The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global stainless steel market size is expected to reach USD 182.2 billion by 2027, expanding at a CAGR of 6.3%, according to a new report by Grand View Research, Inc. Increased focus towards customized railing made of stainless steel in housing construction is anticipated to drive market growth over the forecast period.
Construction is one of the largest end-use industries of stainless steel products. Various infrastructure and construction sites require a massive amount of product to enhance the aesthetic appeal and corrosion resistance of the structure. The advantages that are offered by the product such as corrosion resistance, formability, weldability, and aesthetic appearance make it an important constituent in the construction industry. Stainless steel is majorly used in the construction industry for architectural cladding, handrails, drainage and water systems, wall support products, roofing, and structures and fixing.
Increasing use of 200 series in consumer goods owing to its low cost and high strength is anticipated to drive demand for stainless steel. Also, increasing demand for consumer goods such as cookware, kitchen appliances, showpieces, and stoves owing to increasing disposable income and changing lifestyles are anticipated to augment market growth over the coming years.
In Asia Pacific, the growth in the manufacturing sector owing to various factors including government initiatives such as ’Skill India’ and ’Make in India’ by the Indian government is anticipated to drive product demand over the coming years. The initiative has prompted many automakers to set their offices in India and procure high-quality products from stainless steel vendors in India. The growing demand for auto products due to rising automotive production, an increase in export, and diversification of the auto sector have created a positive impact on market growth over the coming years.
Some of the key players in stainless steel market are POSCO, Acerinox S.A., Jindal Stainless, Aperam Stainless, Baosteel Group, Outokumpu, ThyssenKrupp Stainless GmbH, Nippon Steel Corporation, ArcelorMittal, and Yieh United Steel Corp. The key players are focusing on capacity expansions and long-term agreements with their customers to increase their market share and to meet the growing product demand. For instance, in March 2017, the company signed an agreement with the Defence Research and Development Organization (DRDO), India, to produce steel for weapons and combat vehicles.
Further key findings from the report suggest:
- 300 series is anticipated to progress at a CAGR of 6.7%, in terms of revenue over the forecast period owing to increasing demand from marine and aerospace industries on account of its properties such as resistant to corrosion and high temperatures
- Duplex series is projected to witness a CAGR of 6.2% in terms of volume over the forecast period owing to increasing demand from swimming pool structures, brewing tanks, and hot water tanks
- Flat products accounted for a volume share of 74.4% in 2019. The growth is attributable to the increasing use of cold-rolled products in energy, home appliances, and construction industries due to its superior properties such as straightness, concentricity, and tolerance
- Building and construction is anticipated to witness a CAGR of 5.5% in terms of volume over the forecast period owing to increasing modern construction of buildings and structures that require aesthetic appeal and extended life
- North America is expected to witness a CAGR of 5.1% in terms of revenue over the forecast period owing to the growing construction industry on account of high investments in infrastructure development in the region.