Press release
Stainless Steel Market 2024 Global Player Jindal Stainless, POSCO, Outokumpu, North American Stainless, ArcelorMittal
Stainless Steel Market
Global Stainless-Steel Market may witness significant gains over forecast period owing to positive growth in the automotive sector & rise in public infrastructure expenditure for developing railways, roads & highways projects. It’s key properties such as resistance to corrosion, strength, and low maintenance properties making it suitable for wide range of applications including transportation, heavy industries, and metal products.
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300 series stainless steel may witness strong gains over the forecast timeframe owing to its high temperature resistance and easy maintenance along with wide range of applications in automotive, aerospace, and construction industries. It also resists cracking and etching better than other grades.
400 Series grade consist of manganese and chromium and are magnetic. It consists of high carbon content thereby giving it a martensitic crystalline structure. Rise in demand for product for various application such as gas turbine exhaust silencers, agricultural equipment, heat exchanger, hardware and motor shafts boost the overall industry growth.
Duplex series finds strong application scope in oil & gas, pulp & paper and chemical industries owing to its superior properties such as good weldability, high strength and low weight.
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Rise in demand for stainless steel in medical industry may propel the market growth over the forecast timeframe. It is widely used in construction of kidney dishes, surgical and dental instruments, in addition to other medical equipment such as steam sterilizers, MRI scanners, and cannulas. Positive application scope in consumer goods such as such as cookware, stoves, and showpieces are also expected to boost the product demand.
North America led by U.S. stainless steel market may witness significant growth by increasing application scope in medical, oil & gas and heavy industries. High-grade stainless steel plays vital role in construction of valves, pipes, and storage tanks to provide resistance to corrosion over a wider range of temperatures. Growing adoption of stainless steel in oil & gas industry for off-shore oil rigs is expected to boost the overall market growth in the region.
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Europe driven by France, UK and Germany stainless steel market may witness high growth owing to positive application outlook in automotive industry owing to its high strength that allows for thinner containers, saving fuel costs, whereas its resistance to corrosion helps in minimizing the maintenance and cleaning costs.
Global stainless steel market share is competitive with major industry players include Jindal Stainless, Aperam Stainless, ArcelorMittal, Outokumpu, POSCO, ThyssenKrupp Stainless, Nippon Steel & Sumitomo Steel, JFE Holdings, and North American Stainless. Manufacturers are also focusing on merger and acquisitions with local & regional companies to open new market opportunities this will further boost the market for stainless steel.
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