DUBLIN, January 19, 2022–(BUSINESS WIRE)–The report “Global Stainless Steel Market Report and Forecast 2022-2027” has been added to from ResearchAndMarkets.com offer.
The global stainless steel market reached a volume of nearly 49,493 KMT in 2021. Aided by growing construction activities, the market is expected to grow further at a CAGR of 2.8% between 2022 and 2027 to reach a volume of nearly 58,497.2 KMT by 2027.
Stainless steel, also known as stainless steel or stainless steel, is an alloy of carbon and iron with anti-rust and anti-tarnish properties provided by chromium, which is found in iron. Stainless steel is commonly found in everyday items such as hands, cutlery, and watches, among others, as well as heavy-duty products such as machinery, motor vehicles, and construction equipment, among others.
It has favorable properties like durability, environment and temperature resistance. Stainless steel products are low maintenance and easy to clean, which makes the alloy economically viable, due to which it is used in a wide range of applications, thus fueling the growth of the industry.
The global stainless steel market is driven by the alloy’s robust applicability in various end-use industries supported by its favorable physical properties. Due to per capita income inflation, urbanization and industrialization, the growth of residential, public and commercial construction and reconstruction projects is expected to accelerate the growth of the stainless steel market in the coming years. to come.
In addition to this, market growth is expected to be driven by the emphasis on aesthetics, which increases the demand for exquisite stainless steel cutlery. and support the growth of the stainless steel market in consumer goods applications.
Apart from this, the Asia-Pacific region is expected to hold a major share in the global stainless steel market. This can be attributed to the commercialization of China’s integrated nickel scraper which provides a cheaper alternative to pure nickel, thereby reducing the overall price of stainless steel production. Hence, these are some of the factors that positively influence the growth of the market.
Market segmentation by application
Motor vehicles and parts
Market Breakdown by Region
Middle East and Africa
Nippon Steel Corporation
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See the source version on businesswire.com: https://www.businesswire.com/news/home/20220119005573/en/
Laura Wood, Senior Press Officer
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