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.
U.S.stainless steel market volume, by application, 2013 -
2024 (Kilo Tons)
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.
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-stainless-steel-market
About Grand View Research,
Inc:
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, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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