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Stainless steel market is expected to grow at a CAGR of 5.6% to reach US $ 323,144.6 million from 2019 to 2027
Latest market research on “Global Stainless steel market to 2027 – Analysis and forecasts by grade, by product, by application â€. The global stainless steel market is worth 198,660.0 million US $ in 2018 in 2018 and is expected to grow at a CAGR of 5.6% during the forecast period 2019-2027, reaching 323,144.6 million of US dollars by 2027. The report highlights the prevailing trends in the global Stainless Steel market, along with the market drivers and deterrents.
Strategic perspectives
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Cover of the report |
Details |
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Market size Value in |
198,660.0 million US dollars in 2018 |
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Market size Value per |
US $ 323,144.6 million by 2027 |
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Rate of growth |
CAGR of 5.6% from 2019-2027 |
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Forecast period |
2019-2027 |
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Year of reference |
2019 |
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Number of pages |
167 |
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Number of tables |
71 |
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Number of graphs and figures |
72 |
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Historical data available |
Yes |
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Covered segments |
Category, by product, by applications and by geography |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; AEM |
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Country scope |
United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
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Cover of the report |
Revenue forecast, company ranking, competitive landscape, growth factors and trends |
Download sample [PDF] copy of the stainless steel market study at https://www.theinsightpartners.com/sample/TIPRE00003779/
Stainless steel is an iron-based alloy with a minimum of 10.5% chromium. Chromium creates a thin passive oxide layer 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 engineered material characterized by high corrosion resistance, strength and manufacturing characteristics.
Growing attention to low carbon stainless steel is expected to push the stainless steel market up to a CAGR of 12.9%
The demand for stainless steel in the North American region has grown at a significant rate in recent years. The stainless steel market is expected to experience significant growth during the forecast period owing to the increasing scope in oil and gas, medical and heavy industries. Stainless steel plays a key role in the construction of pipes, storage tanks and valves to provide corrosion resistance over a wider range of temperature variations. The increasing adoption of stainless steel in the oil and gas industry for offshore oil rigs is expected to drive the overall market growth in the region.
Impact of COVID-19 on the Stainless Steel market:
According to the World Health Organization (WHO) report, the United States, Brazil, India and Russia are among the countries most affected by the COVID-19 epidemic. The coronavirus epidemic has created multiple challenges for the construction and engineering sector. The pandemic came at a time when the construction industry was already facing various challenges, such as lack of credit, fraud and regulatory constraints. The spread of this pandemic has caused new construction and repair and maintenance activities to stop, which has hampered the growth of the construction and engineering industry around the world. Since the growth of the stainless steel market is directly dependent on the construction sector, a decline in the construction industry could negatively affect the growth of the stainless steel market.
Download the latest COVID-19 Analysis on Stainless Steel Market Growth Research Report at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00003779/
Stainless steel market: by product
In the product segment, the cold bar / wire rod segment accounted for the largest share of the global stainless steel market. Cold bars / wire rod are basically hot rods / wire rods which are further processed. Cold bars / wire rod are produced by the cold rolling method which can be processed at medium ambient temperatures. Cold bars / wire rod are gaining popularity due to their superior strength and machinability. The superior properties and higher yield strength and higher tensile strength compared to hot bar / wire rod led to a significant increase in the overall expansion of cold bar / wire rod.
Stainless steel market: competitive landscape and key developments
The global stainless steel market is concentrated with very well established players. Major players in the global stainless steel market include 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, among others .
Order a copy of the 2019-2027 Stainless Steel Market Share, Strategy and Forecast Research Report at https://www.theinsightpartners.com/buy/TIPRE00003779/
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