According to the latest market research study released by Technavio, the global stainless steel market is expected to grow at a CAGR of more than 5% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global stainless steel market based on end-user:
Global stainless steel market share by end-users (2015)
|
Metal Products |
39.99% |
|
Mechanical Engineering |
23.52% |
|
Automotive and Transportation |
15.49% |
|
Infrastructure and Construction |
13.02% |
|
Electrical Engineering |
7.98% |
Source: Technavio
The top three revenue contributing product segments are discussed below:
Global stainless steel market for metal products
The global stainless steel market by metal products produced over 14 million metric tons in 2015 and will post a CAGR of around 6% by 2020. The extensive use of metal products in various areas that include kitchen, living room, bathroom, office, and garden will drive the growth of this market segment. In the office and living rooms, it is used for making bookcases, wedge chair, cabinet, office desk, and showcase.
“In the kitchen and bathroom, stainless steel products are used for manufacturing water tank, vacuum flask, river sink, utensils that include pans, pots, spoons, plates, taps, and cooking stove. The extensive use of stainless steel in areas that have extensive water usage to resist corrosion will boost the demand for these products during the forecast period,” says Chandrakumar Badala Jaganathan, a lead analyst at Technavio for research on metals and minerals.
Global stainless steel market for mechanical engineering
The global stainless steel market for mechanical engineering produced around 8 million metric tons in 2015 and will post a CAGR of about 5% by 2020. The application of stainless steel in mining, power generation, chemical and petrochemical, and oil and gas sectors will help in the development of this market segment. This product is used in the chemical and petrochemical sector for manufacturing pressure vessels, crackling furnaces, chemical tankers, process pipes, and heat exchangers. Stainless steel is also used in power plants, and biogas production and in biogas production equipment as it can withstand the corrosive materials used for the production of biogas. This metal finds application in the power plants for photovoltaic panel supports, pressure chamber, solar hot water boiler, solar led street lighting, tube generator end ring, integrated solar collector, and steam turbine blades.
Global stainless steel market for automobile and transportation
The global stainless steel market for automobile and transportation produce more than 5 million metric tons in 2015 and will post a CAGR of almost 5% by 2020. The extensive use of stainless steel for the production of the motor shaft, silencer wool, exhaust systems, electric vehicle charging station, and fuel union component in the automotive industry will fuel the growth of this market segment. These products solve corrosion-related problems and protect exhaust silencers and catalytic converters from contamination. These products are used in all modes of transportations including automotive, aerospace, shipbuilding, and railways to protect it from hot exhaust gasses and outer surface from salt, water, and road dust.
The top leading vendors operating in the global stainless steel market are:
- Acerinox
- AK Steel
- Aperam
- Outokumpu
- POSCO
Other prominent vendors in the market include Guangxi Chengde Group, JFE Steel, Nippon Steel and Sumitomo Metal, Shanghai Baosteel Group (Baosteel), TATA Steel Europe, and Tsinghan Holding Group.
A more detailed analysis is available in the Technavio report titled, ‘Global Stainless Steel Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Steel Sections Market 2016-2020
- Global Galvanized Steel Market 2016-2020
- Global Steel Long Products Market 2016-2020
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