Global Stainless Steel Market 2018-2022
About Stainless Steel
Stainless steel is an iron-based alloy that contains at least 10.5% chromium by mass. Alloys like nickel, titanium, columbium, and molybdenum can be added to stainless steel during melting. Stainless steel has high resistance to corrosion, rust, and staining with water, unlike ordinary steel. Therefore, it is used in the construction, household appliances, automotive, and machinery industries.
Technavio’s analysts forecast the global stainless steel market to grow at a CAGR of 5.34% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global stainless steel market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Stainless Steel Market 2018-2022
Technavio recognizes the following companies as the key players in the global stainless steel market: Acerinox, AK Steel, Guangxi Chengde Group, Outokumpu, POSCO, and Tsinghan.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing demand for stainless steel scrap. Globally, the use of scrapped steel is increasing to reduce the carbon footprint. The recycling of steel and stainless steel scrap improves the industry’s economic viability and reduces the environmental impact by reducing the need for iron ore extraction for stainless steel production.”
According to the report, one driver in the market is upsurge in consumption of high-strength stainless steel. The application of high-strength stainless steel for architectural, industrial, and consumer applications is increasing as it offers higher fatigue strength and adds toughness to the steel products. Its high strength-to-weight ratio and superior qualities such as affordable costs will further boost the application of high-strength stainless steel across various end-user industries.
Further, the report states that one challenge in the market is volatility in raw-material prices. The volatility in raw material prices is one of the key challenges for the global stainless steel market. The manufacturing of stainless steel depends on various commodities, metals, and industrial raw materials such as iron ore, ferrochrome, scrapped steel, chromium, nickel, and others.
Acerinox, AK Steel, Guangxi Chengde Group, Outokumpu, POSCO, and Tsinghan.
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