Pune, India, Aug. 23, 2023 (GLOBE NEWSWIRE) — The global stainless steel sheet market size was valued at USD 107.19 billion in 2022 and is expected to be worth USD 112.43 billion in 2023. The industry is projected to be valued at USD 167.48 billion by 2030, recording a CAGR of 5.9% during the forecast period.
Stainless steel sheets are widely used to produce various equipment, industrial components, machinery, greenhouse equipment, irrigation pipes, and other machines where corrosion is a big risk. These sheets are also utilized in white goods as they can resist corrosion, offer great mechanical properties over different temperatures, can achieve diverse aesthetic finishes, and can be easily fabricated.
Fortune Business Insights(TM) presents this information in a report titled, “Global Stainless Steel Sheet Market, 2023-2030.”
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List of Key Players Profiled in the Global Stainless Steel Sheet Market Report:
POSCO (South Korea)Aperam (Luxembourg) Yieh United Steel Corp (Taiwan)Nippon Steel (Japan)Outokumpu (Finland)Acerinox (Spain)Baosteel Group Hu (Baowu) (China)Tata Steel Ltd (India)AB STEEL (U.S.)Rajguru Steel Industries (India)
Report Scope & Segmentation:
Report AttributesDetailsForecast Period2023-2030Forecast CAGR5.9%2030 Value ProjectionUSD 167.48 BillionMarket Size in 2023USD 112.43 BillionHistorical Data2019-2021No. of Pages132Report CoverageRevenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest TrendsSegments Covered By FormBy Production ProcessBy ApplicationRegions Covered North AmericaEuropeAsia PacificLatin AmericaMiddle East and AfricaStainless Steel Sheet Market Growth DriversRising Demand from General Manufacturing Consumer Goods Industry to Drive Market Growth
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/stainless-steel-sheet-market-104122
COVID-19 Impact:
COVID-19 Pandemic Caused Supply Chain Disruptions, Reducing Production Capacity
The COVID-19 outbreak forced many nations to impose a wide range of restrictions on transportation and material supply, which disrupted the supply chain of stainless steel manufacturing companies. This resulted in severe shortage of various raw materials, thereby hampering the stainless steel sheet market growth.
Segmentation:
304 Stainless Steel Sheets Widely Demanded for Their Beneficial Characteristics
Based on type, the market is divided into 304 sheets, 310 sheets, 316 sheets, and others. The 304 stainless steel sheet segment held the largest market share as it has excellent strength and offers exceptional corrosion resistance.
Manufacturing Industry to Use Stainless Steel Sheets for Varied Applications
In terms of application, the market covers construction, manufacturing, automotive, consumer goods, and others. The manufacturing segment captured the largest stainless steel sheet market share in 2022 as these sheets are used in this sector for applications, such as ship containers, pipelines, exhaust systems, and cable trays.
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Report Coverage:
The research report offers a detailed market analysis and highlights crucial aspects, such as leading types, companies, products, and applications. It also provides quantitative data with respect to volume & value, research methodology for market data, market analysis, and insights into the latest industry trends. The report covers vital industry developments and the competitive landscape. Besides the abovementioned factors, the report mentions various factors contributing to the market’s growth in recent years.
Drivers and Restraints:
Robust Demand from Consumer Goods and General Manufacturing Sectors to Boost Market Growth
Stainless steel has excellent corrosion resistance properties that makes it a key part of food, manufacturing, textile, transportation, chemical, aerospace, and construction sectors. This alloy is mostly used to make sinks, machinery parts, coils in vaporizers, screws, automobiles, food processing equipment, water filtration devices, and airplanes.
However, wide availability of substitutes can hamper the market expansion.
Regional Insights:
Asia Pacific to Increase Reliance on Stainless Steel Sheets to Boost Infrastructure Development Efforts
The Asia Pacific market size reached USD 78.63 billion in 2022. The rising technological advancements and growing efforts to boost infrastructural development will drive the market growth. Moreover, other factors, such as growing investments in research and development programs, increasing steel production, and the ever-expanding construction industry in the developing economies will help the regional market grow.
Moreover, as far as North America is concerned, the U.S. is expected to lead the market. The regional industry’s growth can be credited to the rising demand for stainless steel components from the engineering and electronics sectors.
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Detailed Table of Content:
Introduction Research ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket Dynamics Market DriversMarket RestraintsMarket OpportunitiesKey Insights Key Market TrendsKey Developments: Mergers, Acquisition, Partnership, etc.Insights on Regulatory ScenarioLatest Technological AdvancementPorter’s Five Forces AnalysisQualitative Insight on Stainless Steel Sheet ThicknessQualitative Insights on Impact of COVID-19 on Global Stainless Steel Sheet Market Supply Chain Analysis & Challenges due to Covid-19Steps taken by Government / Companies to Overcome this ImpactPotential Challenges and Opportunities due to COVID-19 Outbreak
TOC Continued…!
Competitive Landscape:
Organizations to Grow Their Business Operations to Retain Top Market Position
Key producers operating in the market are POSCO, Aperam, Nippon Steel, and Outokumpu Industries. These organizations are trying various strategies, such as capacity improvements, product innovations, collaborations, and acquisitions to retain their top position in the market.
Notable Industry Development:
June 2022 – Outokumpu’s plate service center in Castelleone, Italy, was taken over by the Mariotti Stainless Steel Group. All plate operations and solutions in Castelleone, as well as machines and stock will be transferred to Mariotti.
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