October 20, 2022 13:09 ET | Source: Data Bridge Market Research Data Bridge Market Research
MELBOURNE, Oct. 20, 2022 (GLOBE NEWSWIRE) -- A Qualitative Research Study accomplished by Data Bridge Market research's database, titled “Stainless Steel Market” with 100+ market data Tables, Pie Charts, Graphs & Figures spread through Pages and easy-to-understand detailed analysis. The Stainless Steel Market report centers around the key players, to portray, depict and dissect the cost structure, market rivalry scene, SWOT examination, and headway designs in the following couple of years. All the market-related factors and data is given in such a way, that it becomes easy for the readers to pursue the significance of the imperative data referenced in the report. Factors, for example, product dispersion, demand/supply, money-related development, development benefits, business adaptability, and different applications are altogether given in the report in a clear and easy to comprehend manner. Stainless Steel Elbows
The global Stainless Steel Market was valued at USD 104.23 billion in 2021 and is expected to reach USD 166.13 billion by 2029, registering a CAGR of 6.00% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
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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.
Over the last few years, the increased production of stainless steel is projected to have significant impact over the market. According to the International Stainless Steel Forum (ISSF), Indonesia will become one of the world's largest producers of stainless steel. Meanwhile, China is the world's largest stainless steel producer, with an annual output of around 30 MT. Furthermore, with increasing public infrastructure development, China and India are poised to lead the stainless steel market growth. As a result, the market is projected to have an accelerated growth over the forecast period.
Furthermore, the increasing investment in research and development by the manufacturer has helped in the development of advanced techniques to enhancing the properties of stainless steel which further extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing use of innovative technologies such as, Building Information Management (BIM) and increasing use of innovative materials and processes will further expand the future growth of the stainless steel market.
Some of the major players operating in the Stainless Steel market are:
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Highlights the following key factors:
Business description – A detailed description of the company’s operations and business divisions
Corporate strategy – Analyst’s summarization of the company’s business strategy
SWOT Analysis – A detailed analysis of the company’s strengths, weakness, opportunities and threats
Company history – Progression of key events associated with the company
Major products and services – A list of major products, services and brands of the company
Key competitors – A list of key competitors to the company
Important locations and subsidiaries – A list and contact details of key locations and subsidiaries of the company
Detailed financial ratios for the past five years – The latest financial ratios derived from the annual financial statements published by the company with 5 years history
Market Dynamics: Stainless Steel Market
The stainless steel industry is expected to grow at a significant rate during the forecast period due to its increasing application in various industries such as chemical industries, petrochemical industries, oil and gas industries, food and beverage industries, and power generation industries. Superior product properties such as high strength, low weight, and high corrosion resistance, particularly stress corrosion cracking, are expected to drive product demand during the forecast period. These properties have made duplex series stainless steel extremely popular in chemical processing, storage tank construction, and chemical transport containers. It will continue to be an excellent substitute for carbon steel, with its low cost poised to boost stainless steel market growth.
Furthermore, the increasing industrialization across the globe coupled with the growing power consumption coupled will further propel the growth rate of stainless steel market Additionally, the rising use of renewable energy and growth in residential, public, and commercial construction and reconstruction projects will also drive market value growth. The rise in infrastructural development is also projected to bolster the growth of the market. Moreover, the growing population will also increase the use of domestic appliances, cookware, and cutlery, which will benefit the stainless steel market during the forecast period.
Challenges Faced By The Industry
Increasing fluctuations in the price of stainless steel and steel products have been observed over the last decade, which has had a significant impact on the industries. Furthermore, a sharp drop in stainless steel prices and rising raw material costs have reduced steelmakers' and distributors' profit margins. Debt protection metrics in the industry have also deteriorated.
However, there has been rising use of carbon fibers as a substitute for stainless steel in the automotive industry due to its lightweight nature. This is due to the fact that the carbon fibers are lightweight, have high strength bearing capacities and load-bearing capacities. Therefore, this factor will challenge the stainless steel market growth rate.
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The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Regional Analysis/Insights: Stainless Steel Market
The countries covered in the stainless steel market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the growth and expansion of automobile sector within the region.
Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the rise in construction activities as a result of rising population coupled with the presence of major players in the region.
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