Stainless Steel Market to Cross US$ 323,144.6 Million by 2027

December 08 11:10 2021
Stainless Steel Market to Grow at a CAGR of 5.6% to reach US$ 323,144.6 Million from 2019 to 2027

Latest market study on “Global Stainless Steel Market to 2027 – Analysis and Forecasts By Grade, By Product, By Applications”. The global stainless steel market is accounted to US$ 198,660.0 Mn in 2018 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. The report highlights the trends prevailing in the global Stainless Steel Market, along with market drivers and deterrents.

Strategic Insights

Report Coverage

Details

Market Size Value in

US$ 198,660.0 Million in 2018

Market Size Value by

US$ 323,144.6 Million by 2027

Growth rate

CAGR of 5.6% from 2019-2027

Forecast Period

2019-2027

Base Year

2019

No. of Pages

167

No. Tables

71

No. of Charts & Figures

72

Historical data available

Yes

Segments covered

Grade , By Product , By Applications and Geography

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

 

Download sample [PDF] copy of Stainless Steel Market Study at https://www.theinsightpartners.com/sample/TIPRE00003779/

tainless 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. The oxide layer 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.

Increasing focus towards low carbon stainless steel is projected to escalate the stainless steel market at a CAGR of 12.9%

The demand for stainless steel in the North America region is growing at a significant pace over the past few years. The stainless steel market is projected to witness significant growth over the forecast period due to rising application scope in oil & gas, medical, and heavy industries. Stainless steel plays a key role in the construction of pipes, storage tanks, and valves to provide corrosion resistance over a wider range of temperatures variability. Growing adoption of stainless steel in the oil & gas industry for off-shore oil rigs is expected to boost the overall market growth in the region.

Impact of COVID-19 on Stainless Steel Market:

According to the World Health Organization (WHO) report, the US, Brazil, India, and Russia, are some of the worst affected countries due to the COVID-19 outbreak. The coronavirus outbreak has created multiple challenges for the construction and engineering sector. The pandemic came at a time when the construction industry was already dealing with various challenges, such as lack of credit, fraud, and regulatory burdens. The spread of this pandemic has resulted in the halt of new construction and repair and maintenance activities, which has hampered the growth of the construction and engineering industry globally. Since the growth of the Stainless Steel Market is directly dependent on the construction sector, a decline in the construction industry might negatively affect the growth of the Stainless Steel Market.

Download the Latest COVID-19 Analysis on Stainless Steel Market Growth Research Report at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00003779/

Stainless Steel Market: By Product

Under the product segment, the cold bars/wire rods segment accounted for the largest share in the global stainless steel market. The cold bars/wire rods are basically the hot bars/wire rods that are further processed. The cold bars/wire rods are produced by the cold rolling method that can be processed at average room temperatures. The cold bars/wire rods are gaining increasing popularity due to its superior strength and machinability. The superior properties and higher yield point and higher tensile strength as compared to hot bars/wire rods has led to a significant rise in the global expansion of the cold bars/wire rods.

Stainless Steel Market: Competitive Landscape and Key Developments

The market for global stainless steel is concentrated with some very well-established players. Some of the key players in the global stainless steel market include 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.  

Order a Copy of Stainless Steel Market Shares, Strategies and Forecasts 2019-2027 Research Report at https://www.theinsightpartners.com/buy/TIPRE00003779/

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