The global stainless steel market is expected to reach USD 127.19 billion by 2024, according to a new report by Grand View Research, Inc. Stainless steel finds wide application in various end-use industries including building & construction, transportation, industrial machinery, household appliances, metal goods, and electronics owing to inherent characteristics such as durability, high tensile strength, and resistance.
Rapid urbanization and improving socio-economic standards coupled with expanding middle-class population is expected to be the key factor driving market demand, particularly in the infrastructure sector. Increasing investment in construction and infrastructure led to an 8% increase in demand for long products in the past few years.
Stainless steel is extensively used in petrochemical as well as oil exploration & production industries. Rising oil exploration and production activities across the globe to meet growing energy requirements is expected to further drive stainless steel demand over the forecast period. Stainless steel forms the basis of production of pressure valves, heat exchangers, cracking furnaces, tanks, chemical tankers, and process pipes in the petrochemical industry. On the other hand, it is used in sub-sea systems, offshore platforms and LNG tankers in case of exploration equipment.
Key companies listed in the stainless steel market report are Acerinox, Aperam Stainless, ArcelorMittal, Bristol Metals, Jindal Stainless, Mirach Metallurgy Co, Nippon Steel & Sumitomo Metal, Outokumpu, POSCO Steel, RTI Industries, Sandmeyer Steel, Sandvik Materials, Schmolz+Bickenbach AG, ThyssenKruppand Viraj .
Further key findings from the report suggest:
Automotive application of stainless steel is expected to witness the fastest growth at a CAGR of over 4% from 2016 to 2024. CAFÉ regulations in the U.S. emphasize on thereduction of CO2 emissions from vehicles by reducing their weight. Stainless steel is a major component in vehicle manufacturing owing to light weight, corrosion resistance, and aesthetic appeal. It used in car doors, bus bodies, exhaust systems, motor shafts, silencer wool, and timber truck & trailer.
North America market was estimated over 3,000kilo tons in 2015. U.S. being a major market in the region accounts for a major chunk of the demand. Construction industry growth in U.S is expected to positively impact the stainless steel market. Stainless steel caters to demand from various application segments such as building & construction, heavy industries, and consumer goods. Increased application of stainless steel in heavy industries and consumer goods is expected to impact positively on market growth of stainless steel in this region.
POSCO, Acerinox, Baosteel, Aperam, and Outokumpu are leading market players on the global level as of 2015. Other market players include Bristol metals, Jindal Steel, Nippon Steel & Sumitomo Metal, RTI Industries, Sandmeyer Steel, Sandvik Materials, Schmolz+Bickenbach AG, ThyssenKrupp, and Viraj.
Request a sample of this report at http://www.orbisresearch.com/contacts/request-sample/106333 .
Major points from Table of Contents:
Chapter One: Methodology and Scope
Chapter Two: Executive Summary
Chapter Three: Stainless Steel Industry Outlook
Chapter Four: Stainless Steel Grade Outlook
Chapter Five: Stainless Steel Product Outlook
Chapter Six: Stainless Steel Application Outlook
Chapter Seven: Stainless Steel Regional Outlook
Chapter Eight: Competitive Landscape
Place a direct purchase order on this report at http://www.orbisresearch.com/contact/purchase/106333 .
Browse more reports on Metals Market at http://www.orbisresearch.com/market-reports/chemicals-and-materials/metals.html .
About Us:
Orbis Research (orbisresearch.com) is a single point aid for all your market research requirements. We have vast database of reports from the leading publishers and authors across the globe. We specialize in delivering customised reports as per the requirements of our clients. We have complete information about our publishers and hence are sure about the accuracy of the industries and verticals of their specialisation. This helps our clients to map their needs and we produce the perfect required market research study for our clients.
Media Contact
Company Name: Orbis Research
Contact Person: Hector Costello
Email:Send Email
Phone: +1 (214) 884-6817
Address:4144N Central Expressway, Suite 600
City: Dallas
State: Texas
Country: United States
Website: http://www.orbisresearch.com/market-reports/chemicals-and-materials/metals.html
