Acumen Research and Consulting, a global provider of market research, in a recently published report titled “Stainless Steel Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, June 01, 2021 (GLOBE NEWSWIRE) – The Global Stainless Steel Market is expected to grow at a CAGR of around 5.5% from 2020 to 2027 and reach a market value of over $ 174.6 billion by 2027.
Stainless steel refers to the group of about 200 steel alloys with remarkable heat and corrosion resistance properties. Generally, the percentage of carbon varies from 0.03% to 1.2%; its distinguishing feature is the large amount of chromium. Stainless steel contains a minimum of 10.5% chromium which improves its corrosion resistance and strength.
The global stainless steel market is segmented on the basis of types, applications, and geography. Depending on the type, the market is divided into austenitic, ferritic or 400 series, duplex and martensitic. Additionally, stainless steel has applications in consumer goods (kitchen sinks, cutlery, cookware, electronics and more), surgical tools and medical equipment (hemostats, surgical implants, temporary crowns (dentistry ), others), architecture (bridges, monuments and sculptures, airport roofs), automotive and aerospace applications (bodywork, wagons, planes, others), industrial and others.
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On the basis of type, austenitic segment accounted for the maximum revenue share (%) in the global stainless steel market. The wide range of applications associated with austenitics, including the boiler market, aeronautics, electronic components, railway equipment, tubes, chemical tanks and food vessels, marine applications and containers, between others. There are two different grades of austenitic available on the market, including the 300 series and the 200 series (austenitic with manganese). The composition of the 300 series includes 0.015-0.10% carbon, 16-21% chromium, 6-26% nickel, 0-7% molybdenum. The presence of nickel improves corrosion resistance and makes stainless steel more ductile. The presence of molybdenum further improves resistance to corrosion in an acidic environment.
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Asia-Pacific accounted for the maximum revenue share in the global stainless steel market and the region is also expected to maintain its dominance throughout the forecast period of 2020 to 2027. The increasing use of the products in the automotive industry due to its wide range of applications in the automotive exhaust systems, fuel tanks, hoods, mufflers and vehicle frames for doors contribute to the regional market value. The growing production of stainless steel in China is the main factor that strengthens its use in the regional market. Moreover, the segment is also expected to maintain its dominance throughout the forecast period from 2020 to 2027.
Some of the main competitors are Acerinox SA, AK Steel Corporation, Aperam SA, ArcelorMittal, Baosteel Group, JFE Holdings, Jindal Stainless, Nippon Steel & Sumitomo Metal Corporation, North American Stainless, Outokumpu Oyj, POSCO, ThyssenKrupp Stainless GmbH and Yieh United Steel Corp ., among others. The main players are continually involved in strategic mergers and acquisitions and partnerships and collaborations in order to expand their share in the global market.
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Some of the major observations regarding the stainless steel industry include:
- In May 2021, in Europe, the price of stainless steel flat products jumped due to China’s cancellation of an export tax reduction. The EU is also preparing to impose import duties on Indian and Indonesian stainless steel.
- By 2021, Tata Steel Mining Limited (TSML) had acquired three chromite mines, including the Sukinda Chromite Mine, the Saruabil Chromite Mine and the Kamarda Chromite Mine in the 2020 Minerals Auctions. TSML plans to double its capacity to manufacture of ferrochrome in India due to the growing demand for stainless steel in the country. The company aims to increase the capacity of ferrochrome from 450,000 tons per year to 900,000 tons per year in the near future. Tata Steel Mining Limited, formerly known as TS Alloys Limited and a 100% subsidiary of Tata Steel Limited.
- In 2021, the Indian Institute of Technology (IIT), Ropar is developing an ecological cremation cart in order to deal with the covid-19 pandemic, it is equipped with stainless steel insulation to ensure no heat loss and less consumption of wood. The cart was developed in collaboration with a company named Cheema Boilers Limited.
- Linklaters advised the Luxembourg company Aperam SA on the acquisition of ELG, a world leader in the collection, trading, treatment and recycling of stainless steel waste and high performance materials. Aperam SA is a listed manufacturer of stainless steel, electrical steel and special steel with production facilities all over the world.
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