Research Nester has released a report titled “Malaysia Stainless Steel (SS) Shaft Market – Regional Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the Malaysia Stainless Steel (SS) Shaft market in terms of market segmentation by grade, by diameter and by verticals.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The Malaysia Stainless Steel (SS) Shaft market is anticipated to record a CAGR of 4.02% during the forecast period, i.e. 2020-2027. The Malaysia Stainless Steel (SS) Shaft market is segmented by grade into SS301 & 302, SS303 & 304, SS310, SS316 & 317, SS321, SS347, SS410, SS416, SS420 and others, out of which, SS303 & 304 segment is estimated to hold the largest market share of around 22% in the year 2018 and is further anticipated to expand at a CAGR of around 4% over the forecast period. Riding on back of the factors, for instance, massive utilization of SS304 grade in the production of shafts, coupled with increasing utilization in other manufacturing applications, such as fittings, valves, and others, the segment is anticipated to garner a market size of USD 26.5 Million by the end of 2027.
The market is also segmented by diameter into 3mm, 6mm, 12mm, 14mm, 19mm, 29mm, 47mm, 50mm, 54mm, 76mm, and 80mm, out of which, 76mm segment is anticipated to hold the largest market share, of around 23% in the year 2018 and is further anticipated to expand at a CAGR of around 5% over the forecast period. Riding on back of the factors, for instance, massive utilization of 76mm diameter shafts in heavy industrial machinery, which also includes construction machinery, heavy-duty automotive vehicles, aircraft, food equipment, and others, the segment is anticipated to garner a market size of USD 28.2 Million by the end of 2027, with an absolute $ opportunity of USD 9.2 Million in-between 2018-27, and a growth of 1.48x.
Increasing Deployment of Stainless Steel Shafts in the Automotive Industry
In the statistics by to Malaysian Automotive Association, production and assembly of total number of passenger and commercial vehicles in the nation peaked 564971 units from 533515 units in-between 2011-18.
With advancements in the automotive industry, stainless steel is finding massive utilization in the sector owing to its physical characteristics, that include greater flexibility, reliability, ductility, formability and others. Owing to such a factor, consumption in the automotive industry for stainless steel parts and products have grown multifold. Additionally, increase in the production and assembly of vehicles in the nation, is also driving the demand for greater consumption of SS parts in the industry. Shafts in the automotive industry are known as driving shafts or crank shaft, and it constitutes the prime component behind the driving force of any vehicle. The growth of the Malaysia Stainless Steel (SS) Shaft market is anticipated on the back of greater consumption of the SS shafts from the automotive industry, with the increase in production of vehicles, during the forecast period.
However, concerns in regards to fluctuations in the price of raw materials, that also affects the operational costs, and thereby raises the price of the end product, is expected to operate as key restraint to the growth of the Malaysia Stainless Steel (SS) Shaft market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Malaysia Stainless Steel (SS) Shaft market, which includes company profiling of Shunto Steel Industries Sdn Bhd, P R Components Pvt. Ltd., Nippon Steel Engineering Co., Ltd. (TYO: 5401), Tata Steel (NSE: TATASTEEL), K. Seng Seng Corporation Bhd (KLSE: KSSC), Ann Joo Resources Berhad (KLSE: ANNJOO), and Lion Group Management Services Sdn Bhd (CNSX: LION). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Malaysia Stainless Steel (SS) Shaft market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.