Stainless Steel Market Size Expected to Reach USD 170.62 Billion by 2027 – Reports and Data

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Reports and data

The increase in automobile production is one of the major factors driving the market demand

NEW YORK CITY, NY, UNITED STATES, September 22, 2021 /EINPresswire.com/ – The Global Stainless steel market is expected to reach $ 170.62 billion by 2027, according to a new report from Reports and Data. The stainless steel market is experiencing an increase in demand, owing to the growth of end user industries such as the automotive industry, in developed and developing economies around the world. However, carbon fibers, due to their light weight, high strength and strength properties, will hamper the market demand.

Rapid urbanization has changed the way of life of the people and, in turn, has increased the prevalence of secure infrastructure on a wide aspect, thus increasing the demand for the market product. The use of stainless steel is supported by the Ministry of Steel of the Indian government as India contributes to the list of major stainless steel manufacturers across the world which creates demand in the market. In addition, the government of countries like China, Japan, and the United States also supports the sales of stainless steel, thereby boosting the growth of the market. Resuming operations after taking control of the Covid-19 pandemic, China has announced increased export rebates for cold-rolled steel, stainless steel strip and other 10 products, 0% to 13.0% for a variety of steel products. This could prompt Indian steelmakers to demand higher tariffs on imports. The Asia-Pacific region is expected to grow with the highest growth rate due to the increase in the use of stainless steel.

The impact of COVID-19:
As the COVID-19 crisis grows, manufacturers are rapidly changing their purchasing practices and priorities to meet the demanded demand of a pandemic, which has reduced the need for stainless steel in the market. Over the course of a few months, there will be a series of shocks both positive and negative, as manufacturers and their suppliers respond to the changing needs of suppliers. With an unhappy global situation, the export-dependent economies of many regions appear vulnerable. Global stainless steel markets are being reshaped by the effects of this pandemic as some suppliers shut down or downsize production, due to a lack of demand for stainless steel in the downstream market. Others see their production suspended by their respective governments as a precautionary measure to fight against the spread of the virus. In some regions, markets are focusing on greater localization, looking at the severity of the outbreak and subsequent actions by different national authorities. In Europe, for example, Outokumpu factories are very busy, supplying equipment to customers in the north of the continent. In many cases, this replaces supplies that are no longer available from Italy and Spain, where operations have been suspended, by government decree. Under these circumstances, market conditions in the Asia-Pacific regions have been very fluid, declining every week, making it difficult to stabilize.

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The main participants are Jindal Stainless, Acerinox SA, Outokumpu, Aperam Stainless, ArcelorMittal, Baosteel Group, Nippon Steel Corporation, POSCO, ThyssenKrupp Stainless GmbH and Yieh United Steel Corp, among others.

Other key findings from the report suggest

• Based on the grade, the 400 series is expected to grow with a CAGR of 6.5% due to its fundamental characteristics, which are a high carbon content which gives a martensitic crystal structure, which makes it suitable for use for a variety of applications.
• Growing demand for the product in infrastructure development and automotive production due to properties such as corrosion resistance, strength and low maintenance, is driving demand for stainless steel market. Automotive and transportation application is expected to grow at a significant rate of 6.5% during the forecast period.
• The consumer goods sector is the main contributor to the stainless steel market, which was USD 31.38 billion in 2017 and is expected to grow at a rate of 5.4% during the forecast period. The consumer goods sector of the Asia-Pacific region is the largest shareholder in the stainless steel market and holds around 33.0% of the market in 2019.
• Asia-Pacific dominated the stainless steel market. The region’s constant emphasis on cost-effective and innovative procedures adopted in the region is driving the market.
• In March 2018, Nippon Steel & Sumitomo Metal Corporation (NSSMC) and ArcelorMittal (AM) agreed to the basic terms and conditions for the joint acquisition and management of Essar Steel India Limited (ESIL), which currently operates the subject to resolution proceedings in Indian insolvency proceedings. and Bankruptcy Code, through a joint venture to be formed by NSSMC and AM. NSSMC will proceed with AM to form the joint venture and acquire ESIL subject to regulatory approval.

Browse the full “Stainless Steel Market” report @ https://www.reportsanddata.com/report-detail/stainless-steel-market

For the purpose of this report, reports and data have been segmented on the global stainless steel market on the basis of quality, product, application, and region:

Rank Outlook (Volume, Kilotons; 2017-2027, Revenue, $ Billion; 2017-2027)

200 series
300 series
400 series
Duplex series
Others

Product Outlook (Volume, Kilotons; 2017-2027, Revenue, $ Billion; 2017-2027)

Apartment
Long

Application Outlook (Volume, Kilotons; 2017-2027, Revenue, $ Billion; 2017-2027)

Building construction
Heavy industry
Automotive and Transportation
Consumer goods
Others

The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces Analysis. The report further explores key business players along with their in-depth profiling, product portfolio, and strategic business decisions. The report has been formulated through extensive primary and secondary research and validated by analysts, industry experts and market professionals. The report also highlights recent mergers and acquisitions, joint ventures, collaborations, partnerships and product launches, among others.

The regional analysis covers the assessment of imports / exports, production and consumption ratios, supply and demand, costs, prices, estimated revenues and gross margins, and the presence of actors keys in the area. The report also offers information on revenue growth, market size, market share, the technological advancement, and the presence of key players in each region.

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The regional bifurcation of the stainless steel market includes:

North America (United States, Canada, Mexico)
Europe (UK, Italy, Germany, France, rest of Europe)
Asia-Pacific (India, Japan, China, South Korea, Australia, rest of APAC)
Latin America (Chile, Brazil, Argentina, rest of Latin America)
Middle East & Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of MEA)

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