New York, Dec. 13, 2022 (GLOBE NEWSWIRE) — Insight Partners has released its latest research report on the 2028 Stainless Steel Market – Global Analysis and Forecast – By Grade (200 Series, 300 Series, 400 Series and More). Products (hot bar/wire, semi-finished products, cold bar/wire, cold rolled sheet, hot coil, hot plate and sheet), Application (automotive and transportation, construction, consumer products and other metal components, heavy industrial and electrical appliances) and geography. The stainless steel market is primarily driven by the rapid growth of the automotive and construction industries.

Product Description:

Stainless steel strip is simply an extension of the ultra-thin stainless steel plate. It is mainly a narrow and long steel plate produced to meet the needs of industrialized production of various types of metal or mechanical products in different industrial sectors

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The global stainless steel market players include Acerinox SA, Aperam SA, ArcelorMittal SA, Jindal Stainless Steel Co., Ltd., Outokumpu OYJ, Sandmeyer Steel Company, Sandvik AB, Schmolz + Bickenbach Group, ThyssenKrupp AG and Guangxi Chengdu. group. Players in the stainless steel market are focused on providing high-quality products that meet the needs of their customers. They also focus on strategies such as investing in research and development and launching new products.
Asia Pacific will account for the largest share of the global stainless steel market in 2021. Increasing demand from construction, automotive, consumer goods and heavy industries has led to the expansion of the stainless steel market in the region, and it is expected to continue to grow at a high rate in the future. China is one of the largest producers and consumers of stainless steel in the Asia-Pacific region. Lower production and capital costs in China have attracted new investment and created better opportunities for stainless steel companies in the region. China and India are among the largest construction markets in the world and are expected to grow rapidly in the future, which in turn will drive demand for stainless steel. According to IBEF, the Indian automobile industry is expected to reach approximately US$250-280 billion by 2026. Countries in the region are witnessing a growing middle class population coupled with increasing urbanization, presenting significant opportunities for the Indian automobile industry, which is a major player in the stainless steel market. The region is also dominated by numerous stainless steel producers such as Acerinox SA, Guangxi Chengde Group, Jindal Sustainable Steel Co., Ltd. and Sandvik AB.
Stainless steel is in high demand in the automotive industry due to its proven safety, performance, efficiency, light weight and strength. The corrosion resistance of stainless steel makes it an ideal material for decorative wheel rims. Due to the lightness of stainless steel, it is considered the main material for the manufacture of fuel tanks. Thus, the stainless steel market is witnessing a significant growth trajectory due to its wide range of applications.
Stainless steel connecting parts are widely used in all aspects of the automotive industry. Flanges, support structure, brackets, pipes, springs, fasteners and panels are made of stainless steel. Stainless steel is used exclusively in the production of high-performance vehicles.
Based on the grade, the stainless steel market is divided into 200 series, 300 series, 400 series, etc. In 2021, 300 series stainless steel will hold the largest market share. 300 Series stainless steel alloys maintain high strength at high temperatures, resist corrosion, and are easy to maintain. It is suitable for structural components of rail vehicles that are typically stretched or rolled into profiles, wiper blade holders and clamps.
Based on application, the stainless steel market is segmented into Automotive & Transportation, Construction, Consumer Products & Other Metal Components, Heavy Industrial, and Home Appliances. The consumer products and other metal components segment accounted for the largest market share in 2021. Stainless steels are used in appliances because they are highly corrosion resistant, easy to manufacture, and are known to provide excellent mechanical properties over a wide temperature range. Thanks to its ductility, strength and aesthetic properties, stainless steel has become an ideal inert material for sinks, stoves, washing machines, dishwashers and ovens. Stainless steel can withstand thermal shock and temperatures up to 800°C. It is widely used in modular kitchens as it is aesthetically pleasing, resistant to corrosion and high temperatures, and is durable.
Rising demand from the construction industry is driving the growth of the stainless steel market. The properties of stainless steel such as corrosion resistance, high tensile strength, durability and aesthetic appearance make it ideal for construction. The high corrosion resistance of stainless steel is due to the presence of an oxide film rich in chromium on the surface of the steel. Due to the durability of stainless steel, construction sites using it are able to maintain their original appearance.
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