Press release
Stainless Steel Foil Market Major Drivers and Restraints by 2030
Albany, NY - Stainless Steel Foil Market: IntroductionIn terms of value, the global stainless steel foil market is anticipated to expand at a CAGR of 6% from 2020 to 2030 and cross US$ 11 Bn by 2030. Asia Pacific dominated the global stainless steel foil market, in terms of volume, in 2019. It is estimated to be the leading region of the global stainless steel foil market during the forecast period. The electrical electronics industry is projected to offer lucrative opportunities for the stainless steel foil market in the near future.
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Stainless Steel Foil Market: Major Drivers and Restraints
Stainless steel foil is widely used to manufacture electronic components such as hard disk drive components, mobile phone keypads, OLED screens, and backlight reflectors of LCDs. These are extensively employed in the electronics industry due to their excellent conductive properties. Stainless steel foil products are relatively lighter even after the application of coatings. One of the key benefits of stainless steel foil is its extended shelf life for crucial electronics applications. This, in turn, is expected to drive the stainless steel foil market during the forecast period. Stainless steel foil is extensively employed in the solar industry due to its excellent thermal conductive properties. This is likely to boost the demand for stainless steel foil during the forecast period.
The generation of solar power has increased significantly around the globe due to constant innovation and technological advancements in conversion of solar energy into electrical energy. This is expected to boost the stainless steel foil market during the forecast period, owing to the essential application of these foils in solar panels and photovoltaics. The availability of strong substitutes is estimated to restrain the global stainless steel foil market during the forecast period. Stainless steel foil is manufactured by a combination of several metal components such as iron, carbon, nickel, phosphorous, and chromium. This combination of several metals increases the overall cost of stainless steel foil. On the other hand, the cost of aluminum foils is cheaper than that of stainless steel foils. This is projected to hamper the global stainless steel foil market during the forecast period.
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Stainless Steel Foil Market: Prominent Segments
Based on product, the width 100mm segment held major share of the global stainless steel foil market in 2019. This trend is anticipated to continue during the forecast period. Stainless steel foil of width less 100 mm is primarily used in the manufacture of hard disk drive suspension springs, mobile key pads, and LCD screens. It imparts high durability and anti -corrosive properties.
The electrical electronics end use segment constituted large share of more than 50% of the global stainless steel foil market in 2019. This trend is estimated to continue throughout the forecast period. On the other hand, the energy power segment is projected to expand at a rapid pace during the forecast period.
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Competition Landscape
Key manufacturers operating in the global stainless steel foil market include Kobe Steel, Ltd., NIPPON STEEL CORPORATION, Outokumpu Oyj, Wieland Rolled Products North America Llc, Bhandari Group, and Ulbrich Stainless Steels Special Metals Inc.
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