DUBLIN, January 19, 2022--(BUSINESS WIRE)--The "Global Stainless Steel Market Report and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global stainless steel market attained a volume of almost 49,493 KMT in 2021. Aided by growing construction activities, the market is projected to further grow at a CAGR of 2.8% between 2022 and 2027 to reach a volume of nearly 58,497.2 KMT by 2027.
Stainless steel, also known as inox steel or inox, is an alloy of carbon and iron having rust-resistant and tarnish proof properties provided by chromium, which is found in iron. Stainless steel is commonly found in day-to-day objects such as needles, cutlery, and watches, among others as well as in heavy-duty products like machinery, motor vehicles, and construction equipment, among others.
It has favourable properties like durability, eco-friendly, and temperature resistance. Stainless steel products are low maintenance and easy to clean, which makes the alloy economically viable, owing to which it is used in a wide range of applications, hence fuelling the industry growth.
The global market for stainless steel is being driven by the robust applicability of the alloy in varied end-use industries supported by its favourable physical properties. Owing to inflating per capita incomes, urbanisation, and industrialisation, the growth in residential, public, and commercial construction and reconstruction projects are expected to accelerate the market growth of stainless steel in the following years.
In addition to this, the market growth is expected to be led by the surging focus on aesthetics, which is increasing the demand for exquisite cutlery made up of stainless steel. and bolstering the market growth of stainless steel in consumer goods applications.
Apart from this, the Asia Pacific region is expected to hold a significant share in the global market for stainless steel. This can be attributed to the commercialisation of China's integrated nickel pig which offers a cheaper alternative to pure nickel, thereby reducing the overall price of stainless steel production. Hence, these are some of the factors positively influencing the growth of the market.
Market Segmentation by Application
Motor Vehicles and Parts
Market Breakup by Region
Middle East and Africa
Nippon Steel Corporation
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220119005573/en/
Laura Wood, Senior Press Manager
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