Stainless Steel Strips Market size is anticipated to reach USD 2 Trillion by the end of 2036, growing at a CAGR of 6% during the forecast period i.e., 2024-2036. In the year 2023, the industry size of stainless steel strips was over USD 113 Billion. The growth of the market is driven by new megatrends such as urbanization, rising mobility, population density, climate change, and economic development. Manufacturers have been compelled to develop and implement sustainability goals due to an increase in CO2 emissions around the world. To meet these objectives, they are also developing durable and recycled products. For example, in July 2021, Técnicas Reunidas and Acerinox announced that they were working on decarbonization through the use of their facilities at Acerinox Europa as pilot plants.
Rising demand for product introduction in consumer products, e.g. refrigerators, ventilation systems, dishwashers, sinks, and cooking utensils, is anticipated to generate future growth opportunities for stainless steel bars. Stainless steel is utilized in all angles of design, development, and building. Due to the way better erosion resistance, most building plan and auxiliary building firms lean toward more exceedingly alloyed molybdenum-containing stainless steels for more destructive areas.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~6% |
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Base Year Market Size (2023) |
~USD 113 Billion |
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Forecast Year Market Size (2036) |
~ USD 2 Trillion |
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Regional Scope |
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Type (Ferritin Stainless Steel Strip, Martensitic, Precipitation, Austenitic, Flat, Duplex)
Based on type segmentation, the flat stainless steel strips market in the is set to hold the largest revenue share of 30% by the end of 2036. Bridge construction, offshore structures, ships and naval structures, hydropower stations, storage tanks, and boilers are made of flat stainless steel sheets. Demand for stainless steel sheets will increase as the marine construction industry grows.
End User (Consumer Goods, Construction, Electronics, Automotive Component)
Based on end users, the construction segment in the stainless steel strips market is set to hold the largest growth of 60% during the forecast period. There is an increasing demand worldwide for the construction of residential and business buildings, as well as hospitals due to population growth and urbanization. More buildings and infrastructure are needed to cope with increased urbanization. For example, India is expected to maintain its highest growth rate in the G20 economy. For the three years, including USD 120.5 billion to develop 27 clusters of industry and USD 75.3 billion for road, rail, or port connectivity projects, India's government has set a target of USD 376.5 billion in infrastructure investments. Consequently, an increase in demand in the stainless steel market is projected due to increasing investments in infrastructure projects.
Our in-depth analysis of the global stainless steel strips market includes the following segments:
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Thickness |
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Type |
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End User |
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APAC Market Forecast
The Asia Pacific stainless steel strips market is anticipated to hold the largest revenue share of 33% during the forecast period. In the region, the market for Stainless Steel continued to grow as a result of increasing demand from the automobile industry. As the consumer's preference for battery-powered vehicles increases, China's automotive industry is changing trend. Demand for stainless steel strips is expected to be supported by the expansion of China's automobile sector. China is the world's largest producer of cars, accounting for almost 34% of global production, according to the International Organization of Motor Vehicle Manufacturers. The country produced 2,70,20,615 cars during the period from 2022 to 2021, an increase of 24% compared with 2,51,21,712. Therefore, the demand for stainless steel is expected to increase as a result of the increase in the production of automobiles.
North American Market Statistics
The stainless steel strips market in the North American is poised to grow substantially during the period between 2024 – 2036. The US is a significant contributor to the North American market. Increasing demand for stainless steel in electronics and engineering applications, due to its desirable characteristics, is the main reason for the growth of the stainless steel strips market in the region.
Author Credits: Richa Gupta, Harshita Srivastava
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