August 18, 2022

The global stainless steel market price was USD 170.92 billion in 2020. The market is projected to grow from USD 175.72 billion in 2021 to USD 268.46 billion by 2028 at a CAGR of 6.2% during the 2021-2028 period. This information is provided by Fortune Business Insights, in its report, titled, “Stainless Steel Market, 2021-2028.”

According to our analysts, the promptly rising automotive industry is surging the product demand. Additionally, the capability of the product to repel corrosion pooled with growing manufacturing for recyclable material will further assist to boost the market growth during the forecast timeframe.

Russia-Ukraine War Implication

The Russia-Ukraine war could change the market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.

The long-term implications of the Ukraine-Russia crisis will, in our view, lead to very different chemicals business models as supply chains de-globalise and as manufacturing is brought back home.

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Segments:

Type, Application, and Region are Studied

On the basis of type, the market is segregated into cold-rolled flat, hot plate & sheet, cold bars & wire, hot bars & wire rods, and others.

In terms of application, the market is classified into metal products, electrical machinery, engineering, construction, motor vehicle & parts, and others.

Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage:

We offer our reports which are directed with an all-inclusive examination approach that majorly emphasizes on delivering accurate material. Our scholars have applied a data navigation method which further aids us to offer reliable predictions and test the general market dynamics precisely. Further, our analysts have gained admittance to several international as well as domestically funded catalogues for providing the up-to-date material so that the stakeholders and business professionals capitalize only in fundamental zones.

Drivers and Restraints:

Prompt Growth in Automotive Industry to Spur Market Growth

The speedy growth in the automotive industry will drive the usage of the product. This metal is perfect for presenting erosion, great strength, and heat resistance characteristics. This concludes in it being an impeccable selection in numerous automotive parts that involve seatbelt springs and hose clamps. Furthermore, the surging technological progressions in the automotive industry and growing innovation in the electric vehicles will contribute to the product adoption. Therefore, increasing product demand from automobile manufacturers will drive the stainless steel market growth.

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Regional Insights:

Asia Pacific held the largest stainless steel market share at USD 126.01 billion in 2020. The prompt infrastructure development and rising technological progressions in steel drive the market growth in Asia Pacific.

In Europe, the high demand for the product is linked with the speedy growth in the automotive industry as well as technological advancement.

In North America, the market growth is primarily accredited to the surging demand for duplex series of stainless steel in electronic and engineering applications on account of its cost-friendly characteristic.

Competitive Landscape:

Innovative Product Launch Announcements by Vital Players to Boost Market Growth

The fundamental players present in the market embrace several strategies to boost their position in the market as leading companies. One such remarkable scheme is securing companies to boost the brand value among users. Another essential strategy is occasionally presenting inventive products with complete study of the market and its target audience.

Industry Development:

February 2021: VINCO unveiled a novel series of steel and stainless steel wires and slings. These products are usually utilized in lifts sectors, industrial, fishing, and elevation. This presentation will aid the company to satisfy the consumer necessities for these applications.

List of Key Players Mentioned in the Report:

  • Acerinox S.A (Spain)
  • Aperam Stainless (Luxembourg)
  • ArcelorMittal (Luxembourg)
  • Baosteel Group (China)
  • Jindal Stainless (India)
  • Nippon Steel Corporation (Finland)
  • Outokumpu (Finland)
  • POSCO (South Korea)
  • ThyssenKrupp Stainless GmbH (Germany)
  • Yieh United Steel Corp (Taiwan)

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