Stainless steel is an iron-based alloy that contains at least 10.5% chromium by mass. Alloys like nickel, titanium, columbium, and molybdenum can be added to stainless steel during the melting stages. Stainless steel also has high resistance to corrosion, rust, and staining with water, unlike ordinary steel. Therefore, it is often used in the construction, appliance, automotive, and machinery industries.
Analysts forecast the global stainless steel market to grow at a CAGR of 5.34% during the period of 2018-2022.
Research and Markets has published a new report entitled, Global Stainless Steel Market 2018-2022, which covers the present scenario and the growth prospects of the global stainless steel market for the next four years. It has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one driver in the market is upsurge in consumption of high-strength stainless steel. The application of high-strength stainless steel for architectural, industrial, and consumer applications is increasing as it offers higher fatigue strength and adds toughness to the steel products. Its high strength-to-weight ratio and superior qualities such as affordable costs will further boost the application of high-strength stainless steel across various end-user industries.
Commenting on the report, an analyst from the research team that worked on the report commented, One trend in the market is growing demand for stainless steel scrap. Globally, the use of scrapped steel is increasing to reduce the carbon footprint. The recycling of steel and stainless steel scrap improves the industrys economic viability and reduces the environmental impact by reducing the need for iron ore extraction for stainless steel production.