BANGALORE, India, Nov. 30, 2021 /PRNewswire/ — Global stainless steel market 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 was published in the Metals and Mining Industry Assessment Report.
The global stainless steel market size was US$124.85 billion in 2020 and is expected to reach US$171.05 billion by the end of 2027, with a CAGR of 4.6% in 2021-2027.
Stainless steel is corrosion-resistant, has high toughness and ductility, and requires little maintenance, so market expansion is expected to be driven by increasing construction activities across the globe and growing demand for consumer goods.The quality of stainless steel has led to the increasing use of the material in consumer products such as cookware, displays, and stoves, which is expected to drive demand in the coming years.
Increasing automotive production, especially in Asia Pacific, Middle East and South America, is the key driver for the stainless steel market.Growing population and disposable income, along with increasing demand for easy access to financing and personal car ownership, are driving vehicle production in emerging countries in the Asia Pacific region.Hence, the market growth is expected to accelerate in the coming years.
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Increased construction activity around the world to upgrade and enhance infrastructure is driving the growing demand for stainless steel.Properties such as high tensile strength, low maintenance costs, toughness and ductility, and attractive appearance help drive stainless steel demand and applications for various end users.Therefore, the stainless steel market is expected to rise.
The market is expected to increase owing to the continuous evolution from traditional to modern technologies due to the reduction in cost in the steelmaking process and the use of more energy-efficient production technologies.Technological developments to increase efficiency and expand production capacity to shorten manufacturing process cycle times are accelerating industry growth.
During the forecast period from 2021 to 2027, duplex steel slabs are expected to be the most lucrative segment due to its light weight, high strength and resistance to stress corrosion cracking.These properties make the duplex series stainless steel a popular choice for chemical processing, tank construction, and chemical transport containers.It will continue to be an excellent alternative to carbon steel and its low cost will drive the growth of the stainless steel market.
Depending on the application, the architectural part is expected to be the most profitable.]Stainless steel is used to improve the strength, durability and appearance of the product.Wall starters, masonry supports, lintels and wind columns 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 skyrocket.
Regionally, Asia Pacific is expected to be the most profitable region.Rising energy demand, growing industrialisation and growing automotive manufacturing are complementing business dynamics in the Asia Pacific region.
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