The global stainless steel market size is projected to reach USD 133.84 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.2% during the forecast period. Increasing production of automotive and growth of construction sector are the key factors driving the growth.
Owing to high resistance to corrosion, stainless steel can be easily fabricated in building structures. Along with aesthetic purpose, it provides strength and support to various building structures. It is used in roofing, structures, fixings, drainage and water systems, handrails, and wall support products. Rising investment in this sector and number of construction activities are creating a high demand for stainless steel products.
For instance, as per the 13th five-year plan of the Civil Aviation Administration of China (CAAC), China is aiming to build around 74 more airports by 2020. It is also planning to construct 30,000 km of highways and one million km of rural roads. Further, this plan is also created to achieve cumulative sales and production of 5 million electric vehicles by 2020.
Automotive sector is expanding at a greater pace owing to easy access to credit facility and increasing the necessity among people to own a vehicle. Stainless steel can absorb the energy during collision which makes it a key material in automotive components. The demand for products such as frame, exhaust system, wheel rim, engine cradles, floor panels, gaskets, and suspension systems is expected to rise in near future. In 2017, global production of vehicles increased by 2.3% compared to 2016 and reached 97.3 million units of production. This is also projected to assist the growth of stainless steel market.
Increasing use of aluminum and carbon fibers in automotive components is projected to restraint the market growth. The advantages of aluminum such as fuel efficiency, recyclability, durability, performance, and environmental safety make it suitable in vehicles. Increasing government pressure on manufacturers to reduce emissions of harmful chemicals is projected to boost the demand for automotive aluminum in the forthcoming years. In addition, 90% of aluminum can be recovered from the products and again recycled for further processing. It is believed that 1 kg of aluminum can replace around 2 kg of cast iron or steel in manufacturing process.
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Further key findings from the report suggest:
The 300 series grade steel is anticipated to reach USD 71.9 billion by 2025 at an estimated CAGR of 5.1%
In terms of revenue, long products segment is projected to expand at a CAGR of 4.7% over the forecast period
Automotive application held the leading market share of 27.3% in 2018
Europe stainless steel market is anticipated to reach 7,233.5 kilotons by 2025
In terms of revenue, Asia Pacific is projected to witness a significant CAGR of 4.7% over the forecast period, owing to rise in infrastructure investments and demand vehicles
Some of the key companies present in the market are North America Stainless, ArcelorMittal, Aperam Stainless, Jindal Stainless, Bristol Metals, LLC and Nippon Steel and Sumitomo Metal.
Grand View Research has segmented the global stainless steel market on the basis of grade, product, application, and region:
Stainless Steel Grade Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Stainless Steel Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Stainless Steel Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Building & Construction
Stainless Steel Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
Central and South America
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