Growing focus on low carbon stainless steel is expected to drive the stainless steel market to a CAGR of 12.9%
NEW YORK, USA, Nov. 18, 2022 /EINPresswire.com/ — According to our latest market research, titled “Stainless Steel Market to 2027 – Global Analysis and Forecast by Grade (200 Series, 300 Series, 400 series and others), by product (hot bars/wire rods, semi-finished products, cold bars/wire rods, hot coils and hot plates and sheets), by applications (automotive and transportation, building and construction, consumer goods and other metal components, heavy industries, and electrical appliances) and geography” includes factors fueling market growth, revenue estimation and forecasts, and market share analysis, along with identification of significant players in the market and their key developments.
Global Stainless Steel Market Growth Values, Regional and Industry Scope:
Report Coverage – Details
Market size value in – 198,660.0 million US$ in 2018
Market size value of – US$323,144.6 million by 2027
Growth rate – CAGR of 5.6% from 2019 to 2027
Forecast Period – 2019-2027
Base year – 2019
Number of pages – 167
Number of tables – 71
Number of graphs and figures – 72
Historical data available – Yes
Segments Covered – Grade, by Product, by Applications and Geography
Regional scope – North America, Europe, Asia-Pacific, Middle East and Africa, South and Central America
National reach – United States, Canada, Mexico, United Kingdom, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, United Arab Emirates, Saudi Arabia, South Africa, Brazil, Argentina
Report Coverage – Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors and Trends
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The growth of the stainless steel cutlery market is attributed to the increase in expenditure for luxury cutlery, development of the hospitality sector, rising product awareness and digitized distribution platforms. Additionally, due to increased interest in home cooking, social catering events and casual dining, especially among younger consumers, the demand for cutlery items, primarily knives, forks and spoons, has increased considerably.
Plus, stainless steel cutlery retains its shine and resists corrosion. The demand for durable and high quality cutlery has increased among consumers. Additionally, the market is associated with heritage and several traditional brands of stainless steel cutlery. These brands strictly focus on research and development activities and keep introducing modern and designer cutlery, which propels the growth of the stainless steel cutlery market.
Stainless Steel Market: Competitive Landscape and Key Developments
Wilkens & Söhne GmbH; ZWILLING Henckels AG; Christofle Silver, Inc.; and Mepra SpA are a few leading players engaged in manufacturing of different cutlery including stainless steel cutlery. They offer a wide range of spoons, forks and knives. Thus, the presence of major stainless steel cutlery manufacturers is driving the growth of the stainless steel cutlery market.
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Impact of the COVID-19 pandemic on the stainless steel cutlery market
In 2020, many industries including the consumer goods industry faced the negative impact of the COVID-19 pandemic. Due to the shutdown of the manufacturing unit and the shortage of raw materials, there has been a shortfall in the production and delivery of various products in the stainless steel cutlery market. To avoid the spread of a new coronavirus infection, consumers were confined to their homes and only purchased essentials, which reduced sales of stainless steel cutlery. However, the trend of meals on wheels has seen significant growth across the world during the epidemic, as people have stayed at home and preferred cooking and eating at home over dining outdoors, which has stimulated the demand for stainless steel cutlery as consumers purchased the product through e-commerce platforms. Additionally, the introduction of COVID-19 vaccines; the easing of government restrictions; and increased sales of non-essential goods, including stainless steel cutlery, improved the market situation
Stainless Steel Market Overview
On the basis of product, the global stainless steel cutlery market is segmented into spoons, forks, knives, serving utensils and others. In 2021, the forks segment accounted for the largest market share. Also, the segment is expected to register the highest CAGR during the forecast period. Table fork, deli fork, salad fork, fish fork, and dessert fork are some of the common types of forks available in the market. Stainless steel forks are strong, corrosion resistant, sharp and durable. Stainless steel forks won’t rust and require little maintenance. In addition, they are easy to clean. Plus, the stainless steel has a glossy finish that complements different dining room setups. All these properties make stainless steel forks popular.
The global stainless steel cutlery market is segmented into five major regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America. In 2021, Asia-Pacific held the largest market revenue share, while the market in North America is expected to grow at the highest rate during the forecast period. North America includes countries like the United States, Canada, and Mexico. The United States and Canada are manufacturing hubs in the region for various high-quality stainless steel end-use luxury products, which accounts for a significant share for the region.
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