The North America stainless steel round Bar market size was valued at USD 1.42 billion in 2014 and is expected to witness significant growth over the next seven years owing to growing demand in construction applications including structural members in tension, load transfer devices, tie rods and bridge pins. Growing consumption of Bar on account of its superior properties including corrosion resistance, electrical & thermal conductivity, magnetism, high strength, toughness, fire resistance, and environmental advantages such as recyclability will augment market growth.
Rising demand for door handles, glass façade spiders, post-tension tie rods, and cable anchoring heads and glass beams will increase industry share in the near future. Increasing natural gas production in North America, with U.S. shale gas contributing a lion’s share, will provide immense opportunities for stainless steel round Bar growth. However, rising nickel prices along with high manufacturing costs in the U.S. is expected to restrain market growth over the forecast period.
A significant rise in key applications such as oil exploration, aerospace, automotive and construction will drive growth over the forecast period. Growing construction industry in California along with increasing duplex & super duplex demand in Alaska is likely to stimulate growth. In addition, the presence of oil production and pulp and paper manufacturing in Alaska is expected to open new market avenues over the next seven years.
Stainless steel round Bar is of different grades including Cr-Ni, duplex & super duplex, and high nickel alloys. Cr-Ni was the largest product segment in 2014 and accounted for over 60% of global volume and is expected to witness significant growth in light of rising application scope as a result of various alloying element compositions possible, which help in enhancing properties.
High consumption of various products including anchor bolts, bar & fountain equipment, bolts, dairy handling equipment, dowel Bar at highway joints, fasteners, food processing equipment, hardware, nozzles, reinforcing Bar, sanitary fittings & valves, screens, shafting, stone anchors and valve stems will fuel industry size.
Duplex & super duplex stainless steel round bar is expected to witness significant growth with CAGR of over 5.5% from 2015 to 2022 as a result of superior properties including high corrosion resistance and high strength thus rendering it suitable for seawater systems applications. Increasing applications in oil & gas industry equipment, on offshore platforms, and heat exchangers will propel industry penetration.
High-nickel alloys are austenitic stainless steel alloys designed for middle to a high level of corrosion resistance and possess low carbon levels, which is likely to propel market size over the upcoming years.
The U.S. was the dominant market in 2014 and accounted for over 80% of the global revenue share and will show high growth on account of growing manufacturing sector in the country. In addition, high growth in various sectors including oil exploration, aerospace, automotive, and construction is expected to drive the stainless steel round bar market in the U.S over the forecast period. Shale gas boom in the U.S. is further expected to be a major driver for industry expansion.
Mexico is expected to grow with fastest CAGR of over 4.8% from 2015 to 2022 on account of rapid industrialization along with increasing government support to develop end-use sectors. Rising automotive sector in light of increasing vehicle production in the country is expected to increase industry penetration in the near future. The emergence of new participants in the region is likely to bolster growth. Rising construction sector on account of increasing government expenditure coupled with rising disposable income will fuel market growth over the next seven years.
Stainless steel round bar demand in Canada is expected to increase as a result of infrastructural development along with growing aerospace sector over the forecast period. The presence of big players in the aerospace sector including Bombardier and Pratt & Whitney will spur industry growth over the forecast period.
North America stainless steel round Bar market is mainly dominated by key players including ATI Allvac, Carpenter Technology Corporation, Crucible Industries LLC, Electralloy, Universal Stainless & Alloy Products, and Valbruna Slater Stainless.
Multinational companies such as Outokumpu and ThyssenKrupp have a significant share in the NAFTA region. Outokumpu’s Richburg facility in South Carolina, U.S. manufactures round Bar in a wide selection of standard and special materials and grades which are used in valves, fittings, flanges, and other machine components in chemical processing, oil exploration, food & beverage, pulp & paper and aerospace industries.
This report has a service guarantee. We stand by our report quality.
We are in compliance with GDPR & CCPR norms. All interactions are confidential.
Design an exclusive study to serve your research needs.
Get your queries resolved from an industry expert.
"The quality of research they have done for us has been excellent..."
The ongoing pandemic has led to a decline in exploration activities in the oil & gas sector. A number of EPC projects have also witnessed an indefinite pause that has transpired into a slump in the requirement for drilling and excavation services. Economic repercussions of the trend are expected to be highly evident in the Middle East. The report will account for Covid19 as a key market contributor.