3-Aug-2019: The global stainless steel
market size is projected to reach USD 133.84 billion by
2025, according to a new report by Grand View Research, Inc. It is projected to
expand at a CAGR of 5.2% during the forecast period. Increasing production of
automotive and growth of the construction sector are the key factors driving the
growth.
Owing to high
resistance to corrosion, stainless steel can be easily fabricated in building
structures. Along with aesthetic purpose, it provides strength and support to
various building structures. It is used in roofing, structures, fixings,
drainage and water systems, handrails, and wall support products. Rising
investment in this sector and number of construction activities are creating a
high demand for stainless steel products.
For instance, as
per the 13th five-year plan of the Civil Aviation Administration of China
(CAAC), China is aiming to build around 74 more airports by 2020. It is also
planning to construct 30,000 km of highways and one million km of rural roads.
Further, this plan is also created to achieve cumulative sales and production
of 5 million electric vehicles by 2020.
Automotive sector
is expanding at a greater pace owing to easy access to credit facility and
increasing the necessity among people to own a vehicle. Stainless steel can
absorb the energy during collision which makes it a key material in automotive
components. The demand for products such as frame, exhaust system, wheel rim,
engine cradles, floor panels, gaskets, and suspension systems is expected to
rise in near future. In 2017, global production of vehicles increased by 2.3%
compared to 2016 and reached 97.3 million units of production. This is also
projected to assist the growth of stainless steel market.
Increasing use of
aluminum and carbon fibers in automotive components is projected to restraint
the market growth. The advantages of aluminum such as fuel efficiency,
recyclability, durability, performance, and environmental safety make it
suitable in vehicles. Increasing government pressure on manufacturers to reduce
emissions of harmful chemicals is projected to boost the demand for automotive
aluminum in the forthcoming years. In addition, 90% of aluminum can be
recovered from the products and again recycled for further processing. It is
believed that 1 kg of aluminum can replace around 2 kg of cast iron or steel in
manufacturing process.
In
depth research report on Stainless Steel Market
Further key findings from the report suggest:
·
The 300 series grade steel is anticipated to reach USD 71.9
billion by 2025 at an estimated CAGR of 5.1%
·
In terms of revenue, long products segment is projected to
expand at a CAGR of 4.7% over the forecast period
·
Automotive application held the leading market share of 27.3%
in 2018
·
Europe stainless steel market is anticipated to reach 7,233.5
kilotons by 2025
·
In terms of revenue, Asia Pacific is projected to witness a
significant CAGR of 4.7% over the forecast period, owing to rise in
infrastructure investments and demand vehicles
·
Some of the key companies present in the market are North
America Stainless, ArcelorMittal, Aperam Stainless, Jindal Stainless, Bristol
Metals, LLC and Nippon Steel and Sumitomo Metal.
Grand View Research
has segmented the global stainless steel market on the basis of grade, product,
application, and region:
Stainless Steel Grade Outlook (Volume, Kilo Tons; Revenue,
USD Million, 2014 - 2025)
·
200 series
·
300 series
·
400 series
·
Duplex series
·
Others
Stainless Steel Product Outlook (Volume, Kilo Tons; Revenue,
USD Million, 2014 - 2025)
·
Long Products
·
Flat products
·
Others
Stainless Steel Application Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2014 - 2025)
·
Building & Construction
·
Heavy Industry
·
Automotive
·
Consumer Goods
·
Others
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more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For
more market analysis reports, please visit: http://www.grandviewresearch.com/
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