74% of Growth to Originate from APAC for Stainless Steel Market| Upsurge in Consumption of High-strength Stainless Steel to Boost Growth | 17000+ Technavio Reports

74% of the market's growth will originate from APAC during the forecast period. China, India, South Korea (Republic of Korea), and Japan are the key markets for stainless steel in APAC. Market growth in APAC will be faster than the growth of the market in other regions. APAC is home to some of the largest stainless steel producing countries in the world, such as China, Japan, South Korea, and India

The potential growth difference for the stainless steel market between 2020 and 2025 is 15836.08 thousand MT. To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.

Key Market Dynamics:

• Market Driver - The key factor driving growth in the stainless steel market is the upsurge in the consumption of high-strength stainless steel. The increased use of high-strength stainless steel has been due to its superior qualities like affordable cost and high strength-to-weight ratio. Some of the other benefits that high-strength stainless steel offers are faster hardening rates, high weldability, increased malleability, and a high ability to endure stress. The increased demand for high-strength stainless steel is due to the increasing focus of the automotive industry to minimize the weight of the automobiles while meeting important criteria including stiffness, forming requirements, and crash performance. The increased focus of the stainless steel and automotive industries to develop environment-friendly vehicles is driving the use of high-strength stainless steel, thereby driving the growth of the global stainless steel market.
• Market Challenges - The volatility in raw material prices will be a major challenge for the stainless steel market during the forecast period. The manufacturing of stainless steel depends on various commodities, metals, and industrial raw materials such as iron ore, ferrochrome, scraped steel, chromium, nickel, and others. The prices of commodity products and metals are directly related to the global economic performance and price elasticity. Price volatility brings uncertainty to the market and influences the profit margins of the value chain stakeholders. Fluctuations in the raw material prices will also squeeze manufacturers' profit margins, posing a hurdle to their growth. Therefore, high volatility in the cost of raw materials is one of the major challenges for the global stainless steel market.

To learn about additional key drivers, trends, and challenges available with Technavio. Read our FREE Sample Report right now!

The stainless steel market report is segmented by End-user (metal products, mechanical engineering, automobile and transportation, infrastructure and construction, and electrical engineering) and Geography (APAC, Europe, North America, MEA, and South America). The stainless steel market share growth by the metal products segment will be significant for revenue generation. The shift in consumer preference toward hygienic and easy-to-clean products is likely to enhance the demand for stainless steel in metal products.

View our sample report for additional insights into the contribution of all the segments, and regional opportunities in the report.

Some Companies Mentioned

The stainless steel market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.·

• Acerinox SA
• AK Steel Holding Corp.
• Aperam
• Guangxi Chengde Group
• JFE Holdings Inc.
• Nippon Steel Corp.
• Outokumpu Oyj
• POSCO Group
• Tata Steel Ltd.
• Tsingshan Holding Group Co. Ltd.
• To gain access to more vendor profiles with their key offerings available with Technavio, Click Here

Related Reports:
High Strength Steel Market -The high-strength steel market share is expected to increase by USD 13.73 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 9.86%. Download a free sample now!

Galvanized Steel Market -The galvanized steel market has the potential to grow by 57.74 million tons during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 3.02% Download a free sample now!

Key Topics Covered:

• Executive Summary
• Market Landscape
• Market Sizing
• Five Forces Analysis
• Market Segmentation
• Customer landscape
• Geographic Landscape
• Vendor Landscape
• Vendor Analysis
• Appendix

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