Increasing focus towards low carbon stainless steel is projected to escalate the stainless steel market at a CAGR of 12.9%
Latest market study on “Global Stainless Steel Market to 2027 - Analysis and Forecasts By Grade (200 Series, 300 Series, 400 Series, and Others), By Product(Hot bars/ Wire Rods, Semis, Cold Bars/Wire Rods, Hot Coils, and Hot Plate and Sheet), By Applications (Automotive and Transportation, Building and Construction, Consumer Goods & Other Metal Components, Heavy Industries, and Electrical Appliances)”. The global stainless steel market is accounted to US$ 198,660.0 Mn in 2018 in 2018 and is expected to grow at a CAGR of 5.6% during the forecast period 2019 - 2027, to account to US$ 323,144.6 Mn by 2027. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
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Under the product segment, the cold bars/wire rods segment accounted for the largest share in the global stainless steel market. The cold bars/wire rods are basically the hot bars/wire rods that are further processed. The cold bars/wire rods are produced by the cold rolling method that can be processed at average room temperatures. The cold bars/wire rods are gaining increasing popularity due to its superior strength and machinability. The superior properties and higher yield point and higher tensile strength as compared to hot bars/wire rods has led to a significant rise in the global expansion of the cold bars/wire rods.
The low carbon stainless steel is adopted by several companies and is involved in the development of a new and improved form of stainless steel which is eco-friendly and sustainable. They manufacture and provide stainless steel which is low in carbon. In Austenitic and Ferritic stainless steels, the high carbon content in the composition is undesirable owing to the threat of carbide precipitation. The use of carbon may have a direct impact on the corrosion resistance property. If the carbon gets combined with the chromium, it may hamper the ability of the passive layer to form. Therefore, the companies are now moving towards low carbon grade of stainless steel to avoid any disruptions.
The market for global stainless steel is concentrated with some very well-established players. Some of the key players in the global stainless steel market include Acerinox S.A., Aperam S.A, ArcelorMittal S.A, Jindal Stainless Limited, Outokumpu OYJ, Sandmeyer steel company, Sandvik AB, Schmolz + Bickenbach Group, Thyssenkrupp AG, and Guangxi Chengdu group among others.
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