SAN FRANCISCO, June 12, 2019 /PRNewswire/ -- The global stainless steel market size is projected to reach USD 133.84 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.2% during the forecast period. Increasing production of automotive and growth of construction sector are the key factors driving the growth. Owing to high resistance to corrosion, stainless steel can be easily fabricated in building structures. Along with aesthetic purpose, it provides strength and support to various building structures. It is used in roofing, structures, fixings, drainage and water systems, handrails, and wall support products. Rising investment in this sector and number of construction activities are creating a high demand for stainless steel products.
Key suggestions from the report:
- The 300 series grade steel is anticipated to reach USD 71.9 billion by 2025 at an estimated CAGR of 5.1%
- In terms of revenue, long products segment is projected to expand at a CAGR of 4.7% over the forecast period
- Automotive application held the leading market share of 27.3% in 2018
- Europe stainless steel market is anticipated to reach 7,233.5 kilotons by 2025
- In terms of revenue, Asia Pacific is projected to witness a significant CAGR of 4.7% over the forecast period, owing to rise in infrastructure investments and demand vehicles
- Some of the key companies present in the market are North America Stainless, ArcelorMittal, Aperam Stainless, Jindal Stainless, Bristol Metals, LLC and Nippon Steel and Sumitomo Metal.
Read 134 page research report with TOC on "Stainless Steel Market Size, Share & Trends Analysis Report By Grade (200 Series, 300 Series, 400 Series, Duplex Series), By Product (Long, Flat), By Application, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/stainless-steel-market
For instance, as per the 13th five-year plan of the Civil Aviation Administration of China (CAAC), China is aiming to build around 74 more airports by 2020. It is also planning to construct 30,000 km of highways and one million km of rural roads. Further, this plan is also created to achieve cumulative sales and production of 5 million electric vehicles by 2020.
Automotive sector is expanding at a greater pace owing to easy access to credit facility and increasing the necessity among people to own a vehicle. Stainless steel can absorb the energy during collision which makes it a key material in automotive components. The demand for products such as frame, exhaust system, wheel rim, engine cradles, floor panels, gaskets, and suspension systems is expected to rise in near future. In 2017, global production of vehicles increased by 2.3% compared to 2016 and reached 97.3 million units of production. This is also projected to assist the growth of stainless steel market.
Increasing use of aluminum and carbon fibers in automotive components is projected to restraint the market growth. The advantages of aluminum such as fuel efficiency, recyclability, durability, performance, and environmental safety make it suitable in vehicles. Increasing government pressure on manufacturers to reduce emissions of harmful chemicals is projected to boost the demand for automotive aluminum in the forthcoming years. In addition, 90% of aluminum can be recovered from the products and again recycled for further processing. It is believed that 1 kg of aluminum can replace around 2 kg of cast iron or steel in manufacturing process.
Grand View Research has segmented the global stainless steel market on the basis of grade, product, application, and region:
- Stainless Steel Grade Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- 200 series
- 300 series
- 400 series
- Duplex series
- Stainless Steel Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- Long Products
- Flat products
- Stainless Steel Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- Building & Construction
- Heavy Industry
- Consumer Goods
- Stainless Steel Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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