Stainless steel the metal of the 21st Century is less than a century old and has become an integral part of our everyday life.
What about the global stainless steel market? It is categorized into four major applications: heavy industry, automotive and transportation, building and construction, and consumer goods. The stainless steel industry is expected to witness growth due to requirement of materials with high corrosion resistance from the marine and shipbuilding sector.
Global stainless steel market size was valued at USD 85.45 billion a couple of years ago and expected to expand over the forecast period. Increasing R&D in stainless steel manufacturing to improve durability, corrosion resistance, and strength is expected to propel growth. Growing demand from end-use industries is also estimated to boost the market over the forecast period.
The market is now expected to witness high growth owing to a substantial increase in automobile and building and construction industries. Rising demand for automobiles in developing economies, such as India and China, is likely to be a key driver for the market.
Widespread application in heat exchangers, gas heaters, air handling units, and several other cooling, ventilation, and heating components is likely to propel market growth over the forecast period. In addition, it is an excellent material for commercial, industrial, and residential HVAC applications.
Automotive and transportation is almost accounted for 26.7% of the revenue in the global stainless steel market with key products used in automobile production. These are used in basic vehicle frames for doors, mufflers, hoods, and fuel tanks. The advantageous properties of steel, such as mechanical strength, wear resistance, and firmness, and increasing demand for automobiles is estimated to drive the industry over the forecast period.
The Italian market too is now expected to grow according with the government big investment in 4.0 industry for the 2017-2020.
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