Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Stainless Steel Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
The Global Stainless Steel Market is expected to grow at a CAGR of around 5.5% from 2020 to 2027 and reach the market value of over US$ 174.6 Bn by 2027.
Stainless steel refers to the group of about 200 alloys of steel with remarkable heat and corrosion resistance properties. Commonly, the carbon percentage range from 0.03% to 1.2%; its distinguishing characteristic is the high amount of chromium. Stainless steel contains a minimum of 10.5% of chromium that improves its corrosion resistance and strength.
The global stainless steel market is segmented on the basis of types, applications, and geography. Based on type, the market is bifurcated across austenitic, ferritic or 400 series, duplex, and martensitic. Additionally, stainless steel has application across consumer goods (kitchen sinks, cutlery, cookware, electronics, and others), surgical tools and medical equipment (hemostats, surgical implants, temporary crowns (dentistry), others), architecture (bridges, monuments, and sculptures, airport roofs), automotive and aerospace applications (auto bodies, rail cars, aircraft, others), industrial, and others.
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On the basis of type, the austenitic segment accounted for the maximum revenue share (%) in the global stainless steel market. The wide range of applications associated with the austenitic including boiler market, aeronautics, electronic components, railway equipment, tubes, chemical tanks and food vats, marine applications, and containers among others. There are two different grades of austenitic available in the market including 300 series and 200 series (austenitic with manganese). The 300 series composition includes 0.015 to 0.10% carbon, 16 to 21% chromium, 6 to 26% nickel, 0 to 7% molybdenum. The nickel presence improves corrosion resistance and makes stainless steel more ductile. The molybdenum presence further enhances the resistance to corrosion in an acid medium.
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Asia Pacific accounted for the maximum revenue share in the global stainless steel market and the region is also projected to maintain its dominance throughout the forecast period from 2020 to 2027. The increasing product usage in the automotive industry owing to its wide range of applications in car exhaust systems, fuel tanks, hoods, mufflers, and vehicle frames for doors is contributing to the regional market value. The increasing production of stainless steel in China is the major factor bolstering its usage in the regional market. Additionally, the segment is also projected to maintain its dominance throughout the forecast period from 2020 to 2027.
Some of the leading competitors are Acerinox S.A., AK Steel Corporation, Aperam S.A., ArcelorMittal, Baosteel Group, JFE Holdings, Jindal Stainless, Nippon Steel & Sumitomo Metal Corporation, North American Stainless, Outokumpu Oyj, POSCO, ThyssenKrupp Stainless GmbH, and Yieh United Steel Corp. among others. The major players are continuously involved in strategic mergers and acquisitions and partnerships & collaborations in order to expand their share in the global market.
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Some of the key observations regarding the stainless steel industry include:
- In May 2021, in Europe the price of stainless steel flat products surged due to China’s cancellation of an export tax rebate. EU is also set to impose import duties on Indian, Indonesian stainless steel.
- In 2021, Tata Steel Mining Limited (TSML) had acquired three chromite mines including Sukinda Chromite Mine, Saruabil Chromite Mine, and Kamarda Chromite Mine in the 2020 mineral auctions. TSML is planning to double its ferrochrome manufacturing capacity in India with due to growing demand for stainless steel in the country. The company aims to raise ferrochrome capacity from 450,000 tonnes per annum to 900,000 tonnes per annum in the near future. Tata Steel Mining Limited, formerly known as TS Alloys Limited and a 100% subsidiary of Tata Steel Limited.
- In 2021, the Indian Institute of Technology (IIT), Ropar develops an eco-friendly cremation cart in order to deal with the covid-19 pandemic, it is fitted with stainless steel insulation to ensure no heat loss and less wood consumption. The cart has been developed in collaboration with a company named Cheema Boilers Limited.
- Linklaters has advised Luxembourg-based Aperam SA on the takeover of ELG, a global leader in collecting, trading, processing, and recycling stainless-steel scrap and high-performance materials. Aperam SA is a listed manufacturer of stainless steel, electrical and special steel with worldwide production facilities.
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