Global Stainless Steel Market: Overview
Stainless steel in an alloy of iron and it consists minimum 10% chromium composition. It has several desirable properties such as high strength, excellent ductility, and ease of fabrication. This makes it suitable for a wide range applications in several end use industries.
Global Stainless Steel Market: Notable Developments
Some of the notable developments in the stainless steel market are;
In July 19, Nippon Steel & Sumitomo Metal Corporation (NSSMC), a leading manufacturer of stainless steel entered in a strategic partnership with Sumitomo Corporation and BP Exploration (Epsilon) Limited of Oman (BP Oman) to for the supply of Oil Country Tubular Goods (OCTG). This is likely to uptick growth of the stainless steel market in the region.
In April 19, the company grabbed a contract to install heavy duty stainless steel at Kimitsu Works (Kimitsu, Chiba Prefecture) to strengthen the supply system for ultra-high-tensile steel sheets.
Researchers at Chong-Cheng Huang have developed on novel technique to enhance the properties of stainless steel by coating its surface laser treated nitrogen di oxide. This is expected to open several opportunities for the growth of the stainless steel market.
Some of the predominant players operating in the global stainless steel market are Jindal Stainless, Aperam Stainless, Arcelor Mittal, Outokumpu, POSCO, ThyssenKrupp Stainless, Nippon Steel & Sumitomo Steel, JFE Holdings, and North American Stainless. These players are focusing on several strategies to improve their market position.
Global Stainless Steel Market: Key Growth Dynamics
The demand for stainless steel is increasing over the past few years owing to its widespread use in several industries. It is majorly used in manufacturing of several industrial equipment. The rapid industrialization and urbanization especially is developing regions are strong factors expected to offer lucrative opportunities for the growth of the market.
Apart from this, increasing investment in research and development by the manufacturer has helped in the development of advanced techniques to enhancing the properties of stainless steel. This has open new growth avenues for the global stainless steel market.
Moreover, rising demand from end-use industries such as automotive, oil and gas, and construction is a strong factor expected to augment growth in the stainless steel market.
Properties of stainless steel, such as tensile strength, corrosion resistance, and aesthetic appearance make it a suitable material for the automotive sector. It is used in the production of automotive components such as exhaust systems, hose clamps, and springs.
Other industries such as chemical industry, heating cooling and ventilation, oil and gas industry, and pulp and paper industry are use stainless steel for the manufacturing of industrial equipment. The increasing industrialization across the globe is expected to fuel the global stainless steel market.
Growing power consumption coupled with the rising use of renewable energy is projected to propel the product demand over the forecast period.
Global Stainless Steel Market: Regional Outlook
On the basis of geography, Asia Pacific is projected to hold a major share in the global stainless steel market. This is mainly because of fast pace production and consumption of stainless steel and related products in the region. Rise in infrastructural development including shopping malls, highways, railways, and airports is primary factor likely to augment growth in the region.
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