Global Stainless Steel Market Size to reach $ 190.82 Bn by 2030



The North America region dominates the stainless steel market share of the global extended warranties market due to the rapid expansion of the automotive sector and technological advances are associated with the region’s high demand for this product. Important companies in profile: Acerinox SA; aperam stainless steel; ArcelorMittal; Baosteel Group; Jindal stainless steel; Nippon Steel Corporation; Outokumpu; POSCO; ThyssenKrupp Stainless GmbH; Yeh United Steel Corp.

New York, U.S., Sept. 26, 2022 (GLOBE NEWSWIRE) — The Global stainless steel market The size was estimated at US$112.23 billion in 2021 and is expected to reach US$190.82 billion by 2029, growing at a CAGR of 6.2% over the period 2021-2029. according to the latest research report published by Spherical insights & advice.

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Stainless steels are iron-based alloys containing at least about 12 percent Cr, which is required to prevent rusting in unpolluted environments (hence the name stainless). Few stainless steels contain more than 30% Cr or less than 50% iron. They achieve their rust-free properties through the formation of an invisible and firmly adhering chromium-rich oxide film. In the presence of oxygen, this oxide forms and heals on its own. Nickel, manganese, molybdenum, copper, titanium, silicon, niobium, aluminum, sulfur, and selenium are some of the other elements that have been added to improve certain properties. Carbon is typically present in concentrations ranging from less than 0.03 percent to greater than 1.0 percent in certain grades. Stainless steels can be formed and manufactured in conventional ways, with certain limitations on certain types. They are available in cast, powder metallurgy (P/M) and forged designs. Plate, sheet, strip, foil, rod, wire, semi-finished products (blanks, billets and slabs) and tube and tube are among the available forms of forged products.

Browse key industry insights across 215 pages of 119 market data tables, numbers and charts from the reportGlobal stainless steel market Size, Share and Trends, COVID-19 Impact Analysis Report, by type (austenitic stainless steel, ferritic stainless steel, duplex stainless steel, martensitic stainless steel, precipitation hardening stainless steel and others), by product (flat, long and other), by application (metal product, electrical engineering , Automotive Parts and Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021-2030‘ in detail together with a table of contents

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The demand for stainless steel is increasing by 5% annually. In 2019, global production exceeded 52 million tons. Stainless steel is currently used in a variety of industries. In addition to traditional and maritime designs, household appliances are becoming increasingly popular. While stainless steel is more expensive than mild steel, its superior properties result in longer service life and lower cycle costs. As a result, the higher acquisition costs pay off in the long term. The high chromium content is its distinguishing feature. Stainless steel contains at least 10.5 percent chromium, which improves corrosion resistance and strength. When exposed to air, the chromium in the alloy forms a passive layer. This layer serves as a barrier to further corrosion and effectively renders the alloy rustproof. This mechanism allows a flawless appearance to be maintained for long periods of time under normal working conditions.

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Stainless steel is used in crockery, cutlery and accessories. Knife blades with sharp edges are made from less ductile steels. Tougher grades of steel are used for items that need to be shaped, such as E.g. cookers, grills, sinks and pots. Stainless steel is also used to coat refrigerators, freezers, countertops and dishwashers. Because it doesn’t affect the taste of the food, stainless steel is ideal for food production and storage. Because some foods, such as orange juice, are acidic, the corrosion resistance of stainless steel is critical. In addition, stainless steel is easy to clean, which helps to avoid unwanted germs. Stainless steel is also important in the manufacture of ice cream as it allows for powerful antibacterial cleaning products.

India is the world’s fifth largest consumer of stainless steel flat products. Domestic consumption of stainless steel flat products in India is approximately 1.5 million tons, with a reasonable growth rate of approximately 10% in recent years. There is still huge potential for stainless steel products, as the current per capita consumption is only 1.2kg per person, compared with China’s consumption of 5kg per person, and is heading for rapid growth, like the rise of the Pro -Capita consumption of stainless steel in China, as measured by per capita income, has increased over the past decade. In fact, the per capita consumption of developed countries is around 15-20 kg. The growth of the Indian economy is expected to increase the demand for stainless steel products due to new applications for stainless steel, increasing per capita income in India and increased infrastructure investments.

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Stainless steel has been used with great success in a wide variety of industries for over 70 years. More uses are being discovered with each passing year as its benefits are widely recognized. As demand has increased, so has production, making them more affordable than ever. Increased demand leads to increased availability in both standard and custom sizes. In addition, there are various stainless steel surfaces to choose from. In addition to polished surfaces, patterned and colored surfaces are available. In this way, a suitable option can be found as required. Stainless steel is also fully recyclable. In fact, scrap metal accounts for half of all stainless steel production. This makes it a relatively environmentally friendly material.

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The North America region dominates the market share of the global extended warranties market due to the rapid expansion of the automotive sector and advances in technology coupled with the region’s high demand for the product. Automotive exhaust systems typically contain between 45 and 50 percent steel.

The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period as the market expansion in Asia-Pacific has been driven by the region’s rapid infrastructural development and rising technological innovation in the steel field. China is the country with the largest market share and fastest economic growth in this region.

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