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Global Stainless Steel Market: By Application: Metal Products, Mechanical Engineering, Construction, Motor vehicles and parts, Electrical Machinery, Other Transport; Regional Analysis; Historical Market and Forecast (2016-2026); Market Dynamics; Porter’s Five Forces Analysis; Competitive Landscape; Industry Events and Developments
Global Stainless Steel Market Outlook
The global stainless steel market reached a volume of almost 43.9 million metric tons in 2020. The industry is further expected to grow at a CAGR of 3% in the forecast period of 2021-2026 to reach a volume of nearly 52.4 million metric tons by 2026.
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The Asia Pacific is the leading market for stainless steel, with a robust growth prospect in the coming years. The market is being driven by the increase in the consumption of chemical/petrochemical products, medical products, energy, consumer goods, and heavy and automotive transport. Russia, France, and Brazil are low maturity markets, whereas China is a high maturity market. China accounts for nearly 50-55% of the global stainless steel production.
Stainless steel, called variously as inox steel or inox, is a steel alloy having chromium with tarnishing and rust resilient properties. Chromite is utilized in the manufacture of stainless steel, providing corrosive resistant properties to the steel, thus, making it ideal to be used in numerous industries. The rising demand for the product has been met by South Africa, which continues to supply the majority of chrome. China is predicted to continue playing the leading role in the stainless steel industry. The commercialization of China's integrated nickel pig iron is offering a cheaper alternative to pure nickel, resulting in the reduction of the cost of stainless steel, thus, influencing the global market towards Chinese products. Ferrochrome is the alloy of chromium and iron. It is used as a base material in the stainless steel manufacture. To increase the production of ferrochrome, China has increased its chrome ore imports to meet its rising domestic needs for stainless steel, which is aided by the growing construction industry in the region. Increment in ferrochrome production has also been achieved in the region by constructing new furnaces and switching furnaces.
Properties and Applications
Stainless steel is an alloy of carbon and iron. Chromium, which is found in iron, secretes a thin layer of oxide, known as a passive layer, which prevents the steel from corrosion
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The industry is divided on the basis of application into:
- Metal Products
- Mechanical Engineering
- Construction
- Motor Vehicles and Parts
- Electrical Machinery
- Other Transport
Metal products is the leading application sector for the product, accounting for 38% of the market share.
The report also covers the regional markets of the product like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Market Analysis
The global stainless steel market is being driven by the rise in the consumption levels of petrochemical and medical products, consumer goods, and heavy and automotive transports. In Europe, the growing construction industry is expected to boost the demand for the product in the forecast period. The rising demand for consumer products is expected to show a positive influence on the stainless steel market growth. The Asia Pacific market is being aided by the existence of a large number of manufacturers in India, China, and Japan. The presence of raw materials, like iron ore and nickel, is projected to influence the market growth positively.
In North America, the industry is supported by weak export demand and the growing construction industry. The U.S. automotive market is one of the leading application sectors in the North America stainless steel market. The automotive industry in the region is driven by the automotive exhaust systems and decorative trim manufacturing subsectors. The demand from the gas and oil and aerospace industries further drives the stainless steel market growth.
An increase in the demand for the product from downstream industries, such as the construction industry, consumer products, agriculture, and processing industries are predicted to be a major growth driver for the stainless steel industry. The market is further propelled by the shift from traditional use such as consumer goods, construction, architecture, etc. to the extensive use in sectors such as railway, auto, and transportation sectors. The growing shift from traditional to newer technologies due to cost reduction in the steel-making process and the use of more energy-efficient manufacturing processes are expected to aid the market growth. Technological advancements to improve efficiency and increase the production capacities for attaining lower cycle times in the manufacturing process is catalysing the industry growth further.
Competitive Landscape
The report gives a detailed analysis of the following key players in the global stainless steel market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- POSCO
- Outokumpu
- Acerinox S.A.
- Nippon Steel Corporation (OTCMKTS: NPSCY)
- Baosteel Group
- AK Steel Corporation
- Others
The comprehensive EMR report covers the macro and micro aspects of the industry. The report provides an in-depth assessment of the industry based on Porter's Five Forces model, along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2020 |
| Historical Period | 2016-2020 |
| Forecast Period | 2021-2026 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Application, Region |
| Breakup by Application | Metal Products, Mechanical Engineering, Construction, Motor vehicles and Parts, Electrical Machinery, Other Transport |
| Breakup by Region | North America, Latin America, Europe, Middle East and Africa, Asia Pacific |
| Market Dynamics | SWOT, Porter's Five Forces, EMR’s Key Indicators for Price and Demand |
| Trade Data Analysis | Major Importing Countries by Value and Volume, Major Exporting Countries by Value and Volume |
| Price Analysis | Historical and Forecast Price Trends-Regional |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | POSCO, Outokumpu, Acerinox S.A., Nippon Steel Corporation, Baosteel Group, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Stainless Steel Market Analysis
8.1 Key Industry Highlights
8.2 Global Stainless Steel Historical Market (2016-2020)
8.3 Global Stainless Steel Market Forecast (2021-2026)
8.4 Global Stainless Steel Market by Application
8.4.1 Metal Products
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2016-2020)
8.4.1.3 Forecast Trend (2021-2026)
8.4.2 Mechanical Engineering
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2016-2020)
8.4.2.3 Forecast Trend (2021-2026)
8.4.3 Construction
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2016-2020)
8.4.3.3 Forecast Trend (2021-2026)
8.4.4 Motor Vehicles and Parts
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2016-2020)
8.4.4.3 Forecast Trend (2021-2026)
8.4.5 Electrical Machinery
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2016-2020)
8.4.5.3 Forecast Trend (2021-2026)
8.4.6 Other Transport
8.5 Global Stainless Steel Market by Region
8.5.1 Market Share
8.5.1.1 North America
8.5.1.2 Europe
8.5.1.3 Asia Pacific
8.5.1.4 Latin America
8.5.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2016-2020)
9.1.2 Forecast Trend (2021-2026)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2016-2020)
9.2.2 Forecast Trend (2021-2026)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2016-2020)
9.3.2 Forecast Trend (2021-2026)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2016-2020)
9.4.2 Forecast Trend (2021-2026)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2016-2020)
9.5.2 Forecast Trend (2021-2026)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 EMR’s Key Indicators for Demand
10.4 EMR’s Key Indicators for Price
11 Value Chain Analysis
12 Trade Data Analysis (HS Code: 7218)
12.1 Major Exporting Countries:
12.1.1 By Value
12.1.2 By Volume
12.2 Major Importing Countries
12.2.1 By Value
12.2.2 By Volume
13 Price Analysis
13.1 North America Historical Price Trends (2016-2020) and Forecast (2021-2026)
13.2 Europe Historical Price Trends (2016-2020) and Forecast (2021-2026)
13.3 Asia Pacific Historical Price Trends (2016-2020) and Forecast (2021-2026)
13.4 Latin America Historical Price Trends (2016-2020) and Forecast (2021-2026)
13.5 Middle East and Africa Historical Price Trends (2016-2020) and Forecast (2021-2026)
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 POSCO
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Outokumpu
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Acerinox S.A.
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Nippon Steel Corporation
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Baosteel Group
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Others
15 Industry Events and Developments
List of Figures and Tables
1. Global Stainless Steel Market: Key Industry Highlights, 2016 and 2026
2. Global Stainless Steel Historical Market: Breakup by Application (Million Metric Tons), 2016-2020
3. Global Stainless Steel Market Forecast: Breakup by Application (Million Metric Tons), 2021-2026
4. Global Stainless Steel Historical Market: Breakup by Region (Million Metric Tons), 2016-2020
5. Global Stainless Steel Market Forecast: Breakup by Region (Million Metric Tons), 2021-2026
6. North America Stainless Steel Historical Market: Breakup by Country (Million Metric Tons), 2016-2020
7. North America Stainless Steel Market Forecast: Breakup by Country (Million Metric Tons), 2021-2026
8. Europe Stainless Steel Historical Market: Breakup by Country (Million Metric Tons), 2016-2020
9. Europe Stainless Steel Market Forecast: Breakup by Country (Million Metric Tons), 2021-2026
10. Asia Pacific Stainless Steel Historical Market: Breakup by Country (Million Metric Tons), 2016-2020
11. Asia Pacific Stainless Steel Market Forecast: Breakup by Country (Million Metric Tons), 2021-2026
12. Latin America Stainless Steel Historical Market: Breakup by Country (Million Metric Tons), 2016-2020
13. Latin America Stainless Steel Market Forecast: Breakup by Country (Million Metric Tons), 2021-2026
14. Middle East and Africa Stainless Steel Historical Market: Breakup by Country (Million Metric Tons), 2016-2020
15. Middle East and Africa Stainless Steel Market Forecast: Breakup by Country (Million Metric Tons), 2021-2026
16. Major Importing Countries by Volume (2020)
17. Major Exporting Countries by Volume (2020)
18. Major Importing Countries by Value Million USD (2020)
19. Major Exporting Countries by Value Million USD (2020)
20. North America Historical Price Trends and Forecast 2016-2026
21. Europe Historical Price Trends and Forecast 2016-2026
22. Asia Pacific Historical Price Trends and Forecast 2016-2026
23. Latin America Historical Price Trends and Forecast 2016-2026
24. Middle East and Africa Historical Price Trends and Forecast 2016-2026
25. Global Stainless Steel Market Structure
Analyst Review
The global stainless steel market attained a volume of around 43.9 million metric tons in 2020. It is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 3%. The market is projected to reach a volume of nearly 52.4 million metric tons by 2026.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on application, the market can be divided into metal products, mechanical engineering, construction, motor vehicles and parts, electrical machinery, and other transport, with metal products being the largest application sector of the product, accounting for 36% of the market share. North America, Latin America, Europe, the Middle East and Africa, Europe, and the Asia Pacific are the major regions in the market, with the Asia Pacific accounting for the largest market share. The major players in the above industry include POSCO, Outokumpu, Acerinox S.A., Nippon Steel Corporation, Baosteel Group, and AK Steel Corporation, among others.
The major drivers of the industry such as rising disposable incomes, increasing population, rising urbanisation, growing construction and automobile industries, and rising demand from the chemical and consumer goods industries are driving the growth of the market globally. EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with industry insights that are accurate, actionable, and help them remain ahead of their competition.
EMR’s approach gives their clients a comprehensive assessment of the prevailing and projected industry conditions through the collection, collation, and analysis of data from trusted sources. The key questions answered in the market study are:
- How has the global stainless steel market performed in the previous years (2016-2020)?
- What is the forecast assessment of the industry for 2021-2026?
- What are the major market drivers and constraints?
- What are the major price and demand indicators of the global stainless steel market?
- What are the price trends of the product in the industry globally?
- Who are the key manufacturers of the product in the global market?
- What are the import and export trends in the global stainless steel market?
- Who are the top importers and exporters of the product in the industry globally?
- What is the degree of competition in the global stainless steel market?
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