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Austenitic Stainless Steel Market: Introduction

  • Austenitic stainless steel consists of 16%–30% of chromium and 2%–20% of nickel, which provides high surface quality, formability, and increased resistance to corrosion and wear. It is the most popular grade of the stainless steel produced, owing to its excellent formability and corrosion resistance.
  • Austenitic stainless steel is non-magnetic in nature and it is widely used in automotive trims, cookware, food and beverage equipment, processing equipment, and a variety of industrial applications

Key Drivers of Global Austenitic Stainless Steel Market

  • The global automotive industry is growing, especially in well-established geographies such as the U.S., Europe, South Korea, and Japan. This growth is attributable to factors such as rise in the number of electric vehicles as a result of growing efforts to curb air pollution and government initiatives in developing countries such as India to encourage foreign direct investments (FDIs) in the local automotive industry.
  • Manufacturers are focusing on making the vehicle design more robust as well as light to enhance fuel efficiency as well as safety of the vehicle. In order to achieve this and satisfy the vehicle pollution norms set by various governments, manufacturers are using austenitic stainless steel for manufacture of automotive components. Furthermore, austenitic stainless steel comes with advanced manufacturability, robustness, and metallurgical properties. This enables vehicle manufacturers to make lightweight and robust vehicles. Growing use of austenitic stainless steel in the global automotive industry is projected to have a high positive impact on the global austenitic stainless steel market in the next few years.

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Automotive End-use Industry Segment to Witness Attractive Opportunities

  • The automotive segment accounted for a major share of the global austenitic stainless steel market in 2018 and it is estimated to maintain its attractiveness throughout the forecast period. In automobiles, austenitic stainless steel is used for exhaust systems.
  • In the automotive industry, austenitic stainless steel is used in the manufacture of frames, load-bearing floor panels, reinforcements, sheet metal cabin components, body panels, A- & B-pillars, all-over beams, fuel tanks, wheels, suspension arms, gear shafts, and propeller shafts.

Asia Pacific to Hold a Major Share of Global Austenitic Stainless Steel Market

  • The global austenitic stainless steel market is driven by the steadily recovering global economy and improvement in the outlook for automotive and manufacturing sectors across the world. Asia Pacific accounted for a leading market share in 2018, owing to rising public sector investments in defense, infrastructure, and aerospace sectors in countries including China, Malaysia, South Korea, and India. This is driving foreign direct investments in the manufacturing sector in key economies in Asia.
  • Growth of the automotive industry in countries such as the U.S. and expansion of the aviation industry in North America are estimated to boost the austenitic stainless steel market in the region during the forecast period. Presence of several automotive giants such as Ford, Bombardier, and General Motors in the U.S. and Canada is also projected to boost the demand for austenitic stainless steel in the region between 2019 and 2027.
  • The market in Europe and Middle East & Africa is expected to expand at a significant pace during the forecast period, owing to growth of the automotive industry in these regions

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Key Players in Global Austenitic Stainless Steel Market

Various players operate in the global austenitic stainless steel market. However, there is an increasing shift in dynamics toward market consolidation. This can be ascribed to new product development by major companies operating in the U.S. and Europe markets in order to capitalize on the untapped growth potential in Asia Pacific and Africa. Key players operating in the global austenitic stainless steel market are:

  • AK Steel Corporation
  • Baosteel Group Corporation
  • Nippon Steel & Sumikin Stainless Steel Corporation
  • Hesteel Group Company Limited
  • ArcelorMittal S.A.
  • Jiangsu Shagang Group
  • Anshan Iron and Steel Group Corporation
  • Tata Steel Ltd
  • JFE Holdings, Inc.

Global Austenitic Stainless Steel Market: Research Scope

Global Austenitic Stainless Steel Market, by Type

  • Type 316
  • Type 304
  • Type 309
  • Type 310

Global Austenitic Stainless Steel Market, by End-use Industry

  • Consumer Goods
  • Automotive Components
  • Oil & Gas
  • Construction
  • Others

Global Austenitic Stainless Steel Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Austenitic Stainless Steel Market

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