Stainless Steel Market outlook, regional growth & industry share by 2024
Statistics of Stainless Steel Market covering market size, industry share numbers, regional outlook, competitive landscape with data about leading companies is now available in the latest report by Global Market Insights, Inc.
Statistics of Stainless Steel Market covering market size, industry share numbers, regional outlook, competitive landscape with data about leading companies is now available in the latest report by Global Market Insights, Inc.
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<strong>Stainless</strong> <strong>Steel</strong> <strong>industry</strong> analysis research and trends<br />
report for 2017- <strong>2024</strong><br />
<strong>Stainless</strong>-<strong>Steel</strong> <strong>Market</strong> may witness significant gains over forecast period owing to<br />
positive <strong>growth</strong> in the automotive sector & rise in public infrastructure expenditure for<br />
developing railways, roads & highways projects. It’s key properties such as resistance<br />
to corrosion, strength, and low maintenance properties making it suitable for wide<br />
range of applications including transportation, heavy industries, and metal products.<br />
Properties such as low maintenance, ease of fabrication, and aesthetic appeal has led<br />
to rise in preference for stainless steel over ordinary steel which is likely to favor<br />
<strong>industry</strong> <strong>growth</strong>. Growing usage of stainless steel in pre-engineered buildings for<br />
roofing and building system may boost the overall product demand over the forecast<br />
timeframe. It safeguards the building system in unfavorable environmental conditions.<br />
Global demand for pre-engineered buildings was valued for USD 9 billion in 2015 and<br />
may surpass USD 15 billion <strong>by</strong> 2020, registering over 12% <strong>growth</strong>.<br />
300 series stainless steel may witness strong gains over the forecast timeframe owing<br />
to its high temperature resistance and easy maintenance along with wide range of<br />
applications in automotive, aerospace, and construction industries. It also resists<br />
cracking and etching better than other grades.<br />
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400 Series grade consist of manganese and chromium and are magnetic. It consists<br />
of high carbon content there<strong>by</strong> giving it a martensitic crystalline structure. Rise in<br />
demand for product for various application such as gas turbine exhaust silencers,<br />
agricultural equipment, heat exchanger, hardware and motor shafts boost the overall<br />
<strong>industry</strong> <strong>growth</strong>.<br />
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Flat product segment is expected to dominate the market over the forecast time<br />
frame. It helps in improving the durability of the product therefore widely used in<br />
application such as metal roofing and automotive manufacturing. Strong application<br />
<strong>outlook</strong> in architecture and construction <strong>industry</strong> for sustainable building will stimulate<br />
stainless steel market size. <strong>Stainless</strong> steel in a grain or polished finish helps in bringing<br />
natural light into the building <strong>by</strong> reducing overall energy consumption. Shift in focus<br />
towards aesthetic appearance of buildings will play a vital role in <strong>industry</strong> <strong>growth</strong>.<br />
Increased product usage in automotive <strong>industry</strong> owing to their wide range of<br />
application in car exhaust systems, mufflers, fuel tanks, hoods, and vehicle frames for<br />
doors will trigger market <strong>growth</strong> in forecast timeframe. Apart from this, new<br />
environmental concerns and emission reduction standards are encouraging<br />
automotive OEM’S to favor stainless steel in structural components. Growing demand<br />
for light weight automobiles may propel the product <strong>growth</strong>.<br />
Rise in demand for stainless steel in medical <strong>industry</strong> may propel the market <strong>growth</strong><br />
over the forecast timeframe. It is widely used in construction of kidney dishes, surgical<br />
and dental instruments, in addition to other medical equipment such as steam<br />
sterilizers, MRI scanners, and cannulas. Positive application scope in consumer goods<br />
such as such as cookware, stoves, and showpieces are also expected to boost the<br />
product demand.<br />
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North America led <strong>by</strong> U.S. stainless steel market may witness significant <strong>growth</strong> <strong>by</strong><br />
increasing application scope in medical, oil & gas and heavy industries. High-grade<br />
stainless steel plays vital role in construction of valves, pipes, and storage tanks to<br />
provide resistance to corrosion over a wider range of temperatures. Growing adoption<br />
of stainless steel in oil & gas <strong>industry</strong> for off-shore oil rigs is expected to boost the<br />
overall market <strong>growth</strong> in the region.<br />
Asia Pacific led <strong>by</strong> China, India and Japan stainless steel market should witness<br />
significant <strong>growth</strong> owing to rise in demand for renewable energy in this region.<br />
<strong>Stainless</strong> steel components are widely used in hydro, geothermal, solar, and wind<br />
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power as they are able to withstand the rigors of highly corrosive sea water<br />
environments. Rapid industrial development and rise in government investments in<br />
infrastructure sector for the construction of highways, roads and bridges may boost<br />
the <strong>industry</strong> <strong>growth</strong> in this region. Europe driven <strong>by</strong> France, UK and Germany stainless<br />
steel market may witness high <strong>growth</strong> owing to positive application <strong>outlook</strong> in<br />
automotive <strong>industry</strong> owing to its high strength that allows for thinner containers, saving<br />
fuel costs, whereas its resistance to corrosion helps in minimizing the maintenance<br />
and cleaning costs.<br />
Global stainless steel market <strong>share</strong> is competitive with major <strong>industry</strong> players include<br />
Jindal <strong>Stainless</strong>, Aperam <strong>Stainless</strong>, ArcelorMittal, Outokumpu, POSCO,<br />
ThyssenKrupp <strong>Stainless</strong>, Nippon <strong>Steel</strong> & Sumitomo <strong>Steel</strong>, JFE Holdings, and North<br />
American <strong>Stainless</strong>. Manufacturers are also focusing on merger and acquisitions with<br />
local & <strong>regional</strong> companies to open new market opportunities this will further boost the<br />
market for stainless steel.<br />
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