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Rising demand to lift global stainless steel market to $127 billion by 2024
Sep 2,2016 10:12CST
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According to a new research published by OrbisResearch.com, the worldwide stainless steel market is expected to touch $127.19 billion by 2024.

By Paul Ploumis (ScrapMonster Author)

September 01, 2016 01:21:54 PM

ALBANY (Scrap Monster): According to a new research published by OrbisResearch.com, the worldwide stainless steel market is expected to touch $127.19 billion by 2024. The report states that stainless steel will find increased use in a wide range of applications in various industries including building & construction, transportation, industrial machinery, household appliances, metal goods, and electronics.

The report titled “Stainless Steel Market Analysis By Grade (200 Series, 300 Series, 400 Series, Duplex), By Product (Long, Flat), By Application (Building and Construction, Heavy Industries, Automotive, And Consumer Goods) And Segment Forecasts To 2024” analyzes the key market segments that contribute to the growth of stainless steel demand. It also features several key market-leading companies. It further segments the markets on various geographies.

According to the report, applications of stainless steel are likely to witness tremendous growth in construction, infrastructure, automotive and petrochemical industry. The infrastructure sector growth will be mainly driven by rapid urbanization and rising standards of living. The investment in construction and infrastructure is expected to improve in the coming years. The two sectors together had accounted for 8% demand growth in long products during the past few years, the report noted.

The report finds tremendous growth to stainless steel demand from petrochemical and associated industries. Growing energy requirement across the globe is likely to result in ramped up oil exploration and production activities, which in turn could drive the demand for stainless steel. Incidentally, stainless steel is used in the manufacture of pressure valves, heat exchangers, cracking furnaces, tanks, chemical tankers, and process pipes. Exploration industry too uses stainless steel in the construction of sub-sea systems, offshore platforms and LNG tankers.

The stainless steel usage by automotive industry is expected to report fastest CAGR growth from 2016 to 2024. The government regulations in the US to reduce vehicle weight in order to curtail carbon dioxide emissions will further boost the demand for stainless steel, mainly due to its lightweight feature. Incidentally, stainless steel is widely used by the industry in the manufacture of car doors, bus bodies, exhaust systems, motor shafts, silencer wool, and timber truck & trailer.

Among regions, North America is expected to report robust growth to stainless steel demand. The US will continue to remain as the key market, accounting for major chunk of the North American stainless steel demand.

The leading market players in the global stainless steel industry in 2015 were POSCO, Acerinox, Baosteel, Aperam, and Outokumpu. The report also features other key companies such as Bristol metals, Jindal Steel, Nippon Steel & Sumitomo Metal, RTI Industries, Sandmeyer Steel, Sandvik Materials, Schmolz+Bickenbach AG, ThyssenKrupp, and Viraj.

The most recent statistics published by the International Stainless Steel Forum (ISSF) suggests that global stainless steel production increased marginally by 0.40% during the first three months of 2016, in comparison with the corresponding quarterly period in 2015. The total stainless steel output during the first three months of 2016 amounted to 10.260 million metric tons, marginally higher by 0.4% when compared with the output of 10.220 million mt in Q1 2015. When compared with the production during the quarter before, the stainless steel output during Q1 2016 has grown by almost 1.1%. The global stainless steel output during Q4 2015 had totaled 10.152 million mt.

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