Stainless Steel Market to reach USD 166.13 billion by 2028 | Market analysed by Size, Trends, Analysis, Future Scope, and Demand Forecast

The market for stainless steel worldwide was estimated to be worth USD 104.23 billion in 2021 and is projected to grow to USD 166.13 billion by 2029, recording a CAGR of 6.00% over the forecast period of 2022-2029. The market report created by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario in addition to market insights like market value, growth rate, market segments, geographical coverage, market players, and market scenario.

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When excellent resources from research, development, consulting, assessment, compliance and regulatory services field work together, such all-inclusive report is put forth for the customers. This market research report contains a quality research which has been carried out with transparent research studies. Incredible industry experience, industry insight, talent solutions and latest technology are employed while forming this report. This industry analysis report aids to get expert solutions and potential capabilities. It keeps marketplace clearly into the focus with the work, insights and analysis that has been carried out during research. Moreover, market analysis data is presented in the detailed pattern in the universal Stainless Steel Market document.

Market Definition

Stainless steel contains a variety of materials that when the fused result in a power alloy. Stainless steel, an alloy of iron and chromium, and nickel in some cases provide resistance to corrosion of iron. Chromium is responsible for providing this resistance property to the alloy. Chromium secretes a thin layer of oxide that is known as the passive layer. Other than chromium, nitrogen and molybdenum are also added to this alloy. It is an environmentally inert and neutral alloy, which means that it is infinitely recyclable. Stainless steel is durable and strong which makes it perfect use for various end-user verticals.

COVID-19 Impact on Stainless Steel Market

The recent outbreak of coronavirus had a negative impact on the stainless steel market. The pandemic crisis has had a significant impact on the growth of the stainless steel market in the year 2020, owing to a significant decrease in demand from various end use sectors. Furthermore, there has been a decrease in construction activity as well as the closure of some manufacturing plants. For example, Nippon Steel announced in March 2021 that it will reduce capacity by 10%, following a 10% reduction in production in 2020 due to a drop in demand caused by the pandemic. Furthermore, Oxford Economics predicted that annual construction output in China would fall by 8% in 2020. Nonetheless, they forecast $5.8 trillion in global construction activity over the next ten years, led by the United States, China, India, and Indonesia.

While companies have reduced short-term revenue targets, the stainless steel market outlook for 2022-2028 remains bullish. Stakeholders are expected to establish large capacities and investigate opportunities in the construction sector with stainless steel recycling.

STAINLESS STEEL MARKET SEGMENTATION

Product

• Flat Products
• Long Products
• Bars/ Wire Rods
• Hot Bars/ Wire Rods
• Cold Bars/ Wire Rods
• Cold Rolled Flats
• Coils
• Sheets
• Strips
• Hotplates and Sheet
• Hot Coils
• Tubes
• Castings
• Others

Type

• Austenitic Stainless Steels
• Martensitic Stainless Steels
• Ferritic Stainless Steels
• Precipitation-Hard enable Stainless Steels
• Duplex Series

Grade

• 200 Series
• 300 Series
• 400 Series
• Duplex Series

Application

• Automotive and Transportation
• Building and Construction
• Consumer Goods
• Heavy Industries
• Metal Products
• Other Applications

BASIC QUESTIONS ASKED

• What are the main industry difficulties and motivators?
• Who are the major market participants in the market for Stainless Steel Market?
• How big a market and what is the projected CAGR for the Stainless Steel Market industry?
• What effects does rising demand have on the market share expansion for Stainless Steel Market?
• How will the market for Stainless Steel Market change in the next years?
• What is the impact of the COVID-19 pandemic on the APAC Stainless Steel Market?

STAINLESS STEEL MARKET COUNTRY LEVEL ANALYSIS

• The countries covered in the Stainless Steel Market report are
 U.S.
 Canada
 and Mexico in North America
 Germany
 U.K.
 France
 Italy
 Spain
 Netherlands
 Switzerland
 Russia
 Belgium
 Turkey
 and Rest of Europe
 China
 Japan
 India
 South Korea
 Singapore
 Malaysia
 Australia
 Thailand
 Indonesia
 Philippines and Rest of Asia-Pacific in the Asia-Pacific (APAC)
 Saudi Arabia
 U.A.E
 South Africa
 Egypt
 Israel
 and Rest of the Middle East and Africa
 Brazil
 Argentina

To Gain More Insights about this Research, Visit @ https://www.databridgemarketresearch.com/reports/global-stainless-steel-market

KEY POINTERS COVERED IN THE STAINLESS STEEL MARKET INDUSTRY TRENDS AND FORECAST TO 2026

• Market Size
• Market New Sales Volumes
• Market Replacement Sales Volumes
• Market Installed Base
• Market By Brands
• Market Procedure Volumes
• Market Product Price Analysis
• Market Cost of Care Analysis
• Market Shares in Different Regions
• Recent Developments for Market Competitors
• Market Upcoming Applications
• Market Innovators Study

KEY MARKET COMPETITORS COVERED IN THE REPORT

• DuPont (U.S.)
• DOW (U.S.)
• Umicore (Belgium)
• Glencore (Switzerland)
• Jinchuan Group International Resources Co. Ltd (China)
• Huayou Cobalt Co., Ltd (China)
• Freeport Cobalt (Finland)
• Sherritt International Corporation (Canada)
• solvay (Belgium)
• DAIKIN (Japan)
• BHP (Australia)
• Eramet (France)
• Vale (Brazil)
• Votorantim Metais SA (Brazil)
• Sumitomo Corporation (Japan)

BROWSE TRENDING REPORTS-

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