Market Synopsis
The global stainless-steel market
is expected to grow at a significant CAGR of over 5% during the review period. Flat-rolled stainless steel finds a broad range of
applications in the construction, automotive, medical, marine, and capital
& consumer goods industries due to its superior properties such as
corrosion resistance, high strength, and low maintenance. The global demand is
primarily driven by increased spending on residential construction activities
globally. However, the increasing use of plastics, aluminum, and magnesium in
automobiles to reduce the weight of the vehicles is likely to affect the demand
for flat-rolled stainless steel.
Market Segmentation
The global flat-rolled stainless
steel market has been segmented by product type, application, and region.
Because of product type, the
global market has been divided into hot/cold-rolled coil,
hot/cold-rolled strips, hot/cold-rolled
sheets, plates, and others. The demand for
hot-rolled coils is increasing at a significant rate due to its widespread use
in applications including water heaters, boilers, medical equipment, automobile
parts, buildings, marine components, and kitchen utensils. Cold-rolled coils
find extensive use in construction, consumer goods, and medical equipment applications.
Hot/cold flat-rolled stainless
steel sheets are used in the industrial sector in processing equipment for
food, medical device, chemical, petrochemical, and power transmission
industries. The growth of the consumer goods and medical industries is likely
to drive the demand for hot/cold flat-rolled stainless steel strips. Hot/cold
flat-rolled stainless steel strips are used in the manufacturing of knives,
forks, and scissors, among others.
By application, the global market
has been divided into construction, automotive, capital &
consumer goods, marine, medical,
and others. Construction application segment
accounted for the largest market share in 2018. The market growth is primarily
driven by expanding construction industry on account of increased spending on
residential construction activities across the globe. In addition, the rapid
growth of the major end-use industries such as chemical processing, automotive,
medical, consumer goods, and marine in the developing nations is also expected
to drive the market growth at a significant rate.
Competitive Analysis
·
Shah Alloys
·
Danieli
·
Alliance Steel
·
Metals USA
·
Con-Tech International USA
·
Yieh Corp
·
ATI
·
North American Stainless
·
Metalwest
·
Marfin
·
Acerinox S.A.
·
Outokumpu
Regional Analysis
The global Flat-Rolled Stainless Steel Market has
been studied with respect to five key regions—North America, Europe, Latin
America, Asia-Pacific, and the Middle East & Africa. The market in
Asia-Pacific accounted for the largest share of the global flat-rolled
stainless steel market and is expected to be dominant during the review period
on account of expanding industrial base in developing countries such as India,
Malaysia, Thailand, Indonesia, and Australia.
Europe is also expected to be a
prominent market on account of the expanding construction industry in the
region.
The market in North America is
likely to witness healthy growth on account of increasing demand for
flat-rolled stainless steel in the construction and medical industries.
The markets in Latin America and
the Middle East & Africa are likely to register healthy CAGRs on account of
increased spending on automobile manufacturing and residential & commercial
construction.
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