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.
Further key findings from the report suggest:
Read detailed report or request for sample of this research report: - http://www.grandviewresearch.com/industry-analysis/stainless-steel-market/request
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, 2013 - 2024)
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.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/stainless-steel-market
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.
Read detailed report or request for sample of this research report: - http://www.grandviewresearch.com/industry-analysis/stainless-steel-market/request
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, 2013 - 2024)
·
200 series
·
300 series
·
400 series
·
Duplex
Stainless Steel Product Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2013 - 2024)
·
Long
·
Flat
Stainless Steel Application Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2013 - 2024)
·
Building & Construction
·
Heavy Industry
·
Automotive
·
Consumer Goods
·
Others
Stainless Steel Regional Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2013 - 2024)
·
North America
·
U.S.
·
Europe
·
Germany
·
UK
·
France
·
China
·
Asia Pacific
·
Japan
·
India
·
Latin America
·
MEA
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more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
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