Global Stainless Steel Market will grow at CAGR of 5.60 % to hit $ 143.03 Billio

Posted by swamiv on November 18th, 2019

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), Type (Austenitic Stainless Steels, Martensitic Stainless Steels, Ferritic Stainless Steels, Precipitation-Hardenable Stainless Steels, Duplex Series), Application (Automotive and transportation, Building & Construction, Consumer Goods, Heavy Industries, Metal products, Other applications) 

Market Analysis: Global Stainless Steel Market

Global Stainless Steel Market is expected to rise from its initial estimated value of USD 92.50 billion in 2018 to an estimated value of USD 143.03 billion by 2026, registering a CAGR of 5.60% in the forecast period of 2019-2026. This rise in market value can be attributed to the increase in the investment in building and infrastructure and in the construction industry.

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Market Definition: Global Stainless Steel Market

Stainless Steel is an alloy of iron with a minimum of 10.5% chromium. This helps to produce a thin layer of oxide on the surface of the steel which helps in preventing corrosion on the surface. Stainless steel contains varying amounts of Carbon, Silicon and Manganese. It enhanced the formability and corrosion resistance.

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

Segmentation: Global Stainless Steel Market

By Products

•          Hot bars/wire rods
•          Semis long
•          Cold bars/wire rods
•          Cold-rolled flat
•          Semis flat
•          Hot coils
•          Hot plate and sheet

By Grade

•          Duplex, 400 series
•          300 series
•          200 series

Key Developments in the Market:

•          In December 2018, Synalloy Corporation a parent company of Bristol metals has signed an agreement to acquire all the assets of American Stainless Turbing, Inc. The primary focus of this acquisition is bring all the diverse stainless steel and alloy pipe and tubing capabilities of Bristol metals with the high end ornamental welded stainless steel tube products
•          In August 2018, Jindal Stainless has plan to set up a long steel unit in Haryana so that they can ramp up the cold-rolling capacity of its Jaipur facility, in Odisha, by nearly 2 lakh tonnes through brownfield expansion. It will help them to increase their revenue and strengthen their presence in the steel market.

Competitive Analysis:

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.

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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Report Related

Global Structural Steel Market