The Global Stainless Steel Market is accounted to US$ 198,660 Mn in 2018 and is expected to grow at a CAGR of 5.6% during the forecast period 2019 – 2027, to account to US$ 323,144.6 Mn by 2027.
Stainless steel is iron-base alloys with a minimum of 10.5% Chromium. The Chromium creates a thin passive layer of oxide on the surface of the steel, which prevents corrosion of the steel surface. Increasing the amount of chromium improves the corrosion resistance property of stainless steel. It is used in a wide range of applications such as industrial, architectural, chemical, and consumer application.
Stainless steel is an engineering material characterized by high corrosion resistance, strength, and fabrication characteristics. Carbon, silicon, manganese, and other elements are added in the stainless to enhance useful properties such as formability and increased corrosion resistance.
The global stainless steel market is bifurcated based on application into automotive and transportation, building and construction, consumer goods & other metal components, heavy industries, and electrical machinery. The consumer goods & metal components segment accounted for the largest share in the global stainless steel market.
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Stainless steel is used in consumer goods as they are easy to clean and require less maintenance. The aesthetic appearance, high resistance against extreme temperatures and corrosiveness has favored the stainless steel market in the consumer goods and metal products sector to a large extend. Stainless steel has served to be an ideal inert material for sinks and hobs, washing machines, dishwashers, and ovens.
Increased adoption of natural products over synthetic products is driving the growth of the stainless steel market. Stainless steel has been used in the construction industry due to both its practical and aesthetic reason. The stainless steel is largely used in the construction sites to retain the original appearance owing to its higher durability properties.
The characteristic features of stainless steel like corrosion resistance, high tensile strength, durability, and aesthetic appearance make it ideally suited in the construction and architectural applications.
The Europe stainless steel market is dominated by France, followed by the rest of European nations. The steel industry has gained an important place in the European economy, fostering growth, innovation, and employment.
Growing automobile production and construction activities in the region have contributed towards the growth of the stainless steel market in this region. Also, emerging economies in this region are contributing to the overall growth of the stainless steel industry and provide remarkable growth opportunity to the industry players in this market.
Top Key Players: Acerinox S.A., Aperam S.A, ArcelorMittal S.A, Jindal Stainless Limited, Outokumpu OYJ, Sandmeyer steel company, Sandvik AB, Schmolz + Bickenbach Group, Thyssenkrupp AG, and Guangxi Chengdu group among others.
The report segments the global stainless steel market as follows:
Global Stainless Steel Market – By Grade
- 200 Series
- 300 Series
- 400 Series
Global Stainless Steel Market – By Product
- Hot Bars/ Wire Rods
- Cold Bars/Wire Rods
- Hot Coils
- Hot Plate & Sheet
Global Stainless Steel Market – By Application
- Automotive and Transportation
- Building and Construction
- Consumer Goods & Other Metal Components
- Heavy Industries
- Electrical Appliances
The overall global stainless steel market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the stainless steel market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the stainless steel market.
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Table of Content:
- Key Takeaways
- Research Methodology
- Stainless Steel Market Landscape
- Stainless Steel Market– Key Industry Dynamics
- Stainless Steel Market– Global Analysis
- Stainless Steel Market Revenue and Forecasts To 2027 – By Product & Services
- Stainless Steel Market Revenue and Forecasts To 2027 – By Sample Type
- Stainless Steel Market Revenue and Forecasts To 2027 – By Application
- Stainless Steel Market Revenue and Forecasts To 2027 – By End User
- Stainless Steel Market Revenue and Forecasts To 2027 – Geographical Analysis
- Industry Landscape
- Stainless Steel Market, Key Company Profiles
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