The market for stainless steel worldwide was estimated to be worth USD 104.23 billion in 2021 and is projected to grow to USD 166.13 billion by 2029, recording a CAGR of 6.00% over the forecast period of 2022-2029. The market report created by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario in addition to market insights like market value, growth rate, market segments, geographical coverage, market players, and market scenario.

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Market Definition

Stainless steel contains a variety of materials that when the fused result in a power alloy. Stainless steel, an alloy of iron and chromium, and nickel in some cases provide resistance to corrosion of iron. Chromium is responsible for providing this resistance property to the alloy. Chromium secretes a thin layer of oxide that is known as the passive layer. Other than chromium, nitrogen and molybdenum are also added to this alloy. It is an environmentally inert and neutral alloy, which means that it is infinitely recyclable. Stainless steel is durable and strong which makes it perfect use for various end-user verticals.

COVID-19 Impact on Stainless Steel Market

The recent outbreak of coronavirus had a negative impact on the stainless steel market. The pandemic crisis has had a significant impact on the growth of the stainless steel market in the year 2020, owing to a significant decrease in demand from various end use sectors. Furthermore, there has been a decrease in construction activity as well as the closure of some manufacturing plants. For example, Nippon Steel announced in March 2021 that it will reduce capacity by 10%, following a 10% reduction in production in 2020 due to a drop in demand caused by the pandemic. Furthermore, Oxford Economics predicted that annual construction output in China would fall by 8% in 2020. Nonetheless, they forecast $5.8 trillion in global construction activity over the next ten years, led by the United States, China, India, and Indonesia.

While companies have reduced short-term revenue targets, the stainless steel market outlook for 2022-2028 remains bullish. Stakeholders are expected to establish large capacities and investigate opportunities in the construction sector with stainless steel recycling.

STAINLESS STEEL MARKET SEGMENTATION          

Product

• Flat Products
• Long Products
• Bars/ Wire Rods
• Hot Bars/ Wire Rods
• Cold Bars/ Wire Rods
• Cold Rolled Flats
• Coils
• Sheets
• Strips
• Hotplates and Sheet
• Hot Coils
• Tubes
• Castings
• Others

Type

• Austenitic Stainless Steels
• Martensitic Stainless Steels
• Ferritic Stainless Steels
• Precipitation-Hard enable Stainless Steels
• Duplex Series

 Grade

• 200 Series
• 300 Series
• 400 Series
• Duplex Series

Application

• Automotive and Transportation
• Building and Construction
• Consumer Goods
• Heavy Industries
• Metal Products
• Other Applications

KEY POINTERS COVERED IN STAINLESS STEEL MARKET INDUSTRY TRENDS AND FORECAST TO 2027

• Market Size
• Top to Bottom Market Analysis
• Recent Developments for Market Competitors
• Recent Market Value for Different Countries
• Market value and over view of  Stainless Steel Market
• Company profiling of top eight players of  Stainless Steel Market

BASIC QUESTIONS ASKED

• Which key product category dominates the Stainless Steel Market?
• What problems do SMEs and well-known vendors in the Stainless Steel Market face?
• What are the main driving forces behind the global Stainless Steel Market?
• What potential does the market for digital payments have?
• What trends are present in this business?

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Stainless Steel Market analysis report offers an examination of a range of segments that are relied upon to witness the quickest development amid the estimate forecast frame. A complete discussion about frequent market related topics in this industry report is sure to aid the client in studying the market on competitive landscape. The company profiles of all the key players and brands that are dominating the Stainless Steel Market with moves like product launches, joint ventures, mergers and acquisitions which in turn is affecting the sales, import, export, revenue and CAGR values are mentioned in the report. Stainless Steel Market report also presents suggestions about consumer’s demands, preferences, and their altering likings about particular product.

KEY MARKET COMPETITORS COVERED IN THE REPORT

• DuPont (U.S.)
• DOW (U.S.)
• Umicore (Belgium)
• Glencore (Switzerland)
• Jinchuan Group International Resources Co.  Ltd (China)
• Huayou Cobalt Co., Ltd (China)
• Freeport Cobalt (Finland)
• Sherritt International Corporation (Canada)
• solvay (Belgium)
• DAIKIN (Japan)
• BHP (Australia)
• Eramet (France)
• Vale (Brazil)
• Votorantim Metais SA (Brazil)
• Sumitomo Corporation (Japan)

STAINLESS STEEL MARKET COUNTRY LEVEL ANALYSIS

• The countries covered in the Stainless Steel Market report are
• U.S.
• Canada
• Mexico
• South Korea
• Australia
• Hong-Kong and the rest of Asia-Pacific
• Brazil
• Argentina
• Venezuela
• Colombia
• Ecuador
• Peru
• Uruguay
• Costa Rica
• Panama
• Dominican Republic and Rest of Latin America and Turkey.

MAJOR TOC OF THE REPORT

• Introduction
• Market Segmentation
• Executive Summary
• Premium Insights
• Stainless Steel Market: Regulations
• Market Overview
• Stainless Steel Market, By Type
• Stainless Steel Market, By Source
• Stainless Steel Market, By Therapy
• Stainless Steel Market, By Transporting Capacity
• Stainless Steel Market, By Route of administration
• Stainless Steel Market, By Region
• Stainless Steel Market: Company Landscape
• SWOT Analyses
• Company Profile

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