Austenitic Stainless Steel Market Analysis, Industry Outlook, Growth and Forecast 2027
Austenitic Stainless Steel Market: Introduction
- Austenitic stainless steel consists of 16%–30% of chromium and 2%–20% of nickel, which provides high surface quality, formability, and increased resistance to corrosion and wear. It is the most popular grade of the stainless steel produced, owing to its excellent formability and corrosion resistance.
- Austenitic stainless steel is non-magnetic in nature and it is widely used in automotive trims, cookware, food and beverage equipment, processing equipment, and a variety of industrial applications
Key Drivers of Global Austenitic Stainless Steel Market
- The global automotive industry is growing, especially in well-established geographies such as the U.S., Europe, South Korea, and Japan. This growth is attributable to factors such as rise in the number of electric vehicles as a result of growing efforts to curb air pollution and government initiatives in developing countries such as India to encourage foreign direct investments (FDIs) in the local automotive industry.
- Manufacturers are focusing on making the vehicle design more robust as well as light to enhance fuel efficiency as well as safety of the vehicle. In order to achieve this and satisfy the vehicle pollution norms set by various governments, manufacturers are using austenitic stainless steel for manufacture of automotive components. Furthermore, austenitic stainless steel comes with advanced manufacturability, robustness, and metallurgical properties. This enables vehicle manufacturers to make lightweight and robust vehicles. Growing use of austenitic stainless steel in the global automotive industry is projected to have a high positive impact on the global austenitic stainless steel market in the next few years.
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Automotive End-use Industry Segment to Witness Attractive Opportunities
- The automotive segment accounted for a major share of the global austenitic stainless steel market in 2018 and it is estimated to maintain its attractiveness throughout the forecast period. In automobiles, austenitic stainless steel is used for exhaust systems.
- In the automotive industry, austenitic stainless steel is used in the manufacture of frames, load-bearing floor panels, reinforcements, sheet metal cabin components, body panels, A- & B-pillars, all-over beams, fuel tanks, wheels, suspension arms, gear shafts, and propeller shafts.
Key Players in Global Austenitic Stainless Steel Market
Various players operate in the global austenitic stainless steel market. However, there is an increasing shift in dynamics toward market consolidation. This can be ascribed to new product development by major companies operating in the U.S. and Europe markets in order to capitalize on the untapped growth potential in Asia Pacific and Africa. Key players operating in the global austenitic stainless steel market are:
- AK Steel Corporation
- Baosteel Group Corporation
- Nippon Steel & Sumikin Stainless Steel Corporation
- Hesteel Group Company Limited
- ArcelorMittal S.A.
- POSCO
- Jiangsu Shagang Group
- Anshan Iron and Steel Group Corporation
- Tata Steel Ltd
- JFE Holdings, Inc.
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