The global stainless steel market accounted to US$ 198,660.0 Mn in 2018 and is expected to grow at a CAGR of 5.6% during the forecast period 2019 - 2027, to account to US$ 323,144.6 Mn by 2027.
Stainless steel has come to the forefront of the automotive design due to an increasing demand for safety combined with performance, efficiency, lightweight, and strength. It has become the primary choice for safety in the automotive industry owing properties such as cost-effective structural designs, durability, and efficiency. Due to the lightweight feature of stainless steel, it has been considered as a primary material in the construction of fuel tanks. Therefore, the growing demand from the automotive industry is boosting the demand for stainless steel.
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Merger and acquisition, new product development and strategy and business planning were observed as the most adopted strategies in global stainless steel market. Few of the recent developments in the global stainless steel market are listed below:
2019: Sandmeyer Steel Company introduced welded stainless tubing, welded stainless steel structural shapes, and welded stainless steel pipe.
2019: Jindal Stainless Limited debuted its new dedicated plant in Maraimalai Nagar, Chennai. This plant would provide stainless steel components to integral coach factory in Chennai.
2018: Aperam S.A. announced its plans to acquire one of the major company in steel and metal, VDM Metals, based in USA.
- Acerinox S.A
- Aperam S.A.
- ArcelorMittal S.A
- Jindal Stainless Limited.
- Outokumpu OYJ
- Sandmeyer Steel Company
- Sandvik AB.
- Schmolz + Bickenbach Group
- Thyssenkrupp AG
- Guangxi Chengdu Group
The stainless steel market is bifurcated based on product into hot bars/wire rods, semis, cold bars/wire rods, cold-rolled flat, semis flat, hot coils, hot plate & sheet. The cold bars/wire rods segment accounted for the largest share in the global stainless steel market. The cold bars/wire rods are gaining increasing popularity due to its superior strength and machinability. Apart from this, the cold bars/wire rods possess high corrosion resistance, higher stress-to-rupture ratio, and high tensile strength. The cold bars/wire rods are the hot bars/wire rods that are further processed. The superior properties and higher yield point and higher tensile strength as compared to hot bars/wire rods has led to the growth of the segment in the stainless steel market.
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