According to a new research published by OrbisResearch.com, the worldwide stainless steel market is expected to touch USD $127.19 billion by 2024. The report states that stainless steel will find increased use in a wide range of applications in various industries including building & construction, transportation, industrial machinery, household appliances, metal goods, and electronics.
According to the report, applications of stainless steel are likely to witness tremendous growth in a range of industries, including construction, infrastructure, automotive and petrochemical. Stainless steel is used in the manufacture of pressure valves, heat exchangers, cracking furnaces, tanks, chemical tankers, and process pipes. Exploration industries also use stainless steel in the construction of sub-sea systems, offshore platforms and LNG tankers.
Among regions, North America is expected to report robust growth to stainless steel demand. The US will continue to remain as the key market, accounting for a major chunk of the North American stainless steel demand.