The global precision stainless steel market size is poised to expand at a considerable speed in the upcoming years on account of the increasing investments in solar power worldwide, observes Fortune Business Insights™in its report, titled “Precision Stainless Steel Market, 2022-2029”.
Solar energy is spearheading the advancement of renewables in the global energy mix. According to the International Renewable Energy Agency (IRENA), solar power generation increased by 28% in 2018 compared to 2017 levels. This has been a cumulative result of the steadily rising investments in solar over the past decade. A recent report by the UN Environment Program (UNEP) revealed that between 2010 and 2019, solar power attracted investments worth USD 1.3 trillion. The proliferation of solar technologies is expected to ensure the consistent adoption of precision stainless steel as this alloy, along with aluminum, is the most commonly used material in solar panels and other infrastructures.
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In terms of product type, this market has been categorized into cold drawn and hot rolled. Based on application, the global market has been segmented into automotive and transportation, heavy industry consumer goods, buildings and construction, and others. On the basis of region, the market has been divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Offer?
The report supplies a comprehensive assessment of all factors driving and constraining the market. It also provides an in-depth evaluation of the performance of each &every market segment, as well as a detailed analysis of the regional dynamics and competitive environment of the market. Along with this, intelligent projections of the upcoming opportunities and trends in the market are also contained in the report.
Numerous Proven Advantages of Stainless Steel to Drive Market Growth
Precision stainless steel offers a very high value for money owing to its distinct properties. For example, this stainless steel variety is highly durable and displays strong resistance to corrosive materials and agents, owing to its chromium content. Moreover, because it is fully recyclable, this steel variant also boasts a high sustainability quotient. In fact, in the US, nearly half of the stainless steel produced utilizes recycled metal components. Further, stainless steel is known to be extremely hygienic and easy to clean, making it ideal for healthcare applications. In addition, this steel material shows sturdy resistance to heat as well. Therefore, industrial applications involving high-temperature operations can effectively employ precision stainless steel for manufacturing and processing activities.
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Asia Pacific to Lead the Market Supported by China’s Manufacturing Capabilities
Among regions, Asia Pacific is expected to lead the precision stainless steel market share, supported by China’s robust steel manufacturing capabilities. Moreover, the rapidly developing industrial sectors of China and India are creating a tremendous demand for novel steel varieties, which will favor this market in the long run. In Europe, Germany is well-poised to headline the regional market due to the country’s strong standing in the automotive industry. Besides Germany, the expansion of the power and processing industries in Russia will also contribute to the demand for precision stainless steel in Europe. Promising growth of the construction industry in Latin America, especially Brazil, will brighten the regional market prospects.
Strategic Acquisitions to Bolster Key Players’ Market Position
The competitive landscape of this market is dominated by steel giants, who are directing their resources towards further tightening their hold on the market. One of the most prominent strategies adopted by key playersis acquisitions. This strategy is allowing companies to rapidly expand their size and enhance production and R&D capacities to create inventive precision stainless steel offerings.
- December 2020: Cleveland-Cliffs Inc. announced the successful acquisition of virtually all operations of ArcelorMittal USA, along with its subsidiaries. With this takeover, Cleveland-Cliffs will become the largest flat-rolled steel producer in North America.
List of Key Players Profiled in the Precision Stainless Steel Market Report:
- AK Steel Corporation
- Acerinox S.A
- Kobe Steel, Ltd.
- Nippon Steel Corporation
- Ulbrich Stainless Steels and Special Metals Inc.
- ArcelorMittal SA
- Baosteel Group
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