Stainless Steel Foil Market
Stainless Steel Foil Market (Product: Width <100mm, Width 100mm - 500mm, and Width >500mm; and End Use: Electrical & Electronics, Automotive, Energy & Power, Oil & Gas, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Advancements and Entry of New Manufacturing Technologies to Aid Market Growth
Stainless steel foil is extensively used across a host of end-use industries, including automotive, food & beverages, electrical & electronics, oil & gas, and energy & power. The stainless steel foil market is projected to witness positive growth during the forecast period, due to innovations and advent of new manufacturing techniques that are likely to improve the quality of the products. Price trends of stainless steel largely influence the overall growth of the stainless steel foil market. Due to the increasing pressure from various regulatory bodies, players involved in the current stainless steel foil market are compelled to adopt environment-friendly manufacturing practices.
Trade relations between various countries is another factor that is expected to have an impact on the overall growth of the global stainless steel foil market. For instance, the trade war between the U.S. and China is likely to impact the sales of stainless steel foils in these countries. Research and development activities are estimated to pave the way for innovative, cost-efficient, and environment-friendly stainless steel foils– a major strategy adopted by market players to improve the quality of their products.
At the back of these factors, along with widening applications of stainless steel foils, the global stainless steel foil market is expected to surpass the US$ 11 Bn mark by the end of 2030.
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Increasing Adoption in Various End-use Industries to Drive Market
Stainless steel foils are extensively used across a broad spectrum of end-use industries in various applications. This factor is expected to boost the stainless steel foil market. Stainless steel foils are primarily used to improve the dimensional stability that prevents contamination of steel tool parts when subjected to heat treatment. Additional applications of stainless steel foils such as shielding for high vacuum applications, heating elements, X-ray imaging, and turbine engines continue to drive the demand for stainless steel foils worldwide– another factor that is likely to aid market growth.
Some of the most common end-use industries wherein stainless steel foils are increasingly being used include defense, petrochemical, laboratory, nuclear, aerospace, and marine. The favorable properties of stainless steel such as its ability to be sheared, punched, and perforated as per the requirement are expected to propel the demand for stainless steel foils during the assessment period.
Stainless steel foils are primarily manufactured using the 200 and 300 series of stainless steel grades of which, the 304 and 316 stainless steel have garnered immense popularity among players operating in the current stainless steel foil market landscape.
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Advancements in Sheet Metal Technology to Improve Quality of Products
Technological advancements have played an important role in shaping the overall growth of the global stainless steel foil market. Technologies such as laser, water jets, and flame cutting have played an imperative role in accelerating advancements across the sheet metal sector. Furthermore, the entry of advanced machinery for sheet metal manufacturing is another major factor likely to have a strong impact on the global stainless steel foil market during the assessment period. The modernization of existing manufacturing technologies and techniques within the stainless steel foil market is expected to further drive the stainless steel foil market in the upcoming decade.
Moreover, the Asia Pacific region is anticipated to provide lucrative opportunities to players operating in the current market landscape due to the growing focus of governments on industrialization and modernization in the region.
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Production of Stainless Steel Declines amid COVID-19 Pandemic
The onset of the novel COVID-19 pandemic since the first quarter of 2020 is expected to have a strong impact on the overall growth of the global stainless steel foil market, especially in 2020. Domestic steel industries in several nations around the world, including China and India have experienced a major setback due to stringent lockdown regulations and restrictions on trade and transportation. Furthermore, industrial lockdown across China in the first quarter of 2020 is a major factor that is projected to have a strong impact on the production of stainless steel foils. Several key market players in major stainless steel foil producing regions are focusing on increasing their export volumes to mitigate the low demand from domestic industries.
The global stainless steel foil market is expected to expand at a healthy CAGR of 6% during the forecast period. The market growth can be primarily attributed to factors including booming automotive sector in various developing regions, high demand from end-use industries, advancements in manufacturing techniques, and entry of new sheet metal forming technologies. The fluctuating prices of stainless steel will have a strong influence on the growth trajectory of the market and the production of stainless steel foils during the forecast period. Market players should focus on expanding their production capacities while simultaneously improving the quality of their products to gain advantage in the current market landscape.
Stainless Steel Foil Market: Overview
- In terms of value, the stainless steel foil market is expected to cross US$ 11 Bn by 2030
- Rise in demand for stainless steel foil, owing to its wide usage in electrical & electronics and automotive applications, is anticipated to propel the global stainless steel foil market during the forecast period
- Energy & power is projected to be a highly lucrative end use segment of the global stainless steel foil market in the near future
Stainless Steel Foil Market: Key Drivers and Restraints
- Stainless steel foil is employed in a wide range of electrical and electronics applications. It is used to manufacture springs for mobile terminal keyboards and other components. Stainless steel foil is also used to develop hard disk drive suspension springs, which are essential components of memory storage devices. Therefore, growth of the electrical & electronics industry is anticipated to boost the demand for stainless steel foil in the near future. According to the Japan Electronics and Information Technology Industries Association (JEITIA), the global electronics & information industry stood at US$ 2,740 Bn in 2017 and reached US$ 2,836 Bn in 2018. Increase in adoption of smartphones, smart televisions, and computers, owing to constant innovation and technological advancements is estimated to boost the stainless steel foil market during the forecast period.
- Automotive companies prefer stainless steel foil due to its superior metallic property and ability to withstand temperature up to 2240°F. The foil provides good mechanical durability and resistance to thermal shock. Stainless steel foil is prominently used in catalytic converters as metallic substrates. The metal foil absorbs harmful gas composition and converts it into non-hazardous water content, and reduces carbon emission. Thus, several advantages of stainless steel foil in automotive application is expected to increase its demand in the near future.
- As a metal, stainless steel is harder than other metals such as aluminum, copper, and nickel. As a result, manufacture of precision grade stainless steel foil increases its production cost. On the other hand, aluminum foil offers an easy manufacturing process. It is a less expensive metal and is easily available. Thus, easy manufacturing and less expensive property of aluminum foil compared to stainless steel foil is anticipated to restrain the stainless steel foil market during the forecast period.
Stainless Steel Foil Market: Major Products
- Based on product, the global stainless steel foil market has been divided into width < 100mm, width 100mm - 500mm, and width > 500mm
- Width < 100mm was a high-value product segment of the global stainless steel foil market in 2019. This trend is expected to continue during the forecast period. The width 100mm - 500mm segment has also been expanding at a significant pace since the past few years. The segment is estimated to expand considerably during the forecast period.
Stainless Steel Foil Market: Prominent End Users
- Based on end use, the global stainless steel foil market has been categorized into electrical & electronics, automotive, energy & power, oil & gas, and others
- The electrical & electronics segment is estimated to dominate the global stainless steel foil market during the forecast period. Stainless steel foil is primarily used to develop hard disk drive suspension springs, which are essential components of memory storage devices. The ultra-thin stainless steel foil paper is highly used in organic light emitting diode (OLED) application as a substrate material for light projection. Stainless steel foil is utilized in the manufacture of thin film photovoltaic and a number of fuel cell batteries.
Asia Pacific to be Highly Lucrative Region of Stainless Steel Foil Market
- In terms of demand, China has been a lucrative country of the stainless steel foil market since the past few years. The country accounts for more than 55% share of the stainless steel foil market in Asia Pacific.
- Asia Pacific is expected to dominate the global stainless steel foil market during the forecast period. The stainless steel foil market in India expanded considerably in 2019. The country is anticipated to exhibit a lucrative trend for the market in the near future.
Stainless Steel Foil Market: Competition Landscape
- Key manufacturers operating in the global stainless steel foil market include Kobe Steel, Ltd., NIPPON STEEL CORPORATION, Outokumpu Oyj, Wieland Rolled Products North America Llc, Bhandari Group, and Ulbrich Stainless Steels & Special Metals Inc.
Stainless Steel Foil Market – Scope of the Report
The new study on the global stainless steel foil market published by Transparency Market Research (TMR) presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global stainless steel foil market. TMR’s study offers valuable information on the global stainless steel foil market to illustrate how growth would discern during the forecast period of 2020 to 2030.
Key indicators of market growth, which include value chain analysis as well as supply chain analysis and compounded annual growth rate (CAGR) have been elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global stainless steel foil market during the forecast period.
An extensive analysis of leading market players’ business strategies has also been featured in TMR’s study on the global stainless steel foil market. This can help readers understand principal factors to foresee the growth of the global stainless steel foil market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global stainless steel foil market, which would guide market players in making apt decisions in the near future.
Stainless Steel Foil Market – Segmentation
- TMR’s study on the global stainless steel foil market segments the market based on product, end use, and region. Changing market trends and other crucial market dynamics associated with these segments of the global stainless steel foil market have been discussed in detail.