Stainless steel market forecasted to increase
26 April 2021
The global stainless steel market is likely to increase to USD $168.24 billion in the next several years, and is anticipated to grow with a healthy growth rate of 5.84% over the forecast period. The base year considered for the study is 2020, and the forecast has been provided for the period from 2020 to 2027.
Stainless steel refers to an iron alloy that has minimum 10.5% of chromium. Chromium produces a skinny layer of oxide on the steel's surface commonly known as the 'passive layer'. This prevents the steel from further corrosion of the surface. Stainless steel also contains different percentages of Silicon, Carbon, and Manganese. Other elements for example Molybdenum and Nickel may be added to the steel that imparts other useful properties such as increased corrosion resistance and enhanced formability.
Image credit: Google Images