Stainless steel is an alloy that contains 10 to 30 percent of chromium. Other alloys are mixed with steel to enhance their structure and properties such as strength, formability, and cryogenic toughness. Stainless steel has high corrosion resistance, high cryogenic toughness, high ductility, and requires low maintenance.
The global stainless steel market report has been segmented on the basis of grade, product, application, and region. On the basis of grade, the global stainless steel market is segmented into 200 series, 300 series, 400 series, and duplex series. 300 series grade is estimated to hold significant revenue share in the global stainless steel market owing to its welding and forming characteristics. This grade of stainless steel is used in manufacturing equipment’s such as containers, valves, piping, and storage tanks.
On the basis of product, the global stainless steel market is segmented into long and flat. Long products are estimated to be one of major product type in the global stainless steel market. Long product type finds its application in construction, automotive, energy, and mechanical engineering.
On the basis of application, the global stainless steel market has been segmented into automobile & transportation, building & construction, heavy industries, consumer goods, and other (food production, medical applications, and cutlery & kitchenware). Automotive & transportation is expected to be major application segment in the global stainless steel market. In automobile, it is used in mufflers, doors, hoods, and fuel tanks.
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On the basis of region, the global stainless steel market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe stainless steel market is projected to register fastest growth rate in terms of revenue over the forecast period, owing to the presence of large number of automobile manufacturers in the region. Moreover, growing construction sector in Germany, France, and UK is another factor anticipated to fuel the growth of the region over the forecast period.
Key players operating in the global stainless steel market include Acerinox S.A., Aperam S.A., Bristol Metals, LLC, Jindal Stainless Limited, Nippon Steel & Sumitomo Metal Corporation, Mirach Metallurgy Co., Limited, Sandvik AB, ThyssenKrupp Stainless GmbH, Viraj Profiles Limited, and ArcelorMittal S.A.