The global stainless steel market is
expected to reach USD 127.19 billion by 2024, according to a new report by
Grand View Research, Inc. Stainless steel finds wide application in various
end-use industries including building & construction, transportation,
industrial machinery, household appliances, metal goods, and electronics owing
to inherent characteristics such as durability, high tensile strength, and
resistance.
Rapid urbanization and
improving socio-economic standards coupled with expanding middle-class
population is expected to be the key factor driving market demand, particularly
in the infrastructure sector. Increasing investment in construction and
infrastructure led to an 8% increase in demand for long products in the past
few years.
Stainless steel is
extensively used in petrochemical as well as oil exploration & production
industries. Rising oil exploration and production activities across the globe
to meet growing energy requirements is expected to further drive stainless
steel demand over the forecast period. Stainless steel forms the basis of
production of pressure valves, heat exchangers, cracking furnaces, tanks,
chemical tankers, and process pipes in the petrochemical industry. On the other
hand, it is used in sub-sea systems, offshore platforms and LNG tankers in case
of exploration equipment.
Browse full report by Grand View
Research :
Further key findings from the report suggest:
·
Automotive application of stainless steel
is expected to witness the fastest growth at a CAGR of over 4% from 2016 to
2024. CAFÉ regulations in the U.S. emphasize on thereduction of CO2 emissions from vehicles by reducing
their weight. Stainless steel is a major component in vehicle manufacturing
owing to light weight, corrosion resistance, and aesthetic appeal. It used in
car doors, bus bodies, exhaust systems, motor shafts, silencer wool, and timber
truck & trailer.
·
North America market was estimated over
3,000kilo tons in 2015. U.S. being a major market in the region accounts for a
major chunk of the demand.Construction industry growth in U.S is expected to
positively impact the stainless steel market. Stainless steel caters to demand
from various application segments such as building &construction, heavy
industries, and consumer goods. Increased application of stainless steel in
heavy industries and consumer goods is expected to impact positively on market
growth of stainless steel in this region.
·
POSCO, Acerinox, Baosteel, Aperam, and
Outokumpu are leading market players on the global level as of 2015. Other
market players include Bristol metals, Jindal Steel, Nippon Steel &
Sumitomo Metal, RTI Industries, Sandmeyer Steel, Sandvik Materials,
Schmolz+Bickenbach AG, ThyssenKrupp, and Viraj.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has
segmented the global stainless steel market on the basis of grade, product,
application and region:
Stainless Steel Grade Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
·
200 series
·
300 series
·
400 series
·
Duplex
Stainless Steel Product Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
·
Long
·
Flat
Stainless Steel Application Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
·
Building & Construction
·
Heavy Industry
·
Automotive
·
Consumer Goods
·
Others
Stainless Steel Regional Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
·
North America
o U.S.
·
Europe
o Germany
o UK
o France
·
China
·
Asia Pacific
o Japan
o India
·
Latin America
·
MEA
Access
press release by Grand View Research: http://www.grandviewresearch.com/press-release/global-stainless-steel-market
About
Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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