The North America region has dominated the stainless steel market in the global extended warranty market due to rapid expansion and technological advances in the automotive industry associated with strong demand for this product in the region. Company Key Profiles: Acerinox SA, Aperam Stainless, ArcelorMittal, Baosteel Group, Jindal Stainless , Nippon Steel Corporation, Outokumpu, Posco, ThyssenKrupp Stainless, Limited Liability Company
NEW YORK, USA, Sep 26, 2022 (GLOBE NEWSWIRE) — The global stainless steel market was estimated at $112.23 billion in 2021 and is projected to reach $190.82 billion by 2029, growing by an average of 6.2% compared to 2021. -2029. According to the latest research report published by Spherical Insights & Consulting.
Stainless steel is an iron-based alloy containing at least 12% chromium, which is necessary to prevent rust in an unpolluted environment (hence the name “stainless steel”). Very few stainless steels contain more than 30% chromium or less than 50% iron. They achieve their properties of stainless steel by forming an invisible and durable oxide film with a high chromium content. In the presence of oxygen, this oxide is formed and reduced. Nickel, manganese, molybdenum, copper, titanium, silicon, niobium, aluminium, sulfur and selenium are some other elements added to improve specific properties. In some varieties, the carbon concentration typically varies from less than 0.03% to more than 1.0%. Stainless steel can be formed and manufactured by conventional methods, but certain types have certain limitations. They are available in cast, powder coated (P/M) and forged versions. Plates, sheets, strips, foils, rods, wires, semi-finished products (blanks, blanks and plates) as well as pipes and tubes are available in forged shapes.
Browse 215 pages of key industry insights with 119 tables and charts with market data from Global Stainless Steel Market Size, Share and Trends, COVID-19 Impact Analysis Report, by Type (Austenitic Stainless Steel, Ferritic Stainless Steel, Duplex Stainless Steel) Stainless steel Martensitic stainless steel, precipitation hardened stainless steel, etc.), by product (flat, long, etc.), by application (metal products, auto parts for engine structure, etc.), and by region ( North America, Europe), Asia-Pacific, Latin America, Middle East and Africa), analysis and forecast from 2021 to 2030″ and content details
Demand for stainless steel is growing at a rate of 5% per year. In 2019, its global production exceeded 52 million tons. At present, stainless steel is widely used in various industries. In addition to traditional and maritime architecture, household appliances are also gaining popularity. Although stainless steel is more expensive than mild steel, its superior properties result in longer life and lower cycle costs. Thus, the higher initial cost pays off in the long run. Its distinguishing feature is its high chromium content. Stainless steel contains at least 10.5% chromium, which improves corrosion resistance and strength. Chromium in the alloy forms a passivating layer when exposed to air. This layer acts as a barrier against further corrosion, effectively protecting the alloy from rust. This mechanism can maintain a flawless appearance for a long time under normal operating conditions.
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Stainless steel is used for cookware, cutlery and accessories. Blades with sharp edges are made from less ductile steel grades. The more ductile steel grades are used for products that need to be molded, such as cookware, grills, sinks, and pans. Stainless steel is also used to cover refrigerators, freezers, countertops and dishwashers. Because it does not affect the taste of food, stainless steel is ideal for food production and storage. Because some foods, such as orange juice, are acidic, the corrosion resistance of stainless steel is critical. In addition, stainless steel is easy to clean and helps fight unwanted bacteria. Stainless steel also plays an important role in the ice cream industry, as it makes strong antibacterial cleaners.
India is the fifth largest consumer of stainless steel flats in the world. The domestic consumption of stainless steel sheet in India is about 1.5 million tons, and a reasonable growth rate in recent years is about 10%. Stainless steel products still have great potential. Current per capita consumption is only 1.2 kg, while China’s per capita consumption is 5 kg and is expected to grow rapidly. Per capita consumption growth population shows that the per capita income from stainless steel in China has increased over the past ten years. In fact, per capita consumption in developed countries is about 15-20 kg. Growth in the Indian economy is expected to boost demand for stainless steel products due to the emergence of new applications for stainless steel, rising per capita income in India and rising investment in infrastructure.
Stainless steel has been used with great success in various industries for over 70 years. Over time, more and more applications were opened up as its benefits became more widely recognized. As demand grows, so does production, making it more affordable than ever. Increased demand has led to an increase in the availability of standard and custom sizes. In addition, there are many options for stainless steel finishes. In addition to the polished finish, patterned and colored surfaces are also available. This allows you to find options that suit your needs. Stainless steel is also fully recyclable. In fact, scrap metal accounts for half of all stainless steel production. Therefore, it is a relatively environmentally friendly material.
The North America region dominates the global extended warranty market due to rapid expansion and technological advances in the automotive industry associated with strong demand for the product in the region. Automotive exhaust systems typically contain 45% to 50% steel.
The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period as market expansion in the Asia-Pacific region is driven by rapid infrastructure development and growing technological innovation in the steel industry in the region. China is the country with the largest market share and the fastest economic growth in the region.
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Post time: Jan-16-2023