Global Stainless-Steel Market To Record Impressive Growth Through 2026

May 11, 2022

According to the report titled ‘Global Stainless-Steel Market (2021 Edition) - Analysis by Product Type (Flat, Long), Grade - Series (200, 300, 400, Others), End User, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global stainless-steel market was worth USD 105.67 billion in the year 2020 and is slated to record impressive growth during 2021-2026.

Increase in the production of vehicles, surging demand for energy across the world, and accelerated construction activities particularly in developing economies are parameters facilitating the development of global stainless-steel market.

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For the unaware, stainless steel is a multipurpose material with superior reliability, durability, and reusability, and these distinctive attributes of stainless steel make it the most favored metal in the majority of industries.

Continuous efforts by leading companies engaged in technological advancements to boost production of sustainable goods, combined with strict environment protection laws set by governments are bolstering the progress of business sphere to a great extent.

Despite the positive outlook, the economic slowdown in developed countries has offset the demand for the product which is likely to hinder the industry development in the forthcoming years. 

During the covid-19 pandemic, several sectors like construction, manufacturing, building, automotive, and heavy industries were directly impacted due to temporary shutdowns enforced by authorities to curb the virus spread. This drastically altered the supply chain of worldwide stainless-steel market.

The outbreak resulted in an abrupt drop in economic output, which led to a decline in steel consumption, undermining the industry's manufacturing and distribution pattern. However, with the decrease in cases & ease of restrictions, the industry is estimated to pick up pace in the next few years.

Based on product type, the flat vertical accounted for a substantial revenue share in 2020 and is anticipated to grow exponentially during the forecast period, owing to its robust properties like greater tolerance, concentricity, and straightness which enable the utility of stainless-steel for end-users such as construction, automotive, and others. 

Concerning end-user ambit, the heavy industries segment of the market is projected to witness significant expansion during the analysis period, due to the surging use of product in heavy industries.

From a geographical standpoint, Asia Pacific is poised to account for a remarkable revenue share during the assessment timeframe.

The notable corporations defining the competitive landscape of global stainless-steel market are ArcelorMittal S.A., Nippon Steel Corporation, Baoshan Iron & Steel Co. Ltd., TATA Steel Limited, Outokumpu Oyj, Acerinox S.A., POSCO, Aperam S.A., Jindal Stainless Steel Limited, and JFE Steel among others.

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