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 Global 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.
For more information: www.grandviewresearch.com
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