Global stainless steel market trends augmented as its commendable properties -low maintenance, aesthetic appeal and ease of fabrication helps it to rank higher over the ordinary steel. Further, high strength-to-weight ratio coupled with affordable cost surged the stainless steel demand. application of high-strength stainless steel for industrial, architectural and consumer applications like pre-engineered building for building and roofing system has increased its demand in the market.
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North America dominates the market with U.S. stainless steel owing to higher application of it in oil & gas, medical and heavy industries. High-grade stainless steel has essential role in constructions of pipes, storage tanks and valves to offer resistance to corrosion over a wide range of temperatures. Higher adoption of stainless steel in oil & gas industry for exemplary off-shore oil rigs is anticipated to widen the global stainless steel market size in the near future.
It is expected that stainless steel would witness substantial growth in Asia-Pacific region, particularly in countries like Japan, China and India owing to growing demand for renewable energy. Stainless steel components are extensively used in solar, geothermal, wind and hydro power as they have higher tolerance when encounter rigors of highly corrosive sea water environments. Government has increased its share of investment in infrastructure sector for the construction of roads, highways and bridges along with prompt industrial development may boost the overall stainless steel market trends.
Europe, countries like UK, Germany and France is envisioned to have significant growth due to incremental application outlook in automotive industry backed with high strength that permit thinner containers save fuel costs whereas the characteristic of being resistant to corrosion facilitate in reducing the cleaning and maintenance costs.
On the basis of end-user and analysis, the stainless steel market is segmented into Metal products, Automobile and transportation, Electrical engineering, Mechanical engineering and Infrastructure and construction. In 2017, the commendable share comes from metal products. In the next couple of years, it is estimated that metal products will experience extraordinary growth.
Based on product form and analysis, the stainless steel market has different categories which includes Hot coils, Cold bars/wire rods, Cold rolled flats, Semis long, Hot bars/wire rods, Hotplates and sheet, and Semis flat. Further segmentation of cold rolled flats includes coils, strips and sheets. Among all, the highly grown segment is rolled stainless steel as its application of steel sheet is gaining high traction, which in turn exceeds its usage in industrial and consumer applications. This will favor the global stainless steel products market.
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Global stainless steel market is competitive with key industry players include Aperam Stainless, Jindal Stainless, ArcelorMittal, POSCO, Outokumpu, ThyssenKrupp Stainless, JFE Holdings, Nippon Steel & Sumitomo Steel, and North American Stainless. Manufacturers are also emphasizing on merger and acquisitions with regional and local firms to open novel market opportunities, which will further fuel the stainless steel market.
Key segments of ‘Global Stainless Steel Market’
Based on grade, the market has been segmented into,
- 200 series
- Duplex series
Based on product, the market has been segmented into,
Based on region, the market has been segmented into,
- North America
- Central & South America
- Middle East & Africa
What to expect from the upcoming report on ‘Global Stainless Steel Market’:
– Future prospects and current trends of the global stainless steel market by the end of forecast period (2018-2025)
– Information regarding technological progressions as well as innovations taking place in developing economies
– Supportive initiatives by government likely to influence the market dynamics
– Trends, drivers, opportunities, restraints, challenges and key developments in the market
– In-depth analysis of different market segmentations including regional segmentations, and product types
– Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market
For Any Query on the Stainless Steel Market:
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