The global stainless steel market is set to gain traction due to its increased usage in different applications, especially in the automotive industry. Stainless steel is an alloy of Iron with a minimum of 10.5% Chromium. Chromium provides a thin layer of oxide on the surface of steel to prevent corrosion. Stainless Steel is also mixed with varying amounts of Carbon, Silicon, Manganese, Nickel, and Molybdenum to impart other required properties such as improved formability and enhanced corrosion resistance. The different types of stainless steel include Ferritic, Austenitic, Martensitic, Duplex, and Precipitation hardening. The different grades and surface finishes of stainless steel are chosen based on the environment and application. Stainless steel is used in a variety of industries such as oil and gas, food and beverage, healthcare, transportation, architecture and engineering, pharmaceutical, and chemical among others. In the architecture industry, stainless steel is used for door and window fittings, lighting columns, cladding, furniture, structural sections, and handrails among others. The healthcare sector uses stainless steel for MRI scanners, surgical instruments, and surgical implants.
The growing demand of stainless steel in architecture and civil engineering, and high strength and toughness offered are expected to drive the market. The high strength-to-weight ratio and affordable cost of stainless steel increases its adoption in various applications. Stainless Steel is also used in healthcare, domestic appliances, and pharmaceutical industries which augments the market growth. The rising demand of stainless steel in construction industry and global growth in the automotive sector accelerates its adoption. Stainless steel is increasingly being used in the manufacturing sector, which has further increased its demand in the market. Expansion of established companies into emerging economies would provide numerous growth opportunities in the market.
However, stiff competition from carbon fiber in the automotive industry hampers the global market.
The global Stainless Steel market is segmented on the basis of product, type, end-user, and geography.
Geographically, the global Stainless Steel market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
On the basis of geography, Asia-Pacific is expected to dominate the global market over forecast period. The significant growth in the construction and architecture sectors is expected to drive the growth of stainless steel in this region. The growing use of stainless steel in automotive and the established manufacturing sector accelerates the adoption of stainless steel. The increasing demand for stainless steel from countries such as China, Japan, and India would provide growth opportunities during the forecast period. The presence of large number of automotive manufacturers and appliance manufacturers also augments the growth of stainless steel in the region.