The global stainless steel market size is expected to reach USD 182.2 billion by 2027, expanding at a CAGR of 6.3%, according to a new report by Radiant Insights, Inc. Increased focus towards customized railing made of stainless steel in housing construction is anticipated to drive market growth over the forecast period.
Construction is one of the largest end-use industries of stainless steel products. Various infrastructure and construction sites require a massive amount of product to enhance the aesthetic appeal and corrosion resistance of the structure. The advantages that are offered by the product such as corrosion resistance, formability, weldability, and aesthetic appearance make it an important constituent in the construction industry. Stainless steel is majorly used in the construction industry for architectural cladding, handrails, drainage and water systems, wall support products, roofing, and structures and fixing.
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Increasing use of 200 series in consumer goods owing to its low cost and high strength is anticipated to drive demand for stainless steel. Also, increasing demand for consumer goods such as cookware, kitchen appliances, showpieces, and stoves owing to increasing disposable income and changing lifestyles are anticipated to augment market growth over the coming years.
In Asia Pacific, the growth in the manufacturing sector owing to various factors including government initiatives such as ‘Skill India’ and ‘Make in India’ by the Indian government is anticipated to drive product demand over the coming years. The initiative has prompted many automakers to set their offices in India and procure high-quality products from stainless steel vendors in India. The growing demand for auto products due to rising automotive production, an increase in export, and diversification of the auto sector have created a positive impact on market growth over the coming years.
Some of the key players in stainless steel market are POSCO, Acerinox S.A., Jindal Stainless, Aperam Stainless, Baosteel Group, Outokumpu, ThyssenKrupp Stainless GmbH, Nippon Steel Corporation, ArcelorMittal, and Yieh United Steel Corp. The key players are focusing on capacity expansions and long-term agreements with their customers to increase their market share and to meet the growing product demand. For instance, in March 2017, the company signed an agreement with the Defence Research and Development Organization (DRDO), India, to produce steel for weapons and combat vehicles.
Further key findings from the report suggest:
• 300 series is anticipated to progress at a CAGR of 6.7%, in terms of revenue over the forecast period owing to increasing demand from marine and aerospace industries on account of its properties such as resistant to corrosion and high temperatures
• Duplex series is projected to witness a CAGR of 6.2% in terms of volume over the forecast period owing to increasing demand from swimming pool structures, brewing tanks, and hot water tanks
• Flat products accounted for a volume share of 74.4% in 2019. The growth is attributable to the increasing use of cold-rolled products in energy, home appliances, and construction industries due to its superior properties such as straightness, concentricity, and tolerance
• Building and construction is anticipated to witness a CAGR of 5.5% in terms of volume over the forecast period owing to increasing modern construction of buildings and structures that require aesthetic appeal and extended life
• North America is expected to witness a CAGR of 5.1% in terms of revenue over the forecast period owing to the growing construction industry on account of high investments in infrastructure development in the region.
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Table of Contents
Chapter 1 Methodology and Scope
1.1 Market segmentation & scope
1.2 Market definition
1.3 List of data sources
1.4 Information procurement
1.5 Information analysis
1.6 Market formulation & data visualization
1.7 Data validation & publishing
Chapter 2 Executive Summary
2.1 Market outlook
2.2 Segmental outlook
Chapter 3 Stainless Steel Market Variables, Trends, & Scope
3.1 Market outlook
3.1.1 Global stainless steel industry outlook
3.2 Penetration & growth prospect mapping
3.3 Industry value chain analysis
3.3.1 Raw materials trends
3.3.1.1 Iron ore
3.3.1.2 Nickel
3.3.1.3 Chromium
3.3.1.4 Molybdenum
3.3.2 Sales channel analysis
3.3.3 Vendor selection criteria analysis
3.4 Manufacturing trends and technology overview
3.5 Regulatory framework
3.6 Market dynamics
3.6.1 Market driver analysis
3.6.1.1 Growth of construction sector
3.6.1.2 Growing automotive industry
3.6.2 Market restraint analysis
3.6.2.1 Carbon fibre replacing stainless steel in automotive industry
3.7 Stainless Steel Market - Business environment analysis
3.7.1 Industry Analysis - Porter’s
3.7.2 PESTEL analysis
3.8 Production cost analysis
3.8.1 Basic oxygen furnace route steelmaking costs, 2019
3.8.2 Electric arc furnace steelmaking costs 2019
3.9 New project investment SWOT analysis of stainless steel
3.10 Price trend analysis
Chapter 4 Stainless Steel Market: Grade Estimates & Trend Analysis
4.1 Definition & scope
4.2 Grade movement analysis & market share, 2019 & 2027
4.3 200 series
4.3.1 Market estimates and forecasts, 2016 - 2027 (Kilotons) (USD Million)
4.4 300 series
4.4.1 Market estimates and forecasts, 2016 - 2027 (Kilotons) (USD Million)
4.4.2 303
4.4.2.1 Market estimates and forecasts, 2016 - 2027 (Kilotons) (USD Million)
4.4.3 304
4.4.3.1 Market estimates and forecasts, 2016 - 2027 (Kilotons) (USD Million)
4.4.4 316
4.4.4.1 Market estimates and forecasts, 2016 - 2027 (Kilotons) (USD Million)
Continued…
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The Global Stainless Steel Market report encompasses vital information about the Stainless Steel market that offers valuable insights about the dynamics of the Stainless Steel market to the readers and businesses.
The report presents key statistical data about the Stainless Steel market for the forecast timeline of 2020-2027, covering historical analysis, demands and supply dynamics, current and emerging trends, and revenue estimations.
The report consists of total market insight based on the company, major countries, and applications and types in the competitive market.
The report strives to provide an accurate estimation of the market trends for the Stainless Steel market from the year 2020 to the year 2027.
The research report consists of a complete market analysis, including financial standing, revenue estimation, limitations, and dynamics that might affect the market.The report is generated according to the latest economic landscape in tune with the COVID-19 crisis.
The pandemic has affected the global economic scenario, and the report provides details about its impact on the overall industry.
