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Stainless Steel Market Analysis, Trends, Growth, Research And Forecast 2033
Stainless Steel Market
The Business Research Company offers in-depth market insights through Stainless Steel Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The stainless steel market size has grown strongly in recent years. It will grow from $154.25 billion in 2023 to $167.2 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to manufacturing expansion, energy sector requirements, consumer goods innovation, urbanization and construction boom, aerospace and defense sector utilization.
The stainless steel market size is expected to see strong growth in the next few years. It will grow to $228.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising industrialization in emerging markets, infrastructure development projects, global economic recovery, sustainable practices and regulations. Major trends in the forecast period include technological advancements in manufacturing, global economic growth, shift to sustainable materials, automotive industry demand, advancements in automotive design.
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Market Segmentation:
The stainless steel market covered in this report is segmented -
1) By Type: Cold Rolled Flat, Hot Plate and Sheet, Cold Bars and Wire, Hot Bars and Wire Rod, Other Types
2) By Grade: 200 Series, 300 Series, 400 Series, Duplex series, Other Grades
3) By Application: Building and Construction, Automotive and Transportation, Consumer Goods, Mechanical Engineering and Heavy Industries, Other Applications
Major Driver - Stainless Steel Market Soars With Accelerating Automotive Industry Growth
Rapid growth in the automotive industry is expected to propel the stainless-steel market going forward. The automotive industry refers to several businesses and organizations engaged in the creation, production, marketing, and sale of automobiles. Stainless steel provides durability and aesthetic appeal that is utilized by the automotive industry. For instance, in May 2022, according to the Society of Indian Automobile Manufacturers, an Indian-based agency representing all vehicle and vehicular engine manufacturers, reported that the total number of automobiles produced is increased to 22.93K in 2021 in India. Further, in 2021, according to the European Automobile Manufacturers' Association, a Belgium-based automotive industry standards group, 79.1 million automobiles were produced in the year 2021. Therefore, rapid growth in the automotive industry is driving the growth of the stainless steel market.
Competitive Landscape:
Major companies operating in the stainless steel market report are China Baowu Steel Group Corporation Ltd, Sandmeyer Steel Company, ArcelorMittal SA, Pohang Iron and Steel Company, Nippon Steel Corporation, ThyssenKrupp AG, JFE Steel Corporation, Tata Steel Limited, Essar Steel India Limited, Steel Authority of India Limited, Sandvik AB, Outokumpu Oyj, Marcegaglia Specialties S.p.A., Jindal Steel and Power Limited, Acerinox SA, Aperam SA, AK Steel Holdings Corporation, ATI Specialty Alloys & Components, Schmolz + Bickenbach AG, Allegheny Technologies Incorporated Carpenter Technology Corporation, Rashtriya Ispat Nigam Limited, North American Stainless, Viraj Profiles Limited, Ulbrich Stainless Steels & Special Metals Inc., Yieh Corporation, Aamor Inox Limited, Bristol Metals LLC, Valbruna Stainless Inc., Mahindra Ugine Steel
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Top Trend - Advancements In Stainless Steel Market Through A Focus On A4 Stainless Steel And 3D Printing Solutions
Major companies operating in the stainless-steel market are developing new products such as A4 stainless steel to gain a competitive edge in the market. A4 stainless steel is a designation for a specific type of stainless steel that is part of the AISI 316 stainless steel family which is also known as marine grade stainless steel due to its excellent corrosion resistance, particularly in marine environments. For instance, in January 2023, 3DEO Inc., a US-based metal 3D printing company, launched 316L stainless steel. This is a completely austenitic, non-magnetic stainless steel (similar to UNS S31603) that exhibits exceptional mechanical and ductility properties at room temperature and at slightly higher temperatures. Because of its exceptional resistance to corrosion, this weldable material is perfect for applications that are exposed to hostile conditions. Customers in all areas, including the medical, industrial, marine, and food processing sectors, can purchase the novel material.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Stainless Steel Market Characteristics
3. Stainless Steel Market Trends And Strategies
4. Stainless Steel Market - Macro Economic Scenario
5. Stainless Steel Market Size And Growth
…..
27. Stainless Steel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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