Stainless Steel Sheet and Strip Market is Growing Exponentially | Top Key Player Included are ArcelorMittal, Brown Metal, Reliance Steel & Aluminum Co., Thyssenkrupp, Nippon steel, Sumitomo Metal Corp., Hebei Iron & steel group, Baosteel

Iron and steel industry is one of the most prominent industry portraying growth of a nation. It is one of the most extensively used and recyclable material on earth. Rapid industrialization, rising disposable income, growing urbanization, and increasing global population are the major key drivers for growth of the market.

Market Dynamics:-

Stainless steel sheet and strips find its major application in automotive Industry. It is used in the manufacturing of automotive parts, prone to dynamic stress. Globally, rising automotive industry will definitely propel demand of stainless steel sheet and strip market. For instance, according to India Brand Equity Foundation, the Indian automotive industry was valued at US$ 93 billion in 2016, is expected to grow to US$ 251.4-282.8 billion by 2026, with a CAGR of 14.25%.

Stainless steel sheets are suitable for manufacturing the parts of boiler, construction purposes, and production of bent profiles due to good moldability property. The other major driver for growth of the stainless steel sheet and strip market is ever-growing construction industry. According to World Bank’s report 2016, the global infrastructure investment needs is expected to reach US$ 97 trillion by 2040, which will definitely boost demand for stainless steel strip and sheet in the global market.

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Major restraining factors of the global stainless steel sheet and strip market are price volatility of raw material, for instance, iron ore’s price fluctuates over the year due to new quarterly pricing system. Steel industry contributes 27% in total emission of greenhouse gases. Developed nations always force major steel manufacturing hubs such as India and China to cut the emission rates, which may adversely impact the growth of steel industry.

Market Outlook:-

Asia Pacific holds dominance in the global steel production due to rapid urbanization and industrialization in the region. According to World Steel Association’s report in 2017, China will remain consuming the half of the global steel produced till 2020 and India’s steel consumption is expected to grow by 5.5% in 2020.

Flat stainless steel sheets are used to construct bridges, offshore structure, ship and naval structure, hydro power stations, storage tanks, and boilers. The growth in marine structure industry will boost demand for stainless steel sheet. For instance, according to IBEF, the Indian shipbuilding sector has current order book of US$ 3.7 billion, which is expected to grow at CAGR of 30% by 2026.

Key players in the Global Stainless Steel Sheet and Strip Market:-

Major Key players in the global stainless steel sheet and strip market are ArcelorMittal, Brown Metal, Reliance Steel & Aluminum Co., Thyssenkrupp, Nippon steel, Sumitomo Metal Corp., Hebei Iron & steel group, Baosteel, Posco, Wuhan iron and steel group, JFE steel Corp., Hyundai steel company, Tata steel, Nucor Corp., Shougang, Essar steel, and Hesteel Group.

Major industrial activities include the acquisition of ArcelorMittal’s four Europe-based steel plants by Gupta’s Liberty House. This was confirmed in October 2018. ArcelorMittal is selling them to generate fund to purchase Italian steel company, ILVA.

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This release was published on openPR.