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BANGALORE, India , Nov. 30, 2021 /PRNewswire/ -- The Global Stainless Steel Market is Segmented by Type (Ferritic Stainless Steel, Austenitic Stainless Steel, Martensitic Stainless Steel PH Stainless
Steel, Duplex Stainless Steel), by Application (Architecture Industry, Petrifaction Industry, Food Industry, Mechanical Industry, Electricity Industry). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Metals and Mining Industry.
In 2020, the global Stainless Steel market size was USD 124850 Million and it is expected to reach USD 171050 Million by the end of 2027, with a CAGR of 4.6% during 2021-2027.
Major factors driving the growth of the stainless steel market are:
Stainless steel is corrosion-resistant, has high toughness and ductility, and requires little maintenance, therefore market expansion is expected to be driven by increased construction activity around the world, as well as rising demand for consumer goods. The qualities of stainless steel have resulted in the growing use of the material in consumer products such as cookware, showpieces, and stoves, which is expected to drive demand in the coming years.
Increasing vehicle production, particularly in the Asia Pacific , the Middle East , and South America , is a major driving force for the stainless steel market. Growing population and disposable income, as well as easy access to financing and a growing need among individuals to possess a vehicle, are driving automobile production in Asia Pacific's emerging nations. As a result, market growth is expected to accelerate in the approaching years.
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TRENDS INFLUENCING THE GROWTH OF STAINLESS STEEL MARKET
The growing demand for stainless steel is being fueled by increased construction activity around the world to upgrade and strengthen infrastructure. Properties such as high tensile strength, low maintenance costs, toughness and ductility, aesthetic appearance, and many others contribute to driving stainless steel demand and application among a variety of end-users. As a result, the stainless steel market is predicted to rise.
The market is predicted to increase due to a rising movement from traditional to modern technologies due to cost reductions in the steel-making process and the usage of more energy-efficient production techniques. Technological developments to improve efficiency and expand production capacity in order to achieve shorter cycle times in the manufacturing process are accelerating industry growth.
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STAINLESS STEEL MARKET SHARE ANALYSIS
During the projection period 2021-2027, the duplex steel segment is expected to be the most lucrative, owing to its lightweight, high strength, and resistance to stress corrosion cracking. These characteristics have made duplex series stainless steel a popular choice for chemical processing, storage tank construction, and chemical transport containers. It will continue to be an excellent substitute for carbon steel, with its low cost positioned to boost stainless steel market growth.
Based on application, the Architecture segment is expected to be the most lucrative. ]Stainless steel is used to improve the strength, durability, and appearance of a product. Wall starters, masonry supports, lintels, and wind posts are among the buildings for which the material is required. Stainless steel is driving the "green metal" trend, and its use in construction and capital goods is expected to skyrocket.
Based on region, Asia-pacific is expected to be the most lucrative. The commercial dynamics in Asia-Pacific are being complemented by rising energy demand, growing industrialization, and rising car manufacturing.
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