched or roll formed to profiles, wiper blade holders, and clips.

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Based on application, the stainless steel market is segmented into automotive & transportation, building & construction, consumer goods & other metal components, heavy industries, and electrical appliances. The consumer goods & other metal components segment held the largest market share in 2021. Stainless steel is used in white goods as they are highly resistant to corrosion and can be easily fabricated, as well as known to offer excellent mechanical properties over a wide range of temperatures. Stainless steel has served to be an ideal inert material, due to its ductility, strength, and aesthetic properties, for sinks and hobs, washing machines, dishwashers, and ovens. Stainless steel is resistant to thermal shocks and high temperatures of up to 800°C. It is widely used in modular kitchen setups as they provide aesthetic appearance, resistance against corrosion and high temperatures, and durable.

Increasing demand from the construction industry is driving the stainless steel market growth. With properties such as corrosion resistance, high tensile strength, durability and aesthetic appearance, stainless steel is ideally suited in construction and architectural applications. The high corrosion resistance of stainless steel is due to the presence of chromium-rich oxide film on the steel surface. Due to the durability of stainless steel, construction sites using it are able to retain their original appearance.

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4.5% CAGR for Stainless Steel Market Size and Share to Hit

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