The global Stainless Steel Market Size is expected to reach US$ 168.24 billion by 2027 and is expected to grow at an impressive double-digit rate of 5.84% from 2020 to 2027.
Stainless steel refers to an iron alloy that has minimum 10.5% of chromium. Chromium produces a skinny layer of oxide on the steel’s surface commonly known as the 'passive layer'. This prevents the steel from further corrosion of the surface. By increasing the amount of chromium in the stainless steel provides it an increased resistance to corrosion.
Stainless steel also contains different percentage of Silicon, Carbon, and Manganese. Other elements for example Molybdenum and Nickel may be added to the steel that imparts other useful properties such as increased corrosion resistance and enhanced formability.
Why should you invest in this report?
If you are aiming to enter the global Stainless Steel Market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Stainless Steel are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027, so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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Growth Factors
Properties such as ease of fabrication, low maintenance, and aesthetic appeal have boosted the preference for stainless steel over ordinary steel that is likely to impel the industry growth. Furthermore, increasing application of stainless steel in pre-engineered buildings for building system and roofing expected to propel the overall product demand over the analysis timeframe. It also safeguards the building system during unfavorable environmental conditions such as heavy rain, extreme cold & hot. Apart from this, increasing demand of steel from construction and automotive & transportation sectors projected to escalate the market growth over the forecast period.
Report Highlights
- The Asia Pacific emerged as a global leader in terms of volume and revenue both due to increasing manufacturing activities along with foreign investments in the region
- Europe and North America are among the significant value contributors as well as they exhibit lucrative growth over the forecast period due to rising consumer goods and construction industry in the regions
- In 2019, flat products dominated the global stainless steel market because of increasing use of cold-rolled products
- Long products segment projected to register an escalating growth of nearly 6.8% in terms of value over the forecast period due to the increasing infrastructure spending in various Asia Pacific regions
- By grade, 200 series accounted for a significant volume share of nearly 17.5% in 2019 because of its increasing demand from consumer goods industry
- Duplex series anticipated to grow at a prominent rate owing to its properties that include high strength, resistance to stress corrosion cracking, and lightweight
- Based on application, heavy industry constitutes significant value share on a global scale owing to rising trend of renewable generation in the energy sector
- Automotive & transportation is an important application segment that contributes significantly to the overall market revenue due to significant application of steel in manufacturing various automotive parts & components
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Key Market Players and Strategies
The global stainless steel market seeks significant merger & acquisition, partnership, and collaboration in the past few years that in turn has significantly intensified the competition level on the global scale. By adopting inorganic strategies market players aimed to extend theory reach and capacity as well as to open up new opportunities in the market. For instance, in March 2018, ArcelorMittal (AM) and Nippon Steel & Sumitomo Metal Corporation (NSSMC) agreed on the basic conditions to jointly acquire and manage Essar Steel India Limited (ESIL) that is currently undergoing through the resolution proceedings under the Indian Insolvency & Bankruptcy Code, for a joint venture to be formed by AM and NSSMC. Subsequently, NSSMC will proceed with AM to form a joint venture and acquire ESIL with the approval of regulatory authorities.
Some of the prominent players in the stainless steel market include:
- POSCO
- Acerinox S.A.
- Baosteel Group
- Jindal Stainless
- Aperam Stainless
- Nippon Steel Corporation
- Yieh United Steel Corp. (YUSCO)
- ThyssenKrupp Stainless GmbH
- Outokumpu
- ArcelorMittal
Major Market Segments Covered:
By Product
- Long
- Flat
By Grade
- Duplex Series
- 400 Series
- 300 Series
- 200 Series
- Others
By Application
- Automotive & Transportation
- Building & Construction
- Heavy Industry
- Consumer Goods
- Others
Regional Analysis:
The geographical analysis of the global Stainless Steel Market has been done for North America, Europe, Asia-Pacific, and the Rest of the World.
The North American market is again segmented into the US, Canada, and Mexico. Coming to the European market, it can be segmented further into the UK, Germany, France, Italy, Spain, and the rest. Coming to the Asia-Pacific, the global Stainless Steel Market is segmented into China, India, Japan, and Rest of Asia Pacific. Among others, the market is segmented into the Middle East and Africa, (GCC, North Africa, South Africa and Rest of the Middle East & Africa).
Key Questions Answered by the Report:
- What will be the size of the global Stainless Steel Market in 2027?
- What is the expected CAGR for the Stainless Steel Market between 2020 and 2027?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global Stainless Steel Market?
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