NEWARK, Del., Sept. 13, 2022 (GLOBE NEWSWIRE) — According to the report published by FMI, the global stainless steel market is forecast to register a moderate CAGR of 5.5% over the forecast period. The current valuation of the market is $119.80 billion in 2022. The market value of stainless steel is expected to peak at $183.86 billion by 2032.
The stainless steel market is rapidly gaining importance due to the thriving demand for stainless steel in the manufacture of kitchen products such as showpieces, cookware, and stoves due to its advantages, which include high ductility and toughness, corrosion resistance, and low maintenance, which in turn fuel the market growth across the various industries .
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According to Future Market Insights, stainless steel is again looking for significant demand from the automotive industry and is positively influencing the market growth. Rising automobile production in regions such as the Middle East, Asia Pacific and Latin America has fueled demand for stainless steel in these regions.
FMI has analyzed that the main factors contributing to the increased automobile production are easier access to credit facilities, disposable income and the increasing need of people for personal transportation. The above factors are expected to boost demand for stainless steel worldwide.
The central theses from the stainless steel market
- The automotive and transportation segment accounts for 12% market share of global steel consumption.
- Based on product type, the flat product segment will dominate at a significant CAGR over the period 2022-2032. This segment accounted for 73% of the revenue share in 2021.
- Europe is expected to advance at a CAGR of 5.6% over the estimated period.
- The Asia-Pacific region is expected to dominate the stainless steel market with a 74% market share during the forecast period.
“Socioeconomic factors and drastic development of the Building & Construction and Automotive Industry will likely curate lucrative growth opportunities for the stainless steel manufacturers and capitalize on the market growth during the forecast period,” says an FMI analyst
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competitive landscape in the Stainless steel market
The market participants in the stainless steel industry are primarily concentrating on their capacity expansion across different regions. The manufacturer has helped develop advanced techniques to improve the properties of stainless steel, thereby further expanding the profitable opportunities for market participants during the forecast period of 2022 to 2032.
The global stainless steel market can be considered as oligopolistic due to the presence of a significant number of players across the globe. The intensity of market participation is high due to the wide range of demand. Tier I companies plan to enter into collaborations and acquisitions of accompanying companies to further increase their market presence.
Acerinox SA, aperitif stainless steel, ArcelorMittal, baosteel Group, Jindal Stainless, Nippon Steel Corporation, and Outokumpu are some of the major players in the stainless steel market.
Recent developments in the stainless steel market:
- in the November 2021, the US government unveiled a $2 trillion infrastructure plan. It includes extensive funding allocations for the repair and renovation of bridges, highways, electric vehicle charging stations, airports, water infrastructure, communication networks, high-speed internet, clean energy and environment, and carbon reduction. This plan is likely to support SS demand for structural applications in infrastructure and construction.
- In February 2021, Jindal stainless steel announced a CAPEX plan for its Odisha stainless steel plant worth Rs. 2000-3000 crore (USD 261.8-392.7 million) over the next few years
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key segments in the stainless steel market
- Austenitic stainless steel
- Ferritic stainless steel
- Duplex stainless steel
- Martensitic stainless steel
- Precipitation hardening stainless steel
- flat products
- long products
- tubular products
According to end use:
- Building & Construction
- Industrial machines and components
- Automotive & Transportation
- domestic appliances
- Cookware & Cutlery
- Medical and surgical instruments
- North America
- Latin America
- Asia Pacific
Table of Contents
1.1. Global Market Outlook
1.2. Trends on the demand side
1.3. Trends on the supply side
1.4. Technological road map
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Restrictions
3. Major Market Trends
3.1. Key trends affecting the market
3.2. Innovation / development trends
Table of contents continued..!
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