NEWARK, Del, Sept. 13, 2022 (GLOBE NEWSWIRE) — According to the report released by IMF, the global stainless steel market is expected to have a moderate pace CAGR of 5.5% during the forecast period. The current market valuation is US$119.80 billion in 2022. The market value of stainless steel is expected to peak at US$183.86 billion by 2032.
The stainless steel market is gaining momentum owing to the booming demand for stainless steel in the manufacture of kitchen products such as show pieces, kitchen utensils and cookers due to its advantages including a high ductility and toughness, corrosion resistance and low maintenance required. are in turn fueling the growth of the market across the various industries.
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According to the findings of Future Market Insights, stainless steel in search of significant demand from the automotive industry is once again positively influencing the growth of the market. The increase in automotive production in regions such as the Middle East, Asia-Pacific and Latin America has greatly increased the demand for stainless steel in these regions.
The IMF has analyzed that the main factors contributing to the increase in automobile production are the increase in easy access to credit facilities, disposable income and the growing need of people for personal transport. The aforementioned factors are likely to drive the demand for stainless steel across the globe.
Key points to remember stainless steel Market
- The automotive and transportation segment accounts for 12% market share of global steel consumption.
- On the basis of product type, the flat products segment is going to dominate at a significant CAGR during the period 2022-2032. This segment accounted for 73% of revenue share in 2021.
- Europe is expected to grow at a CAGR of 5.6% over the estimated time frame.
- Asia-Pacific is expected to dominate the stainless steel market with a market share of 74% during the forecast period.
“The socio-economic factors and the drastic development of the construction and building and automotive industry is likely to create lucrative growth opportunities for the stainless steel manufacturers and capitalize on market growth over the forecast period” – Says IMF Analyst
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Landscape of competition in the Stainless steel Market
The stainless steel industry market players are majorly focusing on expanding their capacities in different regions. The manufacturer has contributed in the development of advanced techniques to improve the properties of stainless steel, which further expands the profitable opportunities for market players during the forecast period of 2022 to 2032.
The global stainless steel market can be considered oligopolistic due to the presence of a huge number of players across the globe. The intensity of market participation is high due to the excellent magnitude of demand. Tier I companies plan to venture into collaboration and flanking business acquisitions to further increase their market presence.
Acerinox HER, Aperam Stainless steel, ArcelorMittal, Baosteel Group, Jindal Stainless, Nippon Steel Corporation, and Outokumpu are key players in the stainless steel market.
Recent developments in the stainless steel market:
- In November 2021, the US government presented a $2 trillion infrastructure plan. It includes a large allocation of funds for the repair and renovation of bridges, highways, electric vehicle charging facilities, airports, water infrastructure, communication networks, high-speed Internet, energy and clean environment and reducing carbon emissions. This plan is likely to meet SS demand for structural applications in infrastructure and construction.
- In February 2021, Jindal stainless steel announced a CAPEX plan for its Odisha stainless steel plant worth Rs. 2,000-3,000 crore (US$261.8-392.7 million) over the next few years
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Key segments in the stainless steel market
- Austenitic stainless steel
- Ferritic stainless steel
- Duplex stainless steel
- Martensitic stainless steel
- Precipitation hardening stainless steel
- Flat products
- Long products
- Tubular products
By end use:
- Building construction
- Industrial machinery and components
- Automotive and transportation
- Household appliances
- Kitchen utensils and cutlery
- Medical and surgical tools
- North America
- Latin America
- Asia Pacific
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Innovation / Development Trends
The table of contents continues..!
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