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The global stainless steel 400 series market attained a value of nearly USD 32.60 billion in 2023. The market is projected to grow at a CAGR of 7.2% between 2024 and 2032 to reach a value of around USD 61.13 billion by 2032.
Stainless steel 400 series refers to a group of stainless steel products which contain 11-27% chromium, 1% carbon, and around 2.5% nickel. This stainless steel group is susceptible to rust, gets hardened with heat, and offers high resistance to wear.
Based on application, the market is segmented into building and construction, automotive and transportation, consumer goods, mechanical engineering and heavy industries, medical, and aerospace, among others. The major regional markets for stainless steel 400 series include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the key players in the global stainless steel 400 series market report, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
In the stainless steel 400 series market, consumer goods are likely to witness a heightened growth in the forecast period. Stainless steel 400 series is extensively used for manufacturing different consumer goods, such as home components, kitchen appliances, utensils, cutting tools, fridges, and washing machines, among others. Hence, the rising demand for these consumer goods, owing to the increasing disposable income, rapid urbanisation, and thriving e-commerce sector, is boosting the segment’s growth.
The Asia Pacific accounts for a significant share of the market for stainless steel 400 series. The growing expansion of the manufacturing sector, coupled with heightened growth of end-use sectors such as construction, is driving the demand for stainless steel 400 series in the region.
Additionally, growing efforts by companies to ramp up the production of stainless steel 400 series across emerging economies such as China and Vietnam are further fuelling the stainless steel 400 series market growth.
Acerinox S.A. is a global manufacturer and distributor of stainless steel and high-performance alloys. It was founded in 1970 and is headquartered in Madrid, Spain.
Baosteel Group Corporation is a leading company that manufactures stainless steel and premium steel products with high technology integration. The company was founded in 1978 and is headquartered in Shanghai, China.
Fushun Special Steel Co., Ltd. is a company which provides steel products, such as tool steel, mould steel, and special steel, among others. It was established in 1937 and is headquartered in Liaoning, China.
Other market players include Jindal Stainless Ltd., Outokumpu Oyj, POSCO, Tata Steel Ltd., Yieh Corp., Nippon Steel Corp., and ThyssenKrupp AG, among others.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Application |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market reached a value of nearly USD 32.60 billion in 2023.
The market is estimated to grow at a CAGR of 7.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 61.13 billion by 2032.
The heightening application of stainless steel 400 series in medical equipment and instruments, the growing demand for the product from the building and construction sector, and rising demand for stainless steel 400 series-based consumer goods are the major drivers of the market.
The key trends in the market include the growing research and development activities by leading steel manufacturers to develop high-performance stainless steel 400 series, the thriving e-commerce sector, and rising sales of downstream stainless steel 400 series products.
The major regions in the market are North America, the Asia Pacific, Europe, the Middle East and Africa, and Latin America.
The major applications of stainless steel 400 series are building and construction, automotive and transportation, consumer goods, mechanical engineering and heavy industries, medical, and aerospace, among others.
Acerinox S.A., Baosteel Group Corporation, Fushun Special Steel Co., Ltd., Jindal Stainless Ltd., Outokumpu Oyj, POSCO, Tata Steel Ltd., Yieh Corp., Nippon Steel Corp., and ThyssenKrupp AG, among others, are the key stainless steel 400 series market players.
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