Stainless Steel Market to Reach USD 171,050 by 2027 at a CAGR of 4.6%



BANGALORE from India, November 30, 2021 / PRNewswire / – The World Stainless steel market is segmented by type (ferritic stainless steel, austenitic stainless steel, martensitic stainless steel PH stainless

Steel, Duplex stainless steel), by application (Architectural industry, Petrification industry, Food industry, Mechanical industry, Electrical industry). The report covers the analysis of global opportunities and industry forecast from 2021 to 2027. It is published in Evaluate reports under Metals and mines Industry.

In 2020, the global stainless steel market size was $ 124,850 million and it is expected to achieve $ 171,050 million by the end of 2027, with a CAGR of 4.6% in 2021-2027.

The major growth factors of the stainless steel market are:

Stainless steel is corrosion resistant, has high toughness and ductility, and is low maintenance. Therefore, market expansion is expected to be driven by increasing construction activity around the world, as well as increasing demand for consumer goods. The qualities of stainless steel have resulted in an increasing use of this material in consumer products such as cookware, centerpieces and stoves, which is expected to drive demand in the years to come.

The increase in vehicle production, especially in the Asia Pacific, the Middle East, and South America, is a major driving force for the stainless steel market. Growth in population and disposable income, along with easy access to finance and the growing need for individuals to own a vehicle, is boosting auto production in Asia Pacific emerging nations. As a result, the market growth is expected to accelerate in the coming years.

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The growing demand for stainless steel is fueled by increased construction activity around the world to modernize and strengthen infrastructure. Properties such as high tensile strength, low maintenance costs, toughness and ductility, aesthetic appearance and many more are helping to drive the demand and application of stainless steel among a variety of end users. As a result, the stainless steel market is expected to increase.

The market is expected to increase due to an increasing movement from traditional to modern technologies due to cost reductions in the steelmaking process and the use of more energy efficient production techniques. Technological developments aimed at improving efficiency and expanding production capacity in order to achieve shorter cycle times in the manufacturing process are accelerating the growth of the industry.

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During the projection period 2021-2027, the duplex steel segment is expected to be the most lucrative, due to its light weight, high strength and resistance to stress corrosion cracking. These characteristics have made the duplex series stainless steel a popular choice for chemical processing, construction of storage tanks and chemical transport containers. It will continue to be an excellent substitute for carbon steel, with its low cost positioned to drive the growth of the stainless steel market.

On the basis of applications, the Architecture segment is expected to be the most lucrative. ]Stainless steel is used to improve the strength, durability and appearance of a product. Wall starters, masonry brackets, lintels and wind poles are some of the buildings where the material is required. Stainless steel is driving the green metal trend, and its use in construction and capital goods is expected to soar.

Depending on the region, Asia Pacific should be the most lucrative. Commercial dynamics in Asia Pacific are complemented by increasing energy demand, increasing industrialization and increasing automobile manufacturing.

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By region

  • North America
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • South East Asia
    • Australia
    • Rest of Asia Pacific
  • Europe
    • Germany
    • France
    • UK.
    • Italy
    • Russia
    • Nordic countries
    • Rest of Europe
  • Latin America
    • Mexico
    • Brazil
    • Rest of Latin America
  • Middle East & Africa
    • Turkey
    • Saudi Arabia
    • United Arab Emirates
    • Rest of the MEA

Key companies

  • Acerinox
  • Aperam
  • Thyssen krupp
  • Pohang Iron and Steel (Posco)
  • Ta Chen International
  • Jindal Inox
  • Allegheny flat-rolled products
  • North American stainless steel
  • AK steel
  • Outokumpu Europe
  • Outokumpu United States
  • Mexinox
  • Shree Khodal Industrial Engineering Company

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