The global stainless steel market is expected to reach USD
127.19 billion by 2024, according to a new report by Grand View Research, Inc.
Stainless steel finds wide application in various end-use industries including
building & construction, transportation, industrial machinery, household
appliances, metal goods, and electronics owing to inherent characteristics such
as durability, high tensile strength, and resistance.
Rapid urbanization and improving
socio-economic standards coupled with expanding middle-class population is
expected to be the key factor driving market demand, particularly in the
infrastructure sector. Increasing investment in construction and infrastructure
led to an 8% increase in demand for long products in the past few years.
Stainless steel is extensively
used in petrochemical as well as oil exploration & production industries.
Rising oil exploration and production activities across the globe to meet
growing energy requirements is expected to further drive stainless steel demand
over the forecast period. Stainless steel forms the basis of production of
pressure valves, heat exchangers, cracking furnaces, tanks, chemical tankers,
and process pipes in the petrochemical industry. On the other hand, it is used
in sub-sea systems, offshore platforms and LNG tankers in case of exploration
equipment.
Browse full research report on Stainless Steel Market: http://www.grandviewresearch.com/industry-analysis/stainless-steel-market
Further key findings from
the report suggest:
- Automotive application of stainless steel is expected
to witness the fastest growth at a CAGR of over 4% from 2016 to 2024. CAFÉ
regulations in the U.S. emphasize on thereduction of CO2 emissions
from vehicles by reducing their weight. Stainless steel is a major
component in vehicle manufacturing owing to light weight, corrosion
resistance, and aesthetic appeal. It used in car doors, bus bodies,
exhaust systems, motor shafts, silencer wool, and timber truck & trailer.
- North America market was estimated over 3,000kilo
tons in 2015. U.S. being a major market in the region accounts for a major
chunk of the demand.Construction industry growth in U.S is expected to
positively impact the stainless steel market. Stainless steel caters to
demand from various application segments such as building
&construction, heavy industries, and consumer goods. Increased
application of stainless steel in heavy industries and consumer goods is
expected to impact positively on market growth of stainless steel in this
region.
- POSCO, Acerinox, Baosteel, Aperam, and Outokumpu are
leading market players on the global level as of 2015. Other market
players include Bristol metals, Jindal Steel, Nippon Steel & Sumitomo
Metal, RTI Industries, Sandmeyer Steel, Sandvik Materials,
Schmolz+Bickenbach AG, ThyssenKrupp, and Viraj.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has segmented the global stainless steel
market on the basis of grade, product, application and region:
Stainless Steel Grade Outlook (Volume, Kilo Tons; Revenue,
USD Million, 2013 - 2024)
- 200
series
- 300
series
- 400
series
- Duplex
Stainless Steel Product Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
- Long
- Flat
Stainless Steel Application Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
- Building
& Construction
- Heavy
Industry
- Automotive
- Consumer
Goods
- Others
Stainless Steel Regional Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2013 - 2024)
- North
America
- U.S.
- Europe
- Germany
- UK
- France
- China
- Asia
Pacific
- Japan
- India
- Latin
America
- MEA
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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