Rapid urbanization, coupled with technological advancements will continue bolstering stainless steel market sales prospects. Future Market Insights (FMI) forecasts the sales of austenitic stainless steel to remain particularly high through the forecast period. Besides type it offers insights into key factors driving growth across segments including form and end use.
Future Market Insights, Dubai: High corrosion resistance, elasticity, and ductility make stainless steel one of the most preferred materials for application in various end-use industries. As per a recent market analysis by ESOMAR-certified consulting firm Future Market Insights (FMI), the stainless steel market is poised to expand at a steady 5.5% CAGR through 2031.
Stainless steel finds applications in industries including construction, automotive, chemical, oil & gas, power generation, and food and beverage. Ongoing expansions in these industries are promoting demand for stainless steel, thereby augmenting market growth.
Besides this, increasing sales of cookware and cutlery products, and home appliances will boost sales in the market. Owing to its corrosion resistance feature, stainless steel is actively used in pumps, valves, piping systems, and storage tanks which are prevalent in various manufacturing and production facilities.
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In addition, applications of stainless steel in the renewable energy industry are anticipated to rise exponentially. Due to greenhouse gas emission concerns, several countries are resorting to renewable energy sources. Stainless steel is used in the production of geothermal, solar, and wind power plant equipment. This factor will contribute majorly to fostering sales in the stainless steel market.
As per FMI’s survey, austenitic stainless steel is anticipated to account for 3/4th of the total market share, owing to properties such as wear and tear resistance and high tensile strength. Industries such as petrochemical and oil & gas industry are increasingly generating demand for austenitic stainless steel.
Owing to the presence of various end-use industries including automotive, transport healthcare, and consumer goods industry in the U.S., the market is anticipated to experience high demand for stainless steel during the forecast period.
“Rising applications of stainless steel in high growth potential end-use industries will provide lucrative growth opportunities for players in the market through 2031. Against this backdrop, focus on innovations will be at all-time high in the upcoming years, as manufacturers aim at customizing solutions as per specific requirements of industries,” says the FMI analyst.
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As per FMI’s analysis, top players operating in the stainless steel market are focusing on research and development to innovate new technologies to support product enhancements. Product portfolio expansions and customization as per end-user demand will further help them strengthen their foothold in the market.
Apart from these strategies, mergers, acquisitions, and collaborations are also helping players to expand their global footprint in the market. For instance:
Leading players operating in Stainless Steel Market profiled by FMI include:
More Insights on FMI’s Stainless Steel Market
The latest market study on stainless steel market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
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