Stainless steel contains a variety of materials which, when fused, yield an alloy of power. Stainless steel, an alloy of iron and chromium, and nickel in some cases provide corrosion resistance to iron. Chromium is responsible for providing this strength property to the alloy. Chromium secretes a thin layer of oxide called the passive layer. Besides chromium, nitrogen and molybdenum are also added to this alloy. It is an environmentally inert and neutral alloy, which means that it is infinitely recyclable. Stainless steel is durable and strong making it perfect use for various end user verticals.
Global Stainless Steel Market was valued at USD 104.23 Billion in 2021 and is projected to reach USD 166.13 Billion by 2029, registering a CAGR of 6.00% during the forecast period 2022-2029. In addition to market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market team Research also includes in-depth expert analysis, import/export analysis. , price analysis, production consumption analysis and climate chain scenario.
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Market analysis and size
In recent years, the increase in stainless steel production is expected to have a significant impact on the market. According to the International Stainless Steel Forum (ISSF), Indonesia will become one of the world’s largest producers of stainless steel. Meanwhile, China is the largest stainless steel producer in the world, with an annual output of around 30 MT. Also, with the increasing development of public infrastructure, China and India are poised to lead the growth of the stainless steel market. As a result, the market is expected to witness accelerated growth over the forecast period.
The Stainless Steel Large Scale business report has been prepared ensuring all the things mentioned above are well understood to deliver the market report which has a comprehensive overview of the market, covering various aspects such as definition of the product, market segmentation based on various parameters, and the dominant vendor landscape. All the data and information collected in this industry report for research and analysis are represented in the form of graphs, charts or tables for the sensible understanding of the users. The far-reaching Stainless Steel market report uses an excellent research methodology that focuses on market share analysis and key trend analysis.
Some of the major players operating in the stainless steel market are
- DuPont (USA)
- DOW (United States)
- Umicore (Belgium)
- Glencore (Switzerland)
- Jinchuan Group International Resources Co. Ltd (China)
- Huayou Cobalt Co., Ltd (China)
- Freeport Cobalt (Finland)
- Sherritt International Society (Canada)
- Solvay (Belgium)
- DAIKIN (Japan)
- BHP (Australia)
- Eramet (France)
- Vale (Brazil)
- Votorantim Metais SA (Brazil)
- Sumitomo Corporation (Japan)
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Impact of COVID-19 on Stainless steel Market
The recent coronavirus outbreak has had a negative impact on the stainless steel market. The pandemic crisis had a significant impact on the growth of the stainless steel market in 2020, due to a significant decline in demand from various end-use sectors. In addition, there has been a decrease in construction activity as well as the closure of some manufacturing plants. For example, Nippon Steel announced in March 2021 that it would cut capacity by 10%, after a 10% reduction in production in 2020 due to a drop in demand caused by the pandemic. Additionally, Oxford Economics has predicted that China’s annual construction output will fall by 8% in 2020. Nonetheless, they predict $5.8 trillion in global construction activity over the next ten years, led by states. United States, China, India and Indonesia.
While companies have reduced their near-term revenue targets, the outlook for the stainless steel market for 2022-2028 remains optimistic. Stakeholders should establish large capacities and explore opportunities in the construction industry with stainless steel recycling.
Global Stainless steel Market scope
The stainless steel market is segmented on the basis of product, type, quality, and application. The growth among these segments will help you analyze weak growth segments in the industries and provide users with valuable market insight and market insights to help them make strategic decisions to identify major applications of the market.
- Flat products
- Long products
- Bars/ wire rods
- Bar heaters/ wire rods
- Cold bars / wire rods
- Cold rolled dishes
- Heating plates and sheet
- Hot coils
- Austenitic stainless steels
- Martensitic stainless steels
- Ferritic stainless steels
- Precipitation resistant stainless steels
- Duplex Series
- 200 series
- 300 series
- 400 series
- Duplex Series
- Automotive and Transportation
- Building and construction
- Consumer goods
- heavy industries
- Metal products
- Other Apps
- Regional analysis:
The report further examines the Stainless Steel market in key regions of the world with respect to production & consumption patterns, import/export, supply & demand ratio, revenue generation, market share & size. and the presence of leading players in the regions. The Stainless Steel report also covers the expansion plans undertaken by the companies in the regions under the regional analysis section. The regional market analysis includes information about production volume, consumption volume and patterns, revenue and growth rate for the forecast period.
According to the regional analysis, the market is primarily split across the key geographical regions as follows:
- North America (USA, Canada)
- Europe (UK, Italy, Germany, France, Rest of EU)
- Asia-Pacific (India, Japan, China, South Korea, Australia, rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of MEA)
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Related reports: –
Global Duplex Stainless Steel Market – Industry Trends and Forecast to 2028
Global Precision Stainless Steel Market – Industry Trends and Forecast to 2027
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