STEEL + TECHNOLOGY 04/2019 EXTRACT

88 | PANORAMA
Market research on the basis of thickness and end-use industry
Global precision stainless steel market to
expand 1.5x by the end of 2029
Future Market Insights provides critical insights on the precision stainless steel market, in its published report,
which includes the global industry analysis 2014-2018 and opportunity assessment 2019-2029. In terms of
market value, the global precision stainless steel market is projected to expand at a CAGR of over 4% during the
forecast period, owing to various factors, regarding which, FMI offers thorough insights and forecasts in this
report.
Precision stainless steel (below 0.4
mm) in the form of sheet or foil, is
mostly used by food & beverage, automotive,
pharmaceutical, aerospace, building
& construction, and other industries (oil
& gas, research & development, power,
electronics, railway & transport, and others).
In the report, precision stainless steel
below 0.4 mm thickness is taken under
consideration, where stainless steel foil
(below 0.1 mm thickness), and precision
stainless steel (0.1 mm to 0.4 mm) are categorized
for in-depth analysis. Adoption of
stainless steel foil is anticipated to increase
in medical, aerospace, defence, petrochemical,
laboratory, nuclear, and marine
industries.
Manufacturers entry uplifting
market in China and ASEAN
Region
In the global precision stainless steel market,
East Asia is estimated to hold nearly
half of the market share in terms of volume,
owing to the rapid growth of the
manufacturing and infrastructure sectors
in emerging economies such as China and
South Korea. In terms of production and
consumption of precision stainless steel,
China is attributed to be the leading country
across the globe. In the East Asia precision
stainless steel market, China is
anticipated to be a highly attractive market
in terms of market share and growth rate
during the forecast period.
In the South Asia precision stainless
steel market, India is attributed to provide
lucrative market growth opportunities due
to the increased concentration of manufacturing
and transportation segments. The
entry of manufacturing giants in the ASE-
AN region is expected to deliver an impressive
boost to the growth of the precision
stainless steel market. In the ASEAN
region, Indonesia is estimated to be the
most significant market for precision stainless
steel, while Malaysia is projected to
expand at a high growth rate during the
forecast period.
Europe’s market share gradually
declining
The Europe precision stainless steel market
is expected to witness slow growth owing
to the maturity in demand from the manufacturing
industry. By the end of 2029, the
European precision stainless steel market
is expected to lose market share to South
Asia, as many manufacturing facilities are
shifting to emerging economies in Asia.
Germany is estimated to be the leading
country in the European precision stainless
steel market as it is the largest vehicle manufacturer
in Europe. Energy and processing
industries are actively driving the growth of
the Russian precision stainless steel market
during the forecast period.
Large infrastructure projects from GCC
Countries promise exciting opportunities
for the precision stainless steel market.
The market is expected to witness impressive
demand from Middle East & Africa,
due to the increasing manufacturing and
export of precision components for automotive
from Turkey. In Latin America precision
stainless steel market, Brazil is
expected to be a prominent country in
terms of production, consumption, and
export of precision steel products. Construction
and infrastructure sectors are key
contributors to the overall growth of the
Latin American precision stainless steel
market. The Oceania precision stainless
steel market includes Australia and New
Zealand, and accounts for less than 1% of
the global precision stainless steel market
share.
Key market players that have been profiled
in the report on the precision stainless
steel market include Nippon Steel Corporation,
Jindal Stainless Group, ArcelorMittal
SA, Aperam, Outokumpu Oyj, Kobe
Steel, Ltd., Acerinox, AK Steel Corporation,
Ulbrich Stainless Steels & Special
Metals, Inc., and Baoshan Iron & Steel Co.,
Ltd., among others. Several unorganized
and regional market players are expected
to contribute to the development of the
precision stainless steel market.
Future Market Insights (FMI) is a leading
market intelligence and consulting firm.
The company delivers syndicated
research reports, custom research
reports and consulting services which are
personalized in nature. Complete
packaged solutions combine current
market intelligence, statistical anecdotes,
technology inputs, valuable growth
insights and an aerial view of the
competitive framework and future market
trends.
• Future Market Insights
STEEL + TECHNOLOGY 1 (2019) No. 4