Pune, India, March 22, 2022 (GLOBE NEWSWIRE) -- The global stainless steel market size was USD 170.92 billion in 2020. The market is projected to grow from USD 175.72 billion in 2021 to USD 268.46 billion by 2028 at a CAGR of 6.2% during the 2021-2028 period. This information is provided by Fortune Business Insights, in its report, titled, “Stainless Steel Market, 2021-2028.”
According to our analysts, the promptly rising automotive industry is surging the product demand. Additionally, the capability of the product to repel corrosion pooled with growing manufacturing for recyclable material will further assist to boost the market growth during the forecast timeframe.
COVID-19 Impacts:
Commotion in Construction Industry Due to Spread of COVID-19, Lead to Market Hindrance
The interruption in the steel industry owing to government constraints implemented during the COVID-19 pandemic had a substantial sway on the stainless steel market. This pandemic had triggered limitations guidelines, restriction in consumption actions, and commotions in the supply chain. This led to machinery shutdowns, an unfavorable scarcity of proficient and trained labor, factory lockdowns, and shortage of raw materials, owing to which the production of stainless steel stayed shut.
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List of Key Players Mentioned in the Stainless Steel Market Report:
- Acerinox S.A (Spain)
- Aperam Stainless (Luxembourg)
- ArcelorMittal (Luxembourg)
- Baosteel Group (China)
- Jindal Stainless (India)
- Nippon Steel Corporation (Finland)
- Outokumpu (Finland)
- POSCO (South Korea)
- ThyssenKrupp Stainless GmbH (Germany)
- Yieh United Steel Corp (Taiwan)
Segments:
Type, Application, and Region are Studied
Basis of Type
- cold-rolled flat
- hot plate & sheet
- cold bars & wire
- hot bars & wire rods, and others.
Terms of Application
- metal products
- electrical machinery
- engineering
- construction
- motor vehicle & parts, and others.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
We offer our reports which are directed with an all-inclusive examination approach that majorly emphasizes on delivering accurate material. Our scholars have applied a data navigation method which further aids us to offer reliable predictions and test the general market dynamics precisely. Further, our analysts have gained admittance to several international as well as domestically funded catalogues for providing the up-to-date material so that the stakeholders and business professionals capitalize only in fundamental zones.
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Drivers and Restraints:
Prompt Growth in Automotive Industry to Spur Market Growth
The speedy growth in the automotive industry will drive the usage of the product. This metal is perfect for presenting erosion, great strength, and heat resistance characteristics. This concludes in it being an impeccable selection in numerous automotive parts that involve seatbelt springs and hose clamps. Furthermore, the surging technological progressions in the automotive industry and growing innovation in the electric vehicles will contribute to the product adoption. Therefore, increasing product demand from automobile manufacturers will drive the stainless steel market growth.
Regional Insights:
Asia Pacific held the largest stainless steel market share at USD 126.01 billion in 2020. The prompt infrastructure development and rising technological progressions in steel drive the market growth in Asia Pacific.
In Europe, the high demand for the product is linked with the speedy growth in the automotive industry as well as technological advancement.
In North America, the market growth is primarily accredited to the surging demand for duplex series of stainless steel in electronic and engineering applications on account of its cost-friendly characteristic.
Competitive Landscape:
Innovative Product Launch Announcements by Vital Players to Boost Market Growth
The fundamental players present in the market embrace several strategies to boost their position in the market as leading companies. One such remarkable scheme is securing companies to boost the brand value among users. Another essential strategy is occasionally presenting inventive products with complete study of the market and its target audience.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Stainless Steel Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
TOC Continued…!
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Industry Development:
February 2021: VINCO unveiled a novel series of steel and stainless steel wires and slings. These products are usually utilized in lifts sectors, industrial, fishing, and elevation. This presentation will aid the company to satisfy the consumer necessities for these applications.
Have a Look at Related Research Insights:
Stainless Steel Sheet Market Size, Share & Industry Analysis, By Product Type ( 304 Stainless Steel Sheet, 310 Stainless Steel Sheet, 316 Stainless Steel Sheet, Others ), By Application ( Construction , Manufacturing, Others ) and regional forecast 2022-2029
Automotive Stainless Steel Tubes Market Size, Share & Industry Analysis, By Type (Welded, Seamless, Others), By Application (Exhaust System, Motor & Fuel System, Structural Composition, Others), By End-User (OEM, Aftermarket) and Regional Forecast, 2022-2029
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