High strength, high ductility and ease of production are leading factors of increase in demand for stainless steel. Besides, its use in a number of end-use industries helps it chart a steady CAGR (Compound Annual Growth Rate) from 2018 to 2026, creating some enviable growth opportunities for market players. It goes without saying that the players would leave no stone unturned to make the most of these. Besides, this growth will also translate to a higher worth of the global stainless steel market.

A number of factors are driving the market on a high growth curve and some of the prominent ones are outlined ahead. One, massive increase in construction volumes will lead to its growth. In the next 10 years or so an increase of 85% in the construction volumes is set to me noted. This means, a market worth of USD 15.5 trillion by 2030. Out of this, 57% will be held by 3 countries – India, China and the United States. As construction makes use of steel in a big way, market for stainless steel will see an upward rise. Two, growth in the automobile sector will propel growth in the global stainless steel market is it is used extensively in the automobile industry.

The market of stainless steel is fragmented and major players in the global stainless stell market landscape include Aperam Stainless, Bristol Metals, RTI Industries, Nippon Steel & Sumitomo Steel, Sandvik Materials, Viraj, ArcelorMittal and ThyssenKrupp Stainless.

One of thenotable partnerships of the decade has been that of Nippon Steel and Sumitomo Metal Corporation (NSSMC) with Sumitomo Corporation and BP Exploration (Epsilon) Limited of Oman (BP Oman) in the July of 2019 to supply OCTG (Oil Country Tubular Goods). And, experts believe this strategic partnership will help the stainless steel market see higher growth in the period stated.

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.

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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