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Bangalore, India, November 30, 2021/PRNewswire/ - The global stainless steel market is segmented by type (ferritic stainless steel, austenitic stainless steel, martensitic stainless steel PH stainless steel)
Steel, duplex stainless steel), by application (construction industry, petrochemical industry, food industry, machinery industry, power industry). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in the evaluation report under the metals and mining industry.
The global stainless steel market in 2020 is 124.85 billion U.S. dollars and is expected to reach 171.05 billion U.S. dollars by the end of 2027, with a compound annual growth rate of 4.6% from 2021 to 2027.
The main factors driving the growth of the stainless steel market are:
Stainless steel is corrosion-resistant, has high toughness and ductility, and requires almost no maintenance. Therefore, it is expected that the market expansion will be driven by increased global construction activities and increased demand for consumer goods. The quality of stainless steel has led to the increasing use of this material in consumer products such as cookware, displays and stoves, which is expected to drive demand in the coming years.
The increase in automobile production, especially in the Asia-Pacific region, the Middle East and South America, is the main driving force for the stainless steel market. The growing population and disposable income, as well as the convenience of financing and the growing demand for personal car ownership, are driving car production in emerging Asia-Pacific countries. Therefore, market growth is expected to accelerate in the next few years.
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Trends affecting the growth of the stainless steel market
Increased construction activities around the world to upgrade and strengthen infrastructure are driving the growing demand for stainless steel. Features such as high tensile strength, low maintenance costs, toughness and ductility, and beautiful appearance help drive the needs and applications of stainless steel in various end users. Therefore, the stainless steel market is expected to rise.
The market is expected to increase due to the reduction in the cost of the steelmaking process and the use of more energy-efficient production technologies, and the transition from traditional technologies to modern technologies. Technological developments to improve efficiency and expand production capacity to shorten the manufacturing process cycle are accelerating industry growth.
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Stainless steel market share analysis
In the forecast period from 2021 to 2027, due to its light weight, high strength and resistance to stress corrosion cracking, the field of dual-phase steel is expected to be the most profitable. These characteristics make duplex series stainless steel a popular choice for chemical processing, storage tank construction and chemical transportation containers. It will continue to be an excellent substitute for carbon steel, and its low cost is positioned to promote the growth of the stainless steel market.
Depending on the application, the architecture part is expected to be the most profitable. ] Stainless steel is used to improve the strength, durability and appearance of the product. Wall screwdrivers, masonry supports, door lintels and wind pillars are among the buildings that require materials. Stainless steel is driving the "green metal" trend, and its use in construction and capital goods is expected to soar.
From a regional perspective, the Asia-Pacific region is expected to be the most profitable. Growing energy demand, growing industrialization, and growing automobile manufacturing have complemented the business dynamics in the Asia-Pacific region.
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