NEW YORK, Dec 13, 2022 (GLOBE NEWSWIRE) — The Insight Partners releases the latest research report on the stainless steel market through 2028 – global analysis and forecast – by grade (200 series, 300 series, 400 series, etc.) .), product (hot-rolled steel/wire, semi-finished products, cold-rolled steel/wire, cold-rolled flat steel, hot-rolled coil, hot plate and sheet), application (automotive and transportation, construction, consumer goods and other metal structures, heavy industry) and household technology) and geography. The stainless steel market is primarily driven by the rapid growth of the automotive and construction industries.
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Several companies active in the global stainless steel market include Acerinox SA, Aperam SA, ArcelorMittal SA, Jindal Stainless Limited, Outokumpu OYJ, Sandmeyer Steel Company, Sandvik AB, Schmolz + Bickenbach Group, Thyssenkrupp AG and Guangxi Chengdu Group. Enterprises operating in the stainless steel market are focused on providing high quality products to meet customer needs. They also focus on strategies such as investing in research and development and launching new products.
In 2021, the Asia-Pacific region accounted for the largest share of the global stainless steel market. Growing demand from construction, automotive, consumer goods and heavy industries has led to the expansion of the stainless steel market 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 the Asia-Pacific region. Lower operating and capital costs in China have attracted new investment and expanded opportunities for stainless steel producers in the region. China and India are among the largest construction markets in the world and are expected to witness rapid growth in the future, which in turn is driving demand for stainless steel. According to IBEF, the Indian auto industry will be worth around $25-280 billion by 2026. Countries in the region are seeing a surge in the size of the middle class, coupled with growing urbanization, who are key players in the stainless steel market. The region is also dominated by several stainless steel producers such as Acerinox SA, Guangxi Chengde Group, Jindal Stainless Limited and Sandvik AB.
Stainless steel is in high demand in the automotive industry due to its proven safety, performance, efficiency, light weight and strength. The corrosion resistance of stainless steel makes it ideal for making decorative discs. Stainless steel is considered the main fuel tank material due to its lightweight properties. Consequently, the stainless steel market is showing a significant growth trajectory due to its wide range of applications.
Stainless steel fittings are widely used in all aspects of the automotive industry. Flanges, substructures, brackets, pipes, springs, as well as fasteners and panels are made of stainless steel. Stainless steel is used exclusively in the production of high-performance vehicles.
Depending on the grade, the stainless steel market is divided into 200 series, 300 series, 400 series and others. The 300 series segment will hold the largest share of the stainless steel market in 2021. 300 Series stainless steel alloys maintain high strength at high temperatures, resist corrosion and are easy to maintain. It can be used for structural members of rail vehicles where rolled or bent profiles, wiper arms and clips are often used.
Depending on the application, the stainless steel market is divided into automobiles and transportation, construction, consumer goods and other metal components, heavy industry and household appliances. The Consumer Goods and Other Metal Components segment holds the largest market share in 2021. Stainless steels are used in household appliances because they are highly corrosion resistant, easy to manufacture, and are known to have excellent mechanical properties over a wide range of temperatures. Due to its ductility, strength and aesthetic properties, stainless steel has become an ideal inert material for sinks and stoves, washing machines, dishwashers and ovens. Stainless steel is resistant to thermal shock and temperatures up to 800°C. It is widely used in modular kitchen units as they are aesthetically pleasing, corrosion and high temperature resistant and durable.
Growing demand from the construction industry is driving the growth of the stainless steel market. With properties such as corrosion resistance, high tensile strength, durability and aesthetics, stainless steel is ideal for use in construction. The high corrosion resistance of stainless steel is due to the presence of an oxide film rich in chromium on the surface of the steel. Due to the durability of stainless steel, construction sites using it are able to maintain their original appearance.
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Post time: May-20-2023