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DUBAI, United Arab Emirates, July 28, 2021 / PRNewswire / – High corrosion resistance, elasticity and ductility make stainless steel one of the most preferred materials for application in various end-use industries. According to a recent market analysis carried out by the certified consulting firm ESOMAR Future Market Insights (FMI), the stainless steel market is set to grow at a stable CAGR of 5.5% through 2031.
Stainless steel finds applications in industries such as construction, automotive, chemicals, oil and gas, power generation, and food and beverage. Ongoing expansions in these industries are driving the demand for stainless steel thereby increasing the growth of the market.
In addition, increased sales of kitchen utensils and cutlery and appliances will boost sales in the market. Due to its characteristic of corrosion resistance, stainless steel is actively used in pumps, valves, piping systems and storage tanks which are prevalent in various manufacturing and production facilities.
In addition, the applications of stainless steel in the renewable energy industry are expected to increase exponentially. Due to concerns about greenhouse gas emissions, several countries are turning to renewable energy sources. Stainless steel is used in the production of equipment for geothermal, solar and wind power plants. This factor will go a long way in promoting sales in the stainless steel market.
According to IMF survey, austenitic stainless steel should represent 3/4e of the total market share, due to properties such as wear resistance and high tensile strength. Industries such as petrochemicals and the oil and gas industry are increasingly generating demand for austenitic stainless steel.
Due to the presence of various end-use industries including automotive, transportation, healthcare, and consumer goods in the United States, the market is expected to experience strong demand for stainless steel during the period. forecast.
“The increasing applications of stainless steel in end-use industries with high growth potential will provide lucrative growth opportunities for market players until 2031. In this context, the focus will be on innovations during years to come, as manufacturers aim to customize solutions according to specific industry requirements, â€says the IMF analyst.
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Key points to remember:
- Austenitic stainless steel will dominate the material types segment in the stainless steel market.
- The tubular segment is expected to generate maximum revenue share, due to its increasing adoption in the petrochemical and food and beverage industries.
- Industrial machinery is expected to dominate the end user segment. The high demand can be attributed to various applications in power generation and manufacturing facilities.
- The US stainless steel market will experience significant growth trends due to the prevalence of well established end use industries.
- Growing auto industry expansions will boost stainless steel sales in Italy.
- Sales of stainless steel are expected to accelerate as India due to increasing urbanization and the development of heavy mechanical industries.
- The rapid growth of the consumer goods sector, especially the home appliance sector, will propel stainless steel sales in Japan.
Important drivers:
- Technological advancements in the production of stainless steel will shape the sales outlook in the market.
- Growing demand from petrochemicals, renewables, and the oil and gas industry will create lucrative growth prospects in the market.
- The growing demand from various end-use industries will further drive sales in the stainless steel market.
Key restrictions:
- Fluctuations in the cost of stainless steel will hamper the growth prospects of the market.
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Competitive landscape
According to IMF analysis, the major players operating in the stainless steel market are focusing on research and development to innovate new technologies to support product improvements. The expansion and customization of the product portfolio according to the demand of end users will further help them to strengthen their presence in the market.
Besides these strategies, mergers, acquisitions and collaborations also help players to expand their global footprint in the market. For example:
- In March 2021, ArcelorMittal’s XCarb innovation has made US $ 25 million equity injection into Form Energy. With this investment, the company has partnered with Form Energy to supply production equipment to Form Energy for its battery production.
- In July 2021, Hyundai Steel announces a series production system for nickel steel plates to accelerate the supply of cryogenic steel to its corporate customers.
The major players operating in the stainless steel market presented by FMI are:
- ArcelorMittal
- Nippon Steel Corporation
- POSCO
- JFE Steel Company
- AK steel
- Thyssenkrupp AG
- Hyundai Steel Co., Ltd.
- Outokumpu
- Acerinox
- Yieh United Steel Corp.
- Baosteel Group
- Aperam
- Jindal Stainless Limited
- Gerdau
- Vallourec
More information on the FMI stainless steel market
The latest market research on Stainless Steel Market by Future Market Insights gives detailed segmentation for the forecast period 2021-2031. In order to get a better perspective of the global market potential, growth, trends and opportunities, the market is segmented on the basis of:
Type:
- Austenitic stainless steel
- Ferritic stainless steel
- Duplex stainless steel
- Martensitic stainless steel
- Precipitation hardening stainless steel
Form:
- Flat products
- Long products
- Tubular products
End use:
- Building construction
- Industrial machinery and components
- Automotive and Transportation
- Household appliances
- Kitchen utensils and cutlery
- Medical and surgical tools
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
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Key issues covered by stainless steel Market report
- The report offers detailed information on the outlook for stainless steel demand for 2021-2031
- The market study also highlights the expected sales growth for the stainless steel market between 2021 and 2031.
- The Stainless Steel market research identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluating the current market size and forecast and technological advancement within Of the industry
- Analysis of the stainless steel market share of key companies in the sector and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of business information and advisory services, serving clients in more than 150 countries. IMF has its seat at Dubai, and has delivery centers in UK, US and India. the last IMF market research reports and industry analysis help companies face challenges and make critical decisions with confidence and clarity amid fierce competition. Our personalized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continually monitors emerging trends and events across a wide range of industries to ensure our clients are preparing for the changing needs of their consumers.
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Report: https://www.futuremarketinsights.com/reports/stainless-steel-market
Source of the press release: https://www.futuremarketinsights.com/press-release/stainl
stainless steel market
SOURCE Future market outlook
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