The global Stainless Steel Market in 2018 was valued at USD 92.892.6 Mn. It is expected to grow significantly at a CAGR of 5.3% between 2019 and 2028.

The various components of stainless steel can be fused to create a robust alloy. Stainless steel is an alloy of iron, chromium, and nickel that provides resistance to iron corrosion. This alloy has a resistance property that is provided by chromium. The passive layer is a thin oxide layer that Chromium produces. This alloy also contains molybdenum and nitrogen. This alloy is inert and non-toxic, so that it can be recycled infinitely. Stainless steel is strong and durable, which makes it ideal for many end-user verticals.

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Stainless Steel Market: Drivers

Increased use of stainless-steel products within the automotive industry

Market revenue growth is driven by the increasing use of stainless steel products within the automotive sector. The market for stainless steel is likely influenced by the increasing use of carbon fibers in the automotive sector. This is due to their high strength and load-bearing capacities. The demand for lightweight materials is growing, leading to increased production and potential savings on fuel consumption. A passenger car made of stainless steel weighs between 15 and 22 kilograms. It is also used in exhaust systems and auto equipment like hose clamps or seatbelt springs. These cost-effective and long-lasting applications have helped stainless steel to be at the forefront of vehicle design. Because of its high corrosion resistance, stainless steel is immune to corrosion and rotting exhaust systems. It is used in between 45% and 60% of automobiles. Other uses include lightweight structural material that can be used to make integral parts such as fuel tanks and bumpers.

Stainless steel can be recycled 100% and serializable. It can also be used for many other purposes, making it a recyclable material. Even though a product has reached the end of its extended life, it still contains valuable alloying elements like chromium and nickel. Construction generates much more garbage than it uses and takes up a lot of landfill space. Due to its alloy content, stainless steel has a high residual worth and is very durable. This makes it ideal for recycling and reuse, which offers financial and environmental benefits. Re-melting scrap is the most popular method of producing stainless steel.

Market growth is driven by the development of high-strength stainless and high-ductility combinations to increase strength-to-weight ratios. The unique combination of physical and mechanical properties that stainless steel offers is Twinning-induced plasticity and Transformation induced plasticity. The technology behind product manufacturing has improved to offer higher-performance products on the market at lower prices. This results in increased product quality, greater manufacturing efficiency, and significant capacity expansion.

Stainless Steel Market: Restraints

When cooking with stainless steel, heavy metals can leach into the food.

The leakage of heavy metals during cooking is one of the main disadvantages of stainless steel. This can happen when you cook acidic foods for long periods in a stainless steel saucepan. All of the elements in stainless steel have little nutritional value. There have been negative health effects from nickel, such as allergic contact dermatitis sensitization.

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Stainless Steel Market Key Trends:

Construction Industry: Increasing Use

Stainless steel can be used in architecture, construction, or building. Most architectural design and structural engineering organizations favor more highly alloyed molybdenum-containing stainless steels for more corrosive sites due to the more excellent corrosion resistance.

The building industry’s fastest expanding segment is stainless steel. Stainless steel products can be used in structural applications such as beams and columns. It’s used in many applications, including roofing, railings, and staircases.

Due to the growing population and urbanization, there is an increasing demand for residential and commercial constructions and hospitals all around the globe. The need for more infrastructure and buildings is increasing with the rise of urbanization.

Due to increasing concern for sustainability, toughness, aesthetic appeal, and construction industry growth, the global construction industry is predicted to expand significantly.

Recent development:

Huadi International Group Co., Ltd., the leading developer, and manufacturer of seamless stainless steel pipes and tubes in China, announced that it had signed a strategic cooperation agreement with Zhejiang Gas Equipment Limited. This agreement will allow for the development and production of high-pressure hydrogen storage tanks stainless steel pipe.

ThyssenKrupp sold Acciai Speciali Terni, an Italian stainless steel mill, to Arvedi in September 2021. This included the associated sales organization in Germany and Italy. The transaction will close in the first half of 2022.

Scope of the Report

Attribute

Details

Market Size

USD 92.892.6 Mn

Growth Rate

CAGR of 5.3%

Historical Years

2016-2020

Base Year

2021

Quantitative Units

USD In Mn

No. of Pages in Report

200+ Pages

No. of Tables & Figures

150+

Format

PDF/Excel

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Key Market Players:

  • Acerinox
  • Aperam
  • Thyssen Krupp
  • Pohang Iron & Steel (Posco)
  • Ta Chen International
  • Jindal Stainless
  • Allegheny Flat Rolled Products
  • North American Stainless
  • AK Steel
  • Outokumpu Europe
  • Outokumpu USA
  • Mexinox
  • Shree Khodal Industrial Engineering Company

Type

  • Cold-Rolled Stainless
  • Thin Gauge (<0.03)
  • 300 Series SS
  • 400 Series SS
  • PH 17-7 SS
  • 400 Series (Ferritic)
  • 300 Series (Austenitic)
  • Super Ferritic / Super Austenitic
  • Duplex

Application

  • Petrifaction Industry
  • Food Industry
  • Mechanical Industry
  • Electricity Industry

Industry, By Region

  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
  • North America [United States, Canada, Mexico]
  • The Middle East & Africa [GCC, North Africa, South Africa]
  • South America [Brazil, Argentina, Columbia, Chile, Peru]

Key questions:

  • Which are the main players in the Market?
  • Which countries are included in the Market’s coverage?
  • What’s the CAGR for the stainless steel Market?
  • What is driving the growth in the stainless steel Market?
  • What segment held the largest share of the stainless steel Market?
  • What trends will impact the market over the next few years, and what are the current trends?

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