Precision Business Insights has published a report on the global stainless-steel market, estimating its value at USD 146.2 billion in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 5.5% over the forecast period 2025-2031. The report explores the market growth and potential opportunities in the market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
View the detailed report description here - https://www.precisionbusinessinsights.com/market-reports/stainless-steel-market
The "Stainless Steel Market" refers to the global industry that manufactures, distributes, and uses stainless steel, a corrosion-resistant alloy made mostly of iron, chromium, nickel, and other elements. Stainless steel is widely utilized in a variety of industries, including construction, automotive, consumer products, heavy industries, and medical applications, because of its durability, strength, and resistance to corrosion and discoloration.
Drivers:
- Rising Industrialization – Growth in manufacturing, heavy industries, and consumer goods sectors drives the need for corrosion-resistant materials.
- Sustainability and Recyclability – Stainless steel's eco-friendly properties make it a preferred choice for industries focusing on sustainable materials.
The global stainless steel market segmentation:
1) By Grade: Austenitic Stainless Steel, Ferritic Stainless Steel, Martensitic Stainless Steel, Duplex Stainless Steel, Precipitation-Hardening Stainless Steel
2) By Product type: Flat Products, Long Products
3) By Application: Construction, Automotive and Transportation, Consumer Goods, Heavy Industries, Chemical and Petrochemical, Food and Beverage Processing, Medical and Healthcare, Energy (Oil & Gas, Power Generation)
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Regional Overview:
The report also examines the current concerns and their Future Effects on the stainless steel market by the region. The report covers all regions and countries, North America was the largest and Asia was the fastest-growing region in the stainless steel market. The market has been segmented into numerous primary regions and a detailed evaluation of primary countries.
- North America (U.S., Canada)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
- Latin America (Mexico, Brazil, Argentina, Columbia, Rest of Latin America)
- Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)
The competitive landscape is dominated by major players like Acerinox S.A., Aperam S.A., POSCO, Jindal Stainless Ltd., Outokumpu Oyj, Baosteel Group (Baoshan Iron & Steel Co., Ltd.), Nippon Steel Corporation, Thyssenkrupp AG, Yieh United Steel Corp. (Yusco), Tsingshan Holding Group.
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