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According to the latest research by SkyQuest Technology, the global stainless steel market was valued at USD 10.5 billion in 2021, and it is expected to reach USD 19.69 billion by 2028, with a CAGR of 9.4 % during the forecast period of 2022–2028. The research provides up-to-date stainless steel market analysis of the current market landscape, latest trends, drivers, and overall market environment.
Application in the Automotive Industry to Boost the Growth of Global Stainless Steel Market
Tremendous growth in the automotive industry is further encouraging stainless steel market. This metal is appropriate due to its resistance to corrosion, great strength, and heat. Due of this, it is a most desired alternative for many auto parts, including hose clamps and seatbelt springs. Stainless steel will soon be utilised regularly in catalytic converters, fuel tanks, chassis, bodywork, and suspension, according to the World Steel Organization.
Product acceptance will also benefit from growing innovation in electric vehicles and advanced automotive technologies. According to the International Organization of Motor Vehicle Manufacturers, 91.8 million automobiles were produced in 2019. Each car uses 900 kg of steel on average. Based on the vehicle’s overall curb mass, the distribution of steel is as follows – For great strength and energy absorption in the event of a crash, 40% is utilised in the body structure, panels, doors, and trunk closures. The drive train, which makes up 23% of the total weight, is made up of machinable carbon steel for the wear-resistant gears and cast iron for the engine block. Through the use of rolled high-strength steel strip, 12 percent is in the suspension. The remaining components are located in the gasoline tank, steering system, and braking system.
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Nearly all modern vehicle designs currently make use of advanced high-strength steels (AHSS). As much as 60% of modern automobile body structures are made of AHSS, resulting in lighter, more fuel-efficient, and safer vehicle designs. When compared to ordinary steel, new grades of Advanced High-Strength Steels allow automakers to lower the weight of vehicle components by 25–39% and the weight of the entire vehicle by 8–10%. As a result, rising automaker product demand will fuel market growth. WorldAutoSteel said that the Steel E-Motive programme would commence in 2020. A new initiative in vehicle engineering called Steel E-Motive will show off cutting-edge steel designs for future mobility. The initiative, which is a collaboration with the renowned engineering and environmental consulting firm Ricardo, intends to highlight the advantages of using Advanced High Strength Steel products and technology to address the specific architectural problems associated with Mobility as a Service (MaaS).
Read market research report, “Global Stainless Steel Market By Type (cold rolled flat, hot plate & sheet, cold bars & wire, hot bars & wire rod, and others), By Grade (200 series, 300 series, 400 series & duplex series), By Application (metal products, electrical machinery, engineering, construction, automotive parts, and others) & By Region (North America, Europe, Asia-Pacific, South America, and MEA) – Forecast and Analysis 2022-2028” by SkyQuest
Stainless Steel Market will Rely on Technological Development for its Growth
To gain an advantage over competitors, several producers in the global stainless steel market investing in research and development. For instance, Acerinox S.A. made a substantial investment in pickling and annealing plants. Officials from the company claim that this it a cutting-edge technological system in the market for stainless steel worldwide, and that it will provide the business with a lot of prospects in the years to come.
A number of businesses are also creating novel goods and technologies. For instance, ArcelorMittal introduced XCarbTM in March 2021 to establish the development of goods and technology with low carbon emission. Making the switch to developing green technologies by making research and development investments is anticipated to be a priority for market participants in the coming years.
Some of the prominent players in the global stainless steel market are constantly adopting various innovation and growth strategies to capture more market share. The key market players are Alliance Acerinox S.A (Spain), Aperam Stainless (Luxembourg), ArcelorMittal (Luxembourg), Baosteel Group (China), Jindal Stainless (India), etc.
The report published by SkyQuest Technology Consulting on stainless steel market provides in-depth qualitative insights, historical data, and verifiable projections about Stainless Steel Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.
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https://skyquestt.com/speak-with-analyst/stainless-steel-market
What does this Report Deliver?
SkyQuest has segmented the Global Stainless Steel Market based on Type, Grade, Application and Region:
Key Players in the Global Stainless Steel Market
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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