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Stainless Steel Market : What are the main applications and challenges?

Author : Rahul Varpe | Published Date : 2019-03-19 

Europe driven by France, UK and Germany stainless steel market may witness high growth owing to positive application outlook in automotive industry owing to its high strength that allows for thinner containers, saving fuel costs, whereas its resistance to corrosion helps in minimizing the maintenance and cleaning costs.

Asia Pacific led by China, India and Japan stainless steel market should witness significant growth owing to rise in demand for renewable energy in this region. Stainless steel components are widely used in hydro, geothermal, solar, and wind power as they are able to withstand the rigors of highly corrosive sea water environments. Rapid industrial development and rise in government investments in infrastructure sector for the construction of highways, roads and bridges may boost the industry growth in this region.

North America led by U.S. stainless steel market may witness significant growth by increasing application scope in medical, oil & gas and heavy industries. High-grade stainless steel plays vital role in construction of valves, pipes, and storage tanks to provide resistance to corrosion over a wider range of temperatures. Growing adoption of stainless steel in oil & gas industry for off-shore oil rigs is expected to boost the overall market growth in the region.

To access the table of contents or view the Stainless Steel Market report in detail, please click the link below: www.gminsights.com/request-toc/upcoming/2390

Global Stainless-Steel Market may witness significant gains over forecast period owing to positive growth in the automotive sector & rise in public infrastructure expenditure for developing railways, roads & highways projects. It’s key properties such as resistance to corrosion, strength, and low maintenance properties making it suitable for wide range of applications including transportation, heavy industries, and metal products.

Properties such as low maintenance, ease of fabrication, and aesthetic appeal has led to rise in preference for stainless steel over ordinary steel which is likely to favor industry growth. Growing usage of stainless steel in pre-engineered buildings for roofing and building system may boost the overall product demand over the forecast timeframe. It safeguards the building system in unfavorable environmental conditions. Global demand for pre-engineered buildings was valued for USD 9 billion in 2015 and may surpass USD 15 billion by 2020, registering over 12% growth.

Strong application outlook in architecture and construction industry for sustainable building will stimulate stainless steel market size. Stainless steel in a grain or polished finish helps in bringing natural light into the building by reducing overall energy consumption. Shift in focus towards aesthetic appearance of buildings will play a vital role in industry growth.

Global stainless steel market share is competitive with major industry players include Jindal Stainless, Aperam Stainless, ArcelorMittal, Outokumpu, POSCO, ThyssenKrupp Stainless, Nippon Steel & Sumitomo Steel, JFE Holdings, and North American Stainless. Manufacturers are also focusing on merger and acquisitions with local & regional companies to open new market opportunities this will further boost the market for stainless steel.
 

 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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