Report from Future Market Insights
In terms of market value, the global precision stainless steel market is projected to expand at a CAGR of over 4% during the forecast period, owing to various factors, regarding which, study offers thorough insights and forecasts in this report. The global precision stainless steel market has been segmented on the basis of thickness and end-use industry. The global precision stainless steel market is expected to expand 1.5x in terms of market volume by the end of 2029.
Precision stainless steel (below 0.4 mm) in the form of sheet or foil, is mostly used by food and beverage, automotive, pharmaceutical, aerospace, building and construction, and other industries (oil and gas, R&D, power, electronics, railway and transport, and others). In the report, precision stainless steel below 0.4 mm thickness is taken under consideration, where stainless steel foil (below 0.1 mm thickness), and precision stainless steel (0.1 mm to 0.4 mm) are categorized for in-depth analysis. Adoption of stainless steel foil is anticipated to increase in medical, aerospace, defence, petrochemical, laboratory, nuclear, and marine industries.
Manufacturers Entry Uplifting Market in China and ASEAN Region
In the global precision stainless steel market, East Asia is estimated to hold nearly half of the market share in terms of volume, owing to the rapid growth of the manufacturing and infrastructure sectors in emerging economies such as China and South Korea. In terms of production and consumption of precision stainless steel, China is attributed to be the leading country across the globe. In the East Asia precision stainless steel market, China is anticipated to be a highly attractive market in terms of market share and growth rate during the forecast period.
In the South Asia precision stainless steel market, India is attributed to provide lucrative market growth opportunities due to the increased concentration of manufacturing and transportation segments. The entry of manufacturing giants in the ASEAN region is expected to deliver an impressive boost to the growth of the precision stainless steel market. In the ASEAN region, Indonesia is estimated to be the most significant market for precision stainless steel, while Malaysia is projected to expand at a high growth rate during the forecast period.
Europe’s Market Share Gradually Declining
The Europe precision stainless steel market is expected to witness slow growth owing to the maturity in demand from the manufacturing industry. By the end of 2029, the European precision stainless steel market is expected to lose market share to South Asia, as many manufacturing facilities are shifting to emerging economies in Asia. Germany is estimated to be the leading country in the European precision stainless steel market as it is the largest vehicle manufacturer in Europe. Energy and processing industries are actively driving the growth of the Russian precision stainless steel market during the forecast period.
Large infrastructure projects from GCC Countries promise exciting opportunities for the precision stainless steel market. The market is expected to witness impressive demand from Middle East and Africa, due to the increasing manufacturing and export of precision components for automotive from Turkey. In Latin America precision stainless steel market, Brazil is expected to be a prominent country in terms of production, consumption, and export of precision steel products. Construction and infrastructure sectors are key contributors to the overall growth of the Latin American precision stainless steel market. The Oceania precision stainless steel market includes Australia and New Zealand, and accounts for less than 1% of the global precision stainless steel market share.
Key market players that have been profiled in the report on the precision stainless steel market include Nippon Steel Corporation, Jindal Stainless Group, ArcelorMittal SA, Aperam, Outokumpu Oyj, Kobe Steel Ltd., Acerinox, AK Steel Corporation, Ulbrich Stainless Steels & Special Metals Inc., and Baoshan Iron & Steel Co. Ltd. Several unorganized and regional market players are expected to contribute to the development of the precision stainless steel market.
Related Glossary Terms
- stainless steels
Stainless steels possess high strength, heat resistance, excellent workability and erosion resistance. Four general classes have been developed to cover a range of mechanical and physical properties for particular applications. The four classes are: the austenitic types of the chromium-nickel-manganese 200 series and the chromium-nickel 300 series; the martensitic types of the chromium, hardenable 400 series; the chromium, nonhardenable 400-series ferritic types; and the precipitation-hardening type of chromium-nickel alloys with additional elements that are hardenable by solution treating and aging.