admin According to a report, in 2018, the global stainless steel market is accounted for US$ 198,660 Mn. It is expected to grow at a CAGR of 5.6% during the forecast period 2019-2027, to account for US$ 323,144.6 Mn by 2027.
The growth of the stainless steel market is because of increased adoption of natural products over synthetic products. Stainless steel has been majorly used in the construction industry for its both practical and aesthetic reason. Mostly on the construction sites, stainless steel has to use to retain the original appearance due to its higher durability properties. It is ideally suited in the construction and architectural applications due to its characteristic features like high tensile strength, corrosion resistance, durability, and creative appearance.
France, followed by the rest of European nations dominates the Europe stainless steel market. The steel industry has gained an important place in the European economy, promotional growth, innovation, and employment. Growing automobile production and construction activities in the region have contributed towards the growth of the stainless steel market in this region. Also, emerging economies in this region are contributing to the overall growth of the stainless steel industry and provide remarkable growth opportunity to the industry players in this market.
Downstream industries like agriculture, processing industry, consumer products, construction industry, is expected to be another primary driver of the stainless steel industry. Increased focus on reducing the total ownership cost of the stainless steel-making process and attain lower cycle times has led to the adoption of newer technologies, further driving the growth of the market. Lower Profit Margins pose a challenge to the market as suppliers are susceptible to commodity price fluctuations, against which they cannot hedge, due to the relatively smaller period of contracts. Steel, its raw materials and its products have high logistics costs, lowering profit margins further.
Globally, the growth is shifting from traditional consumers of stainless steel (consumer goods, architecture, construction, etc.) to extensive use of stainless steel by auto, railway, transportation, building, and construction sector. Stainless steel market, which was dominated by cookware & durables, at present, constitute only 50% consumption with the addition of process industry, automobile, railways, and transportation joining the league.
Some of the players present in the global stainless steel market are Acerinox S.A., Aperam S.A, ArcelorMittal S.A, Jindal Stainless Limited, Outokumpu OYJ, Sandmeyer steel company, Sandvik AB, Schmolz Bickenbach Group, Thyssenkrupp AG, and Guangxi Chengdu group among others.
Magazine 
