A fresh report titled “Stainless Steel Market - By Grade(300 Series, 200 Series, 400 Series, Others), By Product (Flat Products, Long Products), By Application(Oil & Gas, Automotive, Building & Construction, Heavy Industry, Consumer Goods, Others) & Global Region - Market Size, Trends, Opportunity, Forecast 2018-2024” has been presented Fast. MR. It evaluates the key market trends, advantages, and factors that are pushing the overall growth of the market. The report also analyzes the different segments along with major geographies that have more demand for Stainless Steel Market. The competition analysis is also a major part of the report.

Rising Prominence Towards Sustainability Accelerating Adoption of Stainless Steel

In the last few years, increasing movement to achieve sustainability specifically in the stainless steel industry has widely gained prominence across the globe. In addition, awareness to lower carbon emission has pushed the end-user sectors to procure material which leaves a minimal footprint. This prompted the vendors of the industry to devise efficient methods to manufacture stainless steel and recycle the product post end of its life cycle. In 2017, Outokumpu revealed that the average recycled content used by the company to manufacture stainless steel is as steep as 87%.

Owing to its high recyclability rate, the adoption of stainless steel is widely observed across different domains. Lightweight, higher corrosion resistibility, durability, among other characteristics has resulted in a higher demand for the product in industries such as oil & gas, building & construction, marine, railways, and many more.

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Stainless Steel Market Outpaces Other Key Metal Demand

Stainless steel consumption has observed a swift growth over the past decade. One of the key drivers for this astonishing growth rate of stainless steel over other metals such as copper, zinc, aluminum, and lead is the industrialization breakthrough of China. China in the last decade has observed steep momentum in its economic development, largely dominated by its prowess to develop the country's infrastructure. The breakneck industrialization coupled with strong subsidies provided by the Government of China fueled the domestic stainless steel sector in China.Another key driver responsible to boost the stainless steel market over its counterpart is the adoption of the product for the manufacturing of automotive vehicles. The automotive sector widely uses the product owing to its performance characteristics such as superior fire and corrosion resistance, lower mass body ratio, and others. The global production of light commercial vehicles increased by nearly 5.9% from 2017 to 2018 as per the stats released by the International Organization of Motor Vehicle Manufacturers (OICA) in 2018.

Growing Construction Sector Positively Favoring Stainless Steel Demand

The construction sector is one of the largest end-user sectors of stainless steel products. The growth of the global construction industry is directly inclined to the rise in demand for the product. The product is widely used as architectural cladding, handrails, drainage & water pipe systems, roofing, and many more.

The U.S., China, and India are considered as the primary force in driving the global construction sector. For instance, the Council on Tall Buildings and Urban Habitat (CTBUH) reported in 2018, that China accounted for nearly 61.5% of the new high-rise buildings. Similarly, private housing construction in the U.S. witnessed a year on year growth of nearly 5.5% from 2018 to 2019 as per the stats released by the U.S. Census Bureau. Thus, the growth of the construction sector, especially in the aforementioned countries, is likely to propel the demand for stainless steel products.

Stainless Steel 300 Grade Domination Continues

There are nearly 8 primary different grades of stainless steel. Among them, 300 series is widely preferred grade across various end-user sectors. 300 series is an austenitic stainless steel with nearly 6% to 20% concentration of nickel and chromium content of 18% to 30%. The forming properties of 300 series make it widely popular for architectural applications.

In addition, due to its bright surface and formidable strength, 300 series stainless steel is widely adopted across the kitchenware industry. The product is used for the manufacturing of saucepans, spoons, hollow-ware, plates, and many more. A rising number of households is likely to positively influence the kitchenware industry, thereby, driving the demand for 300 series products.

Carbon Fiber Substituting Stainless Steel in Automotive Sector

Carbon fiber has become a desirable material for the production of high-performance vehicles and electric vehicles. The lightweight nature, high strength, additional load-bearing capacity, and many other features have prompted the use of carbon fiber by automotive manufacturers. Carbon fiber is widely used in body panels and frames of the vehicles. The rising popularity of carbon fiber is expected to hinder the growth of stainless steel in the electric vehicle segment.

The adoption of electric vehicles across the globe has gained momentum over the last few years. For instance, sales of electric vehicles across the globe observed the growth of nearly 64% from 2017 to 2018. Thus, rising penetration of electric vehicles is likely to fuel the demand for carbon fiber. Thereby, ultimately restraining or hindering the market growth of the stainless steel sector.

Stainless Steel Definition

An alloy of iron consisting of a minimum of 10.5% chromium content is categorized as the stainless steel. Chromium content used during its manufacturing assists in producing a thin layer oxide layer which is generally termed as the passive layer. This passive layer acts as a barrier to resist corrosion and offers a formidable rust-free surface. Higher content of chromium results in higher protection from rust or corrosion. Other elements such as nickel and molybdenum are used impart specific properties such as higher strength, enhanced formidability, and many more.

We have segmented the market on the basis of following parameters:

By Grade

- 300 Series

- 200 Series

- 400 Series

- Others

By Product

- Flat Products

- Long Products

By Application

- Oil & Gas

- Automotive

- Building & Construction

- Heavy Industry

- Consumer Goods

- Others

By Geography

- North America (U.S. & Canada)

- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)

- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)

- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)

- Middle East & Africa (GCC, North Africa, South Africa and Rest of the Middle East & Africa)

Competitive Landscape

The report profiles various major market players such as

- Outokumpu

- Nippon Steel Corporation

- POSCO

- Acerinox/North American Stainless

- Aperam

- ArcelorMittal

- Jindal Stainless

- Viraj

- Yeih Corp.

- Tata Steel

- Other Major & Niche Players

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