Wilmington, Delaware, United States, June 29, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global stainless steel foil market is projected to flourish at a CAGR of 5.8% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 10.8 billion is anticipated for the market in 2031. In 2022, the market for stainless steel foil was valued at US$ 6.5 billion.
The increasing industrialization and infrastructure development projects in emerging economies are driving the demand for stainless steel foils. The growing technological advancements in manufacturing processes and technologies have contributed to the growth of the stainless steel foil market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 6.5 Bn | |
| Estimated Value | US$ 10.8 Bn | |
| Growth Rate - CAGR | 5.8% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 415 Pages | |
| Market Segmentation | Grade Type, Product Type, Width, Application, End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | Kobe Steel, NIPPON STEEL CORPORATION, Outokumpu Oyj, Wieland Rolled Products, Bhandari Group, Ulbrich Stainless Steels & Special Metals, Iup Jindal Metals & Alloys Limited, All Foils, Inc. Milesi S.r.l., Braunmetall, Hasberg-Schneider GmbH Riddhi Siddhi Impex, Hollinbrow Precision Products (UK) Ltd., Rikazai K.K., Meru Impex | |
Competitive Landscape
Transparency Market Research has profiled the following players in its global Stainless Steel Foil market report:
Kobe Steel, NIPPON STEEL CORPORATION, Outokumpu Oyj, Wieland Rolled Products, Bhandari Group, Ulbrich Stainless Steels & Special Metals, Iup Jindal Metals & Alloys Limited, All Foils, Inc. Milesi S.r.l., Braunmetall, Hasberg-Schneider GmbH Riddhi Siddhi Impex, Hollinbrow Precision Products (UK) Ltd., Rikazai K.K., Meru Impex
The stainless steel foil market is highly competitive with the presence of large-scale companies. The leasing players are engaged in mergers, acquisitions, and collaborations.
Outokumpu, a major stainless steel producer, has been focusing on product innovations to meet the evolving needs of customers. The company has introduced high-performance stainless steel foils with improved surface quality, dimensional accuracy, and mechanical properties. These advancements aim to cater to diverse applications, such as automotive, electronics, and packaging.
Nippon Steel Corporation has been actively engaged in research and development activities to enhance the properties of stainless steel foils. The company has developed advanced manufacturing techniques to improve the surface finish, thickness uniformity, and flatness of stainless steel foils. These developments contribute to achieving higher levels of precision and quality in the end products.
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With the growing focus on environmental sustainability and the circular economy, there is an increasing preference for materials that can be recycled and reused. Stainless steel foils align with these sustainability goals, driving their adoption in various industries.
Increased demand for lightweight materials in various industries to improve fuel efficiency, reduce emissions, and enhance overall performance, the market for stainless steel foil is expected to increase as stainless steel foil offers a lightweight solution without compromising strength and durability, making it an attractive choice for applications that require lightweight components.
Key Takeaways from the Market Report
- As of 2023, the stainless steel foil market is forecast to reach US$ 6.8 billion
- By Grade type, demand for 304 stainless steel is rising significantly
- Based on end-use, the automotive segment is expected to account for a significant market share
- Insulation barrier and the cornering segment is expected to generate high revenue during the forecast period.
- Stainless Steel Foil Market: Prominent Drivers and Trends
- Increased demand for exhaust systems in the automotive industry and increased demand for corrosion-resistant materials is creating opportunities for stainless steel foil market growth.
- Increased urbanization and increase demand in the electronics industry fuel the demand for stainless steel foil during the forecast period.
- Manufacturers are focusing on developing innovative quality and deploy new alloys and enhancing the manufacturing process
Stainless Steel Foil Market: Regional Analysis
- North America is expected to remain a prominent region in the stainless steel foil market owing to its well-established industrial base and significant presence of key players. The increasing demand from various sectors, including automotive, aerospace, electrical, and construction, fuels the stainless steel foils market.
- The other factors contributing to the growth of the market include the region's focus on technological advancements, stringent quality standards, and emphasis on product innovation.
- Asia Pacific is expected to account for a significant share of the stainless steel foil market due to the increasing population, rising disposable income, and expanding manufacturing sectors in countries like China, Japan, South Korea, and India contribute to the demand for stainless steel foils in the region. The region is a major consumer and producer of stainless steel foils, driven by the growth of industries such as automotive, electronics, construction, and packaging.
Stainless Steel Foil Market: Key Segments
Grade Type
- 304 Stainless Steel
- 316 Stainless Steel
- Others
Product Type
- Austenitic Stainless Steel
- Ferritic Stainless Steel
- Martensitic Stainless Steel
- Duplex Stainless Steel
Width
- < 100mm
- 100mm - 500mm
- 500mm
Application
- Insulation Barrier and Cornering
- Void Filling
- Blocking and Bracing
- Others
End-use Industry
- Packaging
- Electronics
- Automotive
- Aerospace
- Oil and Gas
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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