Selbyville, Delaware, Aug. 11, 2020 (GLOBE NEWSWIRE) -- According to MarketStudyReport LLC, Worldwide stainless steel market was worth USD 111.4 billion in 2019 and is projected reach USD 181 billion by 2027 with growth rate of 6.3% over 2020-2027. Advantages such as low maintenance, easy manufacturing process, and aesthetic appeal of stainless steel over ordinary steel is favoring the market expansion. Rise in demand for stainless steel in healthcare sector for applications like construction of kidney dishes, dental and surgical instruments, MRI scanners, steam sterilizers, and cannulas will add momentum to the industry growth. Besides, production of consumer goods such as cookware, showpieces, and stoves will continue to sustain the demand for stainless steel in the coming years, cites the study.
Despite the positive outlook of global stainless steel market, growing adoption of carbon fiber as an alternative for stainless steel in the automotive sector owing to lightweight and high strength may restrain the industry growth over the analysis timeline.
For the uninitiated, stainless steel is an iron alloy comprising 10.5% chromium. It constitutes varied amounts of iron, manganese, silicone, and other elements like molybdenum and nickel which impart properties such as better formability and resistance to corrosion.
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Regional insights:
Global stainless steel market is split into North America, Europe, Asia Pacific, Latin America, and Rest of the World. As per the report, APAC market is expected to witness considerable growth in the upcoming years, attributable to increased infrastructure investment geared towards construction and automotive sector to address the demands of ever-growing population in the region. In addition, presence of numerous manufacturers in emerging economies like India, China, and Japan, coupled with abundance of raw materials like nickel and iron ore are supplementing the regional market growth.
Competitive outlook:
Key players operating in global stainless-steel market are Yieh United Steel Corp., ThyssenKrupp Stainless GmbH, POSCO, Outokumpu Oyj, Nippon Steel Corp., Jindal Stainless Ltd., Baosteel Group, ArcelorMittal S.A., Aperam S.A., and Acerinox S.A. These industry behemoths are leveraging new strategic partnerships, collaborations, mergers, and acquisitions to improve their market share. For instance, in March 2018, Nippon Steel & Sumitomo Metal Corp. and ArcelorMittal inked an agreement for joint acquisition and management of Essar Steel India Ltd.
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Global Stainless-Steel Market Grade Sub-Segments (Revenue, USD billion, 2017-2027)
- 200 Series
- 300 Series
- 400 Series
Global Stainless-Steel Market Products Sub-Segments (Revenue, USD billion, 2017-2027)
- Flat
- Long
Global Stainless-Steel Market Application Sub-Segments (Revenue, USD billion, 2017-2027)
- Automotive & Transportation
- Building & Construction,
- Heavy Industry
- Consumer Goods
- Others
Global Stainless-Steel Market Regional Landscape Sub-Segments (Revenue, USD billion, 2017-2027)
North America
- United States
- Canada
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Rest of Europe
Asia Pacific
- India
- China
- Japan
- South Korea
- Australia
- Rest of APAC
Latin America
- Mexico
- Brazil
Rest of the World
Global Stainless-Steel Market Products Competitive Backdrop (Revenue, USD billion, 2017-2027)
- Yieh United Steel Corp.
- ThyssenKrupp Stainless GmbH
- POSCO
- Outokumpu Oyj
- Nippon Steel Corp.
- Jindal Stainless Ltd.
- Baosteel Group
- ArcelorMittal S.A.
- Aperam S.A.
- Acerinox S.A.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Stainless-Steel Market, by Region, 2018-2027 (USD Billion)
1.2.2. Stainless-Steel Market, by Grade, 2018-2027 (USD Billion)
1.2.3. Stainless-Steel Market, by Product, 2018-2027 (USD Billion)
1.2.4. Stainless-Steel Market, by Application, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Stainless-Steel Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Stainless-Steel Market Dynamics
3.1. Stainless-Steel Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Stainless-Steel Market: Industry Analysis
4.1. Porter’s 5 Force Model
4.2. PEST Analysis
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Stainless-Steel Market, by Grade
5.1. Market Snapshot
5.2. Global Stainless-Steel Market by Grade, Performance - Potential Analysis
5.3. Global Stainless-Steel Market Estimates & Forecasts by Grade 2017-2027 (USD Billion)
5.4. Stainless-Steel Market, Sub Segment Analysis
5.4.1. 200 Series
5.4.2. 300 series
5.4.3. 400 series
Chapter 6. Global Stainless-Steel Market, by Product
6.1. Market Snapshot
6.2. Global Stainless-Steel Market by Product, Performance - Potential Analysis
6.3. Global Stainless-Steel Market Estimates & Forecasts by Product2017-2027 (USD Billion)
6.4. Stainless-Steel Market, Sub Segment Analysis
Chapter 7. Global Stainless-Steel Market, by Application
7.1. Market Snapshot
7.2. Global Stainless-Steel Market by Application, Performance - Potential Analysis
7.3. Global Stainless-Steel Market Estimates & Forecasts by Application 2017-2027 (USD Billion)
7.4. Stainless-Steel Market, Sub Segment Analysis
Chapter 8. Global Stainless-Steel Market, Regional Analysis
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