New York, USA, Sept. 26, 2022 (GLOBE NEWSWIRE) -- The Global Stainless Steel Market Size was valued at USD 112.23 billion in 2021 and is expected to reach USD 190.82 billion by 2029, growing at a CAGR of 6.2% during 2021-2029. as per the latest research report published by Spherical Insights & Consulting.
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Stainless steels are iron-based alloys that contain a minimum of about 12 percent Cr, which is required to prevent rust formation in unpolluted environments (hence the designation stainless). Few stainless steels contain more than 30% Cr or less than 50% iron. They achieve their stainless properties by forming an invisible and adherent chromium-rich oxide film. In the presence of oxygen, this oxide forms and heals itself. Nickel, manganese, molybdenum, copper, titanium, silicon, niobium, aluminum, Sulfur, and selenium are some of the other elements that have been added to improve specific properties. Carbon is typically present in concentrations ranging from less than 0.03 percent to more than 1.0 percent in certain grades. Stainless steels can be shaped and fabricated in conventional ways, with certain restrictions in certain types. They come in cast, powder metallurgy (P/M), and wrought varieties. Plate, sheet, strip, foil, bar, wire, semi-finished products (blooms, billets, and slabs), and pipe and tubing are among the wrought product forms available.
Browse key industry insights spread across 215 pages with 119 market data tables and figures & charts from the report “Global Stainless Steel Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Type (Austenitic stainless steel, ferritic stainless steel, duplex stainless steel Martensitic Stainless Steel, Precipitation Hardening Stainless Steel, and Others), By Product (Flat, Long, and Others), By Application (metal product, electric machinery construction automotive parts, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 - 2030” in detail along with the table of contents
The demand for stainless steel is increasing at a rate of 5% per year. In 2019, its global output surpassed 52 million tons. Stainless steel is currently used in a wide range of industries. Aside from traditional and marine constructions, household appliances are becoming more popular. While stainless steel is more expensive than mild steel, its superior properties result in increased service life and lower cycle cost. As a result, the higher initial costs pay off in the long run. The high amount of chromium is its distinguishing feature. Stainless steel contains at least 10.5 percent chromium, which improves corrosion resistance and strength. When exposed to air, the chromium in the alloy forms a passive layer. This layer serves as a barrier against further corrosion, effectively rendering the alloy rust proof. This mechanism enables a spotless appearance to be maintained for extended periods of time under normal working conditions.
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Stainless steel is used in kitchenware, cutlery, and accessories. Knife blades with sharp edges are made from less ductile steel grades. Steel grades that are more ductile are used for items that must be molded into shape, such as cookers, grills, sinks, and saucepans. Stainless steel is also used to coat refrigerators, freezers, countertops, and dishwashers. Because it does not affect the flavors of the food, stainless steel is ideal for food production and storage. Because some foods, such as orange juice, are acidic, stainless steel's corrosion resistance is essential. Furthermore, stainless steel is easily cleaned, which aids in the prevention of unwanted germs. Stainless steel is also important in the production of ice cream because it allows for strong anti-bacterial cleaning products.
India is the world's fifth largest consumer of flat stainless steel products. Domestic stainless steel flat product consumption in India is approximately 1.5 million tons, with a reasonable growth rate of around 10% over the last few years. There is still a huge potential for stainless steel products, as current per capita consumption is only 1.2 kg per person, compared to China's consumption of 5 kg per person, and it is headed for rapid growth, as evidenced by the increase in per capita consumption of stainless steel in China as per capita income has increased over the last decade. In fact, developed countries' per capita consumption is around 15-20 kg. The Indian economy's growth is expected to increase demand for stainless steel products, owing to new applications for stainless steel, rising per capita income in India, and increased infrastructure investment.
For over 70 years, stainless steel has been used with great success in a variety of industries. With each passing year, more applications are discovered as its benefits become more widely recognized. As demand has increased, so has production, making it more affordable than ever. Increased demand leads to increased availability in both standard and non-standard sizes. In addition, a variety of stainless steel finishes are available for selection. Aside from polished finishes, patterned and colored surfaces are available. This makes it possible to find a suitable option for needs. Stainless steel is also completely recyclable. In fact, scrap metal accounts for half of all stainless steel production. As a result, it is a relatively eco-friendly material.
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The North America region is dominating the market share of the global extended warranty market owing to the rapid expansion of the automotive sector and advancements in technology are linked to the region's high demand for the product. Automotive exhaust systems typically contain between 45 and 50 percent steel.
Asia Pacific region is anticipated to grow at the highest CAGR during the forecast period owing to the market expansion in Asia Pacific has been driven by the region's rapid infrastructural development and rising steel technological innovation. China is the country with the largest market share and the quickest economic growth in this region.
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