ID: MRFR/CnM/6690-HCR | February 2021 | Region: Global | 140 pages
Global stainless steel market is expected to register a significant CAGR of over 5% to reach to around USD 150 Billion by end of 2027.
Flat-rolled stainless steel is produced through melting and rolling, wherein the rolling process can be further categorized into two types, i.e., hot and cold. Flat-rolled stainless steel can be produced in various forms such as hot and cold sheets, coils, strips, and plates. Flat-rolled stainless steel products are preferred over other flat-rolled products due to their superior properties, including corrosion resistance, high ductility, attractive appearance, and low maintenance. Flat-rolled stainless steel is being used in various applications including water heaters, boilers, automobile parts, medical equipment, building, food processing equipment, marine components, kitchen essentials, compressor valves, and chemicals processing equipment, among others.
Hot flat-rolled stainless steel is preferred for large structural components and other applications where precise shape and tolerance are of less importance, whereas cold-rolled flat stainless steel is preferred for products requiring precise shape, durability, and good visual appeal.
The global demand for flat-rolled stainless steel market is driven by widespread use in automobile parts, kitchen essentials, and heavy machinery. The expanding construction industry with increased spending on residential and commercial construction activities is expected to drive the growth of the global flat-rolled stainless steel market. It finds use in various construction applications such as handrails, external banisters, roofing, siding, and bridges.
The expanding automotive industry with increased production of automobiles in the developing countries is expected to drive the demand for flat stainless steel. The product is being used in the manufacturing of windshields, muffler, frames, wheels, and molded products. Additionally, the increasing industrial base in the developing countries is likely to result in an increase in the use of processing equipment, which is likely to fuel the demand for flat-rolled stainless steel.
However, the growing preference for plastic composites, magnesium, and aluminum in automobiles to reduce the weight of the vehicles is expected to hamper the growth of the global flat-rolled stainless steel market.
Some of the key players operating in the global flat-rolled stainless steel market are ATI (US), Danieli (Italy), Alliance Steel (US), Shah Alloys (India), Yieh Corp (China), Acerinox S.A. (Spain), North American Stainless (US), Metals USA (US), Con-Tech International USA (US), Metalwest (US), Outokumpu (Finland), and Marfin (Italy).
Global Flat-Rolled Stainless Steel Market Share, by Product Type, 2019 (%)
Source: MRFR Analysis
The Asia-Pacific market accounted for the largest share of the global flat-rolled stainless steel market and is expected to register a healthy CAGR during the review period. The growth is attributed to the increased spending on residential and commercial construction activities in the region. Additionally, the increasing demand for flat-rolled stainless steel in the capital and consumer goods is likely to propel the growth of the regional market.
The market in North America is expected to witness substantial growth during the review period on account of the growth of the construction industry due increased spending on renovation of residential and non-residential buildings.
The European market is also expected to witness healthy growth on account of expanding construction industry in Northern and Western Europe with increased spending on construction, renovation, and maintenance activities to meet the growing requirement for modern architecture and smart buildings. Additionally, large presence of established medical equipment manufacturers in the region is likely to drive the regional market growth.
The Latin American and the Middle East & African markets are expected to grow at a significant rate during the review period on account of the growth of the major end-use industries including automotive, medical, and construction.
The global flat-rolled stainless steel market has been segmented by product type, application, and region.
On the basis of product type, the global market has been divided into hot/cold-rolled coils, hot/cold-rolled strips, hot/cold-rolled sheets, plates, and others.
Based on application, the global market has been classified into construction, automotive, capital & consumer goods, marine, medical, and others.
The global market, by region, has been categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
|Market Size||USD 150 Billion|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Product Type, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ATI (US), Danieli (Italy), Alliance Steel (US), Shah Alloys (India), Yieh Corp (China), Acerinox S.A. (Spain), North American Stainless (US), Metals USA (US), Con-Tech International USA (US), Metalwest (US), Outokumpu (Finland), and Marfin (Italy).|
|Key Market Opportunities||Increasing industrial base in the developing countries is likely to result in an increase in the use of processing equipment|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The flat-rolled stainless steel market valuation would be USD 150 billion.
Major factors are widespread use in kitchen essentials, automobile parts, and heavy machinery.
The largest major flat-rolled stainless steel market is the Asia Pacific region.
The applications are medical, automotive, construction, marine, capital & consumer goods, and others.
The product types included are hot/cold-rolled sheets, plates, hot/cold-rolled strips, hot/cold-rolled coils, and others.