Press release
Stainless Steel Market Size, Share Analysis, Segmentation and Growth by Regions to 2024-2032
Stainless Steel Market
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅- https://www.fortunebusinessinsights.com/enquiry/sample/stainless-steel-market-106481
List of Key Players Profiled in the Market Report: -
▶ Acerinox S.A (Spain)
▶ Aperam Stainless (Luxembourg)
▶ ArcelorMittal (Luxembourg)
▶ Baosteel Group (China)
▶ Jindal Stainless (India)
▶ Nippon Steel Corporation (Finland)
▶ Outokumpu (Finland)
▶ POSCO (South Korea)
▶ ThyssenKrupp Stainless GmbH (Germany)
▶ Yieh United Steel Corp (Taiwan)
COVID-19 Impact:
Steel Producers Faced Shortage Of Steel Due To Trade Restrictions Affecting The Construction Industry
The pandemic of COVID-19 affected the construction industry due to machinery closures, scarcity of qualified labor, factory shutdowns, and shortage of raw materials, due to which production remained closed. After the pandemic, the production recovered more quickly in emerging nations than in developed ones, returning to pre-pandemic levels in 2021.
Segmentation
Cold Rolled Flat Segment To Dominate Due To Its Highly Ductile Nature
On the basis of product type, the market is divided into cold rolled flat, hot plate & sheet, cold bars & wire, hot bars & wire rod, and others. The cold rolled flat segment dominated and is set to have fastest growth as it is highly ductile in nature. Hot plate & sheet is also referred to as structural steel and is projected to be the second-largest as it can be cut and welded to manufacture a more complicated product.
Metal Products Segments Led The Market Due To Growing Consumer Disposable Income
On the basis of application, the market is classified into metal products, electrical machinery, engineering, construction, automotive parts, and others. The metal products segment is set held the largest share in 2022 due to growing consumer disposable income and rising adoption of metals in utensils and medical accessories.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Growth In The Automotive Industry To Drive Market Growth
Growth in the automotive industry is anticipated to drive the stainless steel market growth. Stainless steel is used in the automotive industry due to its corrosion, high strength, and heat resistance properties. Increasing technological advancement in the automotive industry and rising innovation in electric vehicles will contribute to product adoption. Rising product consumption due to its characteristics in the construction industry to drive the market growth.
However, presence of substitute products, such as aluminum, galvanized steel, carbon steel, and engineered plastics can hamper the market growth.
Regional Insights
Increasing Demand For The Product in China to Drive Market Growth In Asia Pacific
Asia Pacific is set to lead in the global stainless steel market share due to rapid development in the infrastructure and increasing number of technological developments. The market reached the valuation of USD 136.91 billion in the year 2022 with China being the fastest growing country in the region.
Europe region is driven by rapid growth in the automotive industry and technological advancements. About 45%-50% of steel is being used in the automotive exhaust systems which is further creating demand for stainless steel.
Read More Information- https://www.fortunebusinessinsights.com/stainless-steel-market-106481
Competitive Landscape
Key market players are ThyssenKrupp Stainless GmbH, Nippon Steel Corporation, ArcelorMittal, and Acerinox S.A. The market players have been production capacity expansion, product development, mergers & acquisitions, and market collaborations. In April 2021, Sandvik and BEAMIT Group collectively launched Osprey 2507 super-duplex stainless-steel powder which can be used for additive manufacturing with excellent durability and corrosion resistance properties.
Key Industry Development
March 2023- Jindal Stainless Ltd and New Yaking Pte. Ltd. announced the collaboration for construction, development, investment, and operation of a Nickel Pig Iron smelter facility situated in Indonesia. The company will secure 49% stake with USD 157 million as an investment. This Nickel will be used for the production of stainless steel.
𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬-
High Strength Steel Market- https://www.fortunebusinessinsights.com/industry-reports/high-strength-steel-market-101854
Flat Steel Market- https://www.fortunebusinessinsights.com/flat-steel-market-102911
Precision Stainless Steel Market- https://www.fortunebusinessinsights.com/precision-stainless-steel-market-103395
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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:
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