Stainless Steel Market in Global Industry: Demands, Insights, Research

Posted by nileshdbmr on April 13th, 2021

Stainless steel market will witness a CAGR of 6.3% for the forecast period of 2021-2028. Stainless steel contains a variety of materials that when the fused result in a power alloy. Stainless steel, an alloy of iron and chromium, and nickel in some cases provide resistance to corrosion of iron. Chromium is responsible for providing this resistance property to the alloy. Chromium secretes a thin layer of oxide that is known as the passive layer.

Key Market Competitors:                                         

Few of the major competitors currently working in stainless steel market are Outokumpu, ArcelorMittal, NIPPON STEEL CORPORATION, Schmolz+Bickenbach AG, Sandmeyer Steel Company, JSCMS, Acerinox S.A., Mirach Metallurgy Co., Limited, Aperam, thyssenkrupp Stainless GmbH, Sandvik AB, Viraj Profiles Limited, POSCO, Synalloy Corporation, RTI Industries, NIPPON STEEL CORPORATION.

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Segmentation: Global Stainless Steel Market

•          By Product (Flat Products, Long Products, Bars/ Wire Rods, Hot Bars/ Wire Rods, Cold Bars/ Wire Rods, Cold Rolled Flats, Coils, Sheets, Strips, Hotplates And Sheet, Hot Coils, Tubes, Castings, Others)
•          By Type (Austenitic Stainless Steels, Martensitic Stainless Steels, Ferritic Stainless Steels, Precipitation-Hardenable Stainless Steels, Duplex Series)
•          By Application (Automotive and transportation, Building & Construction, Consumer Goods, Heavy Industries, Metal products, Other applications)

Competitive Analysis: Global Stainless Steel Market

The global stainless steel market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of baking ingredients market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Market Drivers:

•          Properties of stainless steel such as tensile strength, corrosion resistance, and aesthetic appearance are expected to be a key driver for the market growth.
•          Increasing usage of aluminium and carbon fibres is a key driver for the market growth

Market Restraints:

•          Rising use of carbon fibre as a replacement to stainless steel in automobile industry providing arrears such as high strength and low weight is hampering the market growth