According to Precedence Research, the global stainless steel market size is projected to hit around US$ 168.24 billion by 2027 with a CAGR of 5.84% from 2020 to 2027.
OTTAWA, Feb. 26, 2021 (GLOBE NEWSWIRE) -- The global stainless steel market size was accounted at US$ 106.84 billion in 2019, as per to new report study.
Stainless steel refers to an iron alloy that has minimum 10.5% of chromium. Chromium produces a skinny layer of oxide on the steel’s surface commonly known as the 'passive layer'. This prevents the steel from further corrosion of the surface. By increasing the amount of chromium in the stainless steel provides it an increased resistance to corrosion.
Stainless steel also contains different percentage of Silicon, Carbon, and Manganese. Other elements for example Molybdenum and Nickel may be added to the steel that imparts other useful properties such as increased corrosion resistance and enhanced formability.
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Growth Factors
Properties such as ease of fabrication, low maintenance, and aesthetic appeal have boosted the preference for stainless steel over ordinary steel that is likely to impel the industry growth. Furthermore, increasing application of stainless steel in pre-engineered buildings for building system and roofing expected to propel the overall product demand over the analysis timeframe. It also safeguards the building system during unfavorable environmental conditions such as heavy rain, extreme cold & hot. Apart from this, increasing demand of steel from construction and automotive & transportation sectors projected to escalate the market growth over the forecast period.
Report Highlights
- The Asia Pacific emerged as a global leader in terms of volume and revenue both due to increasing manufacturing activities along with foreign investments in the region
- Europe and North America are among the significant value contributors as well as they exhibit lucrative growth over the forecast period due to rising consumer goods and construction industry in the regions
- In 2019, flat products dominated the global stainless steel market because of increasing use of cold-rolled products
- Long products segment projected to register an escalating growth of nearly 6.8% in terms of value over the forecast period due to the increasing infrastructure spending in various Asia Pacific regions
- By grade, 200 series accounted for a significant volume share of nearly 17.5% in 2019 because of its increasing demand from consumer goods industry
- Duplex series anticipated to grow at a prominent rate owing to its properties that include high strength, resistance to stress corrosion cracking, and lightweight
- Based on application, heavy industry constitutes significant value share on a global scale owing to rising trend of renewable generation in the energy sector
- Automotive & transportation is an important application segment that contributes significantly to the overall market revenue due to significant application of steel in manufacturing various automotive parts & components
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Regional Snapshots
The Asia Pacific leads the global production of stainless steel with China alone accounting for nearly half of the global revenue in the year 2019. In addition, alone Asia Pacific contributes nearly 70% of global production of stainless steel across the globe. The aforementioned factor therefore excels the revenue gain of the region and projects it as a leading market in the stainless steel. In addition, rising Gross Domestic Product (GDP) along with the purchasing power of consumers expected to boost the growth of the region.
Besides this, North America analyzed to be the second fastest growing region in the market for stainless steel due to the flourishing growth of construction and consumer goods industries. Aging infrastructure remains a prime factor for the growth of construction industry in the region. As per the report published by the American Society of Civil Engineers in 2017, the U.S. received a D+ grade for its infrastructure along with this the region require to spend nearly USD 4.5 Trillion by 2025 for the infrastructure development.
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Key Players & Strategies
The global stainless steel market seeks significant merger & acquisition, partnership, and collaboration in the past few years that in turn has significantly intensified the competition level on the global scale. By adopting inorganic strategies market players aimed to extend theory reach and capacity as well as to open up new opportunities in the market. For instance, in March 2018, ArcelorMittal (AM) and Nippon Steel & Sumitomo Metal Corporation (NSSMC) agreed on the basic conditions to jointly acquire and manage Essar Steel India Limited (ESIL) that is currently undergoing through the resolution proceedings under the Indian Insolvency & Bankruptcy Code, for a joint venture to be formed by AM and NSSMC. Subsequently, NSSMC will proceed with AM to form a joint venture and acquire ESIL with the approval of regulatory authorities.
Some of the key players operating in the market are POSCO, Acerinox S.A., Baosteel Group, Jindal Stainless, Aperam Stainless, Nippon Steel Corporation, Yieh United Steel Corp. (YUSCO), ThyssenKrupp Stainless GmbH, Outokumpu, and ArcelorMittal among others.
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