Global Stainless Steel Market Size to Reach $190.82 Billion by 2030
The North America region dominates the market share of stainless steel in the global warranty extension market due to the rapid expansion of the automotive sector and the technological advancements are linked to the region’s high demand for the product. Key companies featured: Acerinox SA; Aperam stainless steel; Arcelor Mittal; Baosteel Group; Jindal stainless steel; Nippon Steel Corporation; Outokumpu; POSCO; ThyssenKrupp Stainless GmbH; Yieh United Steel Corp.
New York, U.S., Sept. 26, 2022 (GLOBE NEWSWIRE) — The Global stainless steel market The size was valued at USD 112.23 billion in 2021 and is projected to reach USD 190.82 billion by 2029, growing at a CAGR of 6.2% during the period 2021-2029. according to the latest research report published by Spherical knowledge and advice.
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Stainless steels are iron-based alloys that contain a minimum of about 12% Cr, which is necessary to prevent rust formation in unpolluted environments (hence the designation stainless). Few stainless steels contain more than 30% Cr or less than 50% iron. They obtain their stainless properties by forming an invisible and adherent chromium-rich oxide film. In the presence of oxygen, this oxide forms and heals. Nickel, manganese, molybdenum, copper, titanium, silicon, niobium, aluminum, sulfur and selenium are some of the other elements that have been added to improve specific properties. Carbon is generally present in concentrations ranging from less than 0.03% to more than 1.0% in some grades. Stainless steels can be shaped and manufactured conventionally, with certain restrictions in certain types. They come in cast iron, powder metallurgy (P/M), and forged varieties. Plates, sheets, strips, foils, bars, wires, semi-finished products (blooms, billets and slabs) and pipes and tubes are some of the wrought product forms available.
Browse key industry information spread over 215 pages with 119 market data tables and report figures and graphs”Global stainless steel market Size, Share and Trends, COVID-19 Impact Analysis Report, by Type (Austenitic Stainless Steel, Ferritic Stainless Steel, Duplex Stainless Steel, Martensitic Stainless Steel, Precipitation Hardening Stainless Steel and Others), by Product (Flat , long and others), By Application (Metal Product, Electrical Machinery Building, Auto Parts and Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030» in detail with the table of contents
The demand for stainless steel is increasing at the rate of 5% per year. In 2019, its global production exceeded 52 million tons. Stainless steel is currently used in a wide range of industries. In addition to traditional and marine construction, household appliances are becoming increasingly popular. Although stainless steel is more expensive than mild steel, its superior properties translate to longer life and lower cycle cost. Therefore, the higher initial costs pay off in the long run. The large amount of chrome is its distinguishing feature. Stainless steel contains at least 10.5% chromium which improves corrosion resistance and strength. When exposed to air, the chromium in the alloy forms a passive layer. This layer serves as a barrier against further corrosion, effectively rendering the alloy rust-proof. This mechanism helps maintain a pristine appearance for long periods of time under normal working conditions.
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Stainless steel is used in kitchen utensils, cutlery and accessories. Sharp-edged knife blades are made from less ductile grades of steel. The more ductile steel grades are used for items that need to be molded into shape, such as stoves, grills, sinks and pans. Stainless steel is also used to line refrigerators, freezers, counter tops and dishwashers. Because it does not alter the flavors of foods, stainless steel is ideal for food production and storage. Because some foods, such as orange juice, are acidic, the corrosion resistance of stainless steel is critical. Plus, stainless steel cleans easily, helping to prevent unwanted germs. Stainless steel is also important in the production of ice cream because it allows the use of powerful antibacterial cleaning products.
India is the world’s fifth largest consumer of stainless steel flat products. The domestic consumption of flat stainless steel products in India is about 1.5 million tons, with a reasonable growth rate of about 10% in recent years. There is still huge potential for stainless steel products, as the current per capita consumption is only 1.2 kg per person, compared to China’s consumption of 5 kg per person, and it is heading for rapid growth, as evidenced by the increase in per capita consumption of stainless steel in China as per capita income has increased over the past decade. In fact, the per capita consumption in developed countries is around 15-20 kg. The growth of the Indian economy is expected to increase the demand for stainless steel products, owing to new applications of stainless steel, rising per capita income in India, and increased investment in infrastructure.
For over 70 years, stainless steel has been used with great success in a variety of industries. With each passing year, more applications are discovered as its benefits become more widely recognized. Demand has increased and so has production, making it more affordable than ever. Increased demand leads to increased availability in both standard and non-standard sizes. Additionally, a variety of stainless steel finishes are available for selection. In addition to polished finishes, patterned and colored surfaces are available. This helps to find an option that suits the needs. Stainless steel is also fully recyclable. In fact, scrap represents half of all stainless steel production. As a result, it is a relatively environmentally friendly material.
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The North America region dominates the market share of the global extended warranty market owing to the rapid expansion of the automotive sector and technological advancements are linked to the region’s high demand for the product. Automotive exhaust systems typically contain 45-50% steel.
The Asia-Pacific region is expected to grow at the highest CAGR over the forecast period, as the expansion of the Asia-Pacific market has been boosted by the region’s rapid infrastructure development and increasing technological innovation in the region. ‘steel. China is the country with the largest market share and fastest economic growth in this region.
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