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/EIN News/ -- Pune, India, Oct. 10, 2022 (GLOBE NEWSWIRE) -- The global stainless steel market size was USD 195.65 billion in 2021. The market is projected to grow from USD 204.17 billion in 2022 to USD 298.85 billion by 2029 at a CAGR of 5.6% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, "Stainless Steel Market, 2022-2029". As per the report, the market is expected to grow during the projected period due to rising consumption of stainless steel in the construction sector.
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List of Key Players Profiled in the Report:
Closure of Construction Projects Amid Pandemic Hampered Market Growth
Stainless steel is in high demand in the construction industry. The outbreak of the COVID-19 pandemic has announced the closure of construction projects due to stringent government restrictions. Also, governments imposed restrictions on the workforce operating on projects and instructed employees to work at 50% capacity to limit the virus spread. Also, supply chain disruptions and lack of raw materials hampered the stainless steel market growth during the forecast period.
Increasing Demand from Home Appliances Industry to Bolster Cold Rolled Flat Segmental Growth
By type, the market is classified into cold rolled flat, hot plate & sheet, cold bars & wire, hot bars & wire rod, and others. The cold rolled flat segment dominates the market share due to increasing demand for furniture and home appliances industries.
Metal Products Segment to Dominate Global Market Share During Forecast Period
Based on application, the market is categorized into metal products, electrical machinery, engineering, construction, automotive parts, and others. The metal products segment is projected to lead the market owing to its corrosion-resistant properties.
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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The report provides complete information and insights on recent developments and trends in the market. Also, the impact of COVID-19 pandemic on the global market is highlighted further in this report. Furthermore, the drivers and restraints affecting the market growth during the projected period are mentioned further in the report. Regional market insights on segmented market areas are provided further along with a list of key market players in the industry.
Rising Product Demand from the Construction Sector to Propel Growth
The market growth is attributable to rising technological advancements due to rising carbon emission. The rising mobility and emerging automobile industry are expected to bolster the market growth due to the surging use of the product in seatbelt springs and hose clamps. Also, there is increasing consumption of this steel in the construction industry.
However, the availability of substitute products, such as carbon and aluminum steel, may hinder the market growth.
Asia Pacific Dominates Global Market Share Due to Rapid Infrastructural Development
Asia Pacific holds a dominant global stainless steel market share. The regional market stood at USD 146.53 billion in 2021. Increasing infrastructure development and rapid technological advancements are anticipated to bolster the regional market growth.
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https://www.fortunebusinessinsights.com/stainless-steel-market-106481
Expansion of Services Allow Companies to Register Growth
The prominent market players are considering forming strategic partnerships and mergers to expand their business reach and propel growth in the coming years. Also, the companies focus on increasing their product range to serve customer demands.
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1. Is the Impact of COVID-19 on Stainless Steel industry growing?
Answer: The Global stainless steel market size was USD 195.65 billion in 2021. The market is projected to grow from USD 204.17 billion in 2022 to USD 298.85 billion by 2029.
2. Who are the key players in the the Impact of COVID-19 on Stainless Steel Market?
Answer: Acerinox S.A (Spain), Aperam Stainless (Luxembourg), ArcelorMittal (Luxembourg), Baosteel Group (China), Jindal Stainless.
High Strength Steel Market Size, Share & COVID-19 Impact Analysis, By Type (High Strength Low Alloy (HSLA), Dual Phase (DP), Transformation Induced Plasticity (TRIP), Martensitic (MS), and Others), By Application (Automotive; Building & Construction; Mechanical & Heavy Equipment; Rail, Aviation & Marine; and Others), and Regional Forecast, 2020-2027
Steel Ingots Market Size, Share and Global Trend By Type (Stainless Steel, Mild Steel), By Application (Construction, Automotive & Aerospace, Energy, Engineering, Others), and Geography Forecast till 2022-2029
Flat Steel Market Size, Share & Industry Analysis, By Product (Sheets, Strips, Plates), By Material (Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel), By End-Use (Building & Construction, Automotive, Mechanical Equipment, Healthcare, Domestic, Defense, Packaging, Others) and Regional Forecast, 2022-2029
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