Latest Market Research on “Global Stainless Steel Market to 2027 – Analysis and Forecast by Grade (200 Series, 300 Series, 400 Series and Others), by Product (Hot Bar/Wire Rod, Seed, Cold Bar /wire rod, hot coils, and hot plate and foil), by applications (automotive and transportation, building and construction, consumer goods and other metal components, heavy industries and electrical appliances)”. The global stainless steel market is worth US$198,660.0 million in 2018 and is expected to grow at a CAGR of 5.6% during the forecast period 2019-2027, to reach US$323,144.6 million US dollars by 2027. The report includes key insights on the factors driving this growth and also sheds light on the major market players and their trends. Growing focus on low carbon stainless steel is expected to drive the stainless steel market to a CAGR of 12.9%
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Key Companies: Acerinox SA, Aperam SA, ArcelorMittal SA, Jindal Stainless Limited, Outokumpu OYJ, Sandmeyer Steel Company, Sandvik AB, Schmolz + Bickenbach Group, Thyssenkrupp AG and Guangxi Chengdu Group
Within the product segment, the cold bar/wire rod segment accounted for the largest share of the global stainless steel market. Cold bars/wire rods are essentially hot bars/wire rods which are then processed. Cold rods/wire rods are produced by the cold rolling method which can be processed at average ambient temperatures. Cold bars/wire rods are gaining popularity due to their superior strength and machinability. The superior properties and higher yield point and higher tensile strength compared to hot bars/wire rods led to a significant increase in the overall expansion of cold bars/wire rods.
Low carbon stainless steel is being embraced by several companies and is helping to develop a new and improved form of stainless steel that is environmentally friendly and sustainable. They manufacture and supply low carbon stainless steel. In austenitic and ferritic stainless steels, the high carbon content in the composition is undesirable due to the threat of carbide precipitation. The use of carbon can have a direct impact on the corrosion resistance property. If the carbon combines with the chromium, it can hinder the ability to form the passive layer. Therefore, companies are now turning to low carbon stainless steel to avoid disruption.
Stainless steel is an iron-based alloy with a minimum of 10.5% chromium. The chromium creates a thin passive layer of oxide on the surface of the steel. The oxide layer prevents corrosion of the steel surface. Increasing the amount of chromium improves the corrosion resistance property of stainless steel. It is used in a wide range of applications such as industrial, architectural, chemical and consumer applications. Stainless steel is an engineering material characterized by high corrosion resistance, strength and manufacturing characteristics. Carbon, silicon, manganese and other elements such as nickel and molybdenum are added to stainless steel to improve other useful properties such as formability and increased corrosion resistance.
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Global Stainless Steel Market Segmentation:
Global Stainless Steel Market – By Grade
Global Stainless Steel Market – By Product
Heating rods/wire rod
Cold bars/wire rod
cold rolled plate
Global Stainless Steel Market – By Application
Automotive and transportation
Building and construction
Consumer Goods and Other Metal Components
• Progressive industry trends in the stainless steel market help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the stainless steel market from 2017 to 2027
• Estimation of stainless steel demand in various industries
• PEST analysis to illustrate the effectiveness of buyers and suppliers operating in the industry to predict market growth
• Recent developments to understand the competitive market scenario and demand for Stainless Steel
• Market trends and prospects associated with factors driving and restraining the growth of the stainless steel market
• Understanding of the strategies underpinning commercial interest with respect to the growth of the Stainless Steel market, which facilitates the decision-making process for stakeholders
• Size of the Stainless Steel market at different market nodes
• Detailed overview and segmentation of the Stainless Steel market, along with its dynamics in the industry
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Contact person: Sameer Joshi
Email: [email protected]
The Insight Partners is a one-stop provider of actionable intelligence industry research. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals and the materials.
This press release was published on openPR.