Pune, India, Oct. 10, 2022 (GLOBE NEWSWIRE) — The world stainless steel market the size was USD 195.65 billion in 2021. The market is expected to grow from USD 204.17 billion in 2022 at USD 298.85 billion by 2029 to a CAGR of 5.6% during the period 2022-2029. Fortune Business Insight™ publish this information in a report entitled, “Stainless Steel Market, 2022-2029″. According to the report, the market is expected to grow over the projected period owing to the growing consumption of stainless steel in the construction sector.
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List of Key Players Profiled in The report:
- Acerinox SA (Spain)
- Aperam Inox (Luxembourg)
- ArcelorMittal (Luxembourg)
- Baosteel Group (China)
- Jindal stainless steel (India)
- Nippon Steel Corporation (Finland)
- Outokumpu (Finland)
- POSCO (South Korea)
- ThyssenKrupp Stainless GmbH (Germany)
- Yieh United Steel Corp (Taiwan)
Report Scope and Segmentation:
|2029 value projection||$298.85 billion|
|Year of reference||2021|
|Stainless steel market size in 2021||$195.65 billion|
|Number of pages||300|
|Segments Covered||By category, by type and by region|
|Stainless Steel Market Growth Drivers||Increase in product consumption due to its features in construction industry to boost market growth|
|According to the BS Stainless company, the demand for products is increasing to meet the needs of construction,|
Impact of COVID-19:
Shutting down construction projects amid pandemic-hindered market growth
Stainless steel is in high demand in the construction industry. The outbreak of the COVID-19 pandemic has heralded the closure of construction projects due to strict government restrictions. Additionally, governments have imposed restrictions on the workforce working on projects and asked employees to work at 50% capacity to limit the spread of the virus. Additionally, supply chain disruptions and lack of raw materials have hampered the growth of the stainless steel market during the forecast period.
Increase in demand from home appliance industry to support the growth of cold rolled dishes segment
By type, the market is categorized into Cold Rolled Plates, Hot Plates & Plates, Cold Bars & Wires, Hot Bars & Wire Rods, and others. The cold rolled flat segment dominates the market share owing to the growing demand from the furniture and appliance industries.
The metal products segment will dominate the global market share during the forecast period
Based on application, the market is categorized into metal products, electrical machinery, engineering, construction, automotive parts, and others. The metal products segment is expected to dominate the market due to its corrosion resistance properties.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
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The report provides comprehensive information and information on recent developments and market trends. Additionally, the impact of the COVID-19 pandemic on the global market is highlighted later in this report. Further, the drivers and restraints affecting the growth of the market over the projected period are mentioned further in the report. Regional market information on segmented market areas is provided further along with a list of major market players in the industry.
Drivers and constraints:
Rising demand for construction industry products to propel growth
The growth of the market is attributed to increasing technological advancements due to increasing carbon emissions. Rising mobility and emerging automotive industry is expected to support the growth of the market owing to the growing use of the product in seat belt springs and seat belt clamps. In addition, the consumption of this steel is increasing in the construction industry.
However, the availability of substitute products, such as carbon steel and aluminum steel, may hamper the growth of the market.
Asia-Pacific dominates the global market share due to rapid infrastructure development
Asia-Pacific holds a dominant share of the global stainless steel market. The regional market stood at USD 146.53 billion in 2021. Growing infrastructure development and rapid technological advancements are expected to sustain the growth of the regional market.
Browse Detailed Abstract of Research Report with TOC:
Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Key emerging trends – for major regions
- Key developments: capacity extensions, acquisitions, partnerships, etc.
- Latest technological advancement
- Overview of the regulatory scenario
- Analysis of the five forces of carriers
- Raw material analysis
- Qualitative information on stainless steel grades
- Qualitative insights on the impact of COVID-19 on the global stainless steel market
- Supply chain analysis and challenges due to Covid-19
- Measures taken by government/companies to overcome this impact
- Potential Challenges and Opportunities Due to the COVID-19 Outbreak
Expansion of services allows companies to record their growth
The major players in the market are planning to form strategic partnerships and mergers to expand their market reach and propel growth in the coming years. Also, companies are focusing on increasing their product range to meet customer demands.
Industry key development:
- June 2022: Outokumpu is selling its plate service center in Aalten, the Netherlands, to Roba Holding, a Dutch-based family business and supplier of recycled steel, steel, aluminum and metals as well as non-ferrous metals.
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Frequently Asked Questions (FAQ):
1. The impact of COVID-19 on Stainless steel growing industry?
Answer: The global stainless steel market size was USD 195.65 billion in 2021. The market is expected to grow from USD 204.17 billion in 2022 at USD 298.85 billion by 2029.
2. Who are the main players in the impact of COVID-19 on Stainless steel Market?
Answer: Acerinox SA (Spain), Aperam Stainless (Luxembourg), ArcelorMittal (Luxembourg), Baosteel Group (China), Jindal Stainless.
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