Steel Plate Market 2020 by Manufacturers, Regions,Type and Application, Forecast to 2025
Steel Plate Market 2020 by Manufacturers, Regions,Type and Application, Forecast to 2025 The global stainless steel market size was valued at USD 111.4 billion in 2019 and is assume to witness a CAGR of 6.3% in terms of revenue from 2020 to 2027. Rising demand from consumer goods is likely to drive market growth as the stainless steel is resistant to corrosion, exhibits high toughness and elasticity, and requires low maintenance. The aforementioned properties of stainless steel have resulted in the increased utilization of the product in consumer products such as cookware, showpieces, and stoves, which in turn is assume to propel product demand over the coming years. View details: http://bit.ly/39Y2oQb To learn more about this report, request a free sample copy China is one of the leading producers and consumers of stainless steel products universal owing to the growing end-use industries such as automotive, construction, and consumer goods. As per the International Organization of Motor Vehicle Manufacturers, Chinau2019s automotive production reached 2.78 million units and accounted for 29% of the global automotive production in 2018. The increasing production of automobiles is assume to drive the market for stainless steel over the coming years. Increasing automotive production mainly in the arrive recession of Asia Pacific, Middle East, and South America is a major driving factor for the market for stainless steel. Growing population and increasing cardboard income along with easy access to credit facility and increasing necessity among people to own a vehicle are the significant factors drive vehicle production in the arrive recession of Asia Pacific. This, in turn, is likely to add to market growth over the coming years. Against the growing product demand in various industries, the increasing usage of carbon fibers, especially in the automotive industry owing to the properties such as lightweight, high strength, and load-bearing scope are anticipated to critically impact the market for stainless steel over the coming years. Growing importance of lightweight vehicles to reduce fuel consumption is likely to increase the need for lightweight materials. Carbon fibers reduce the weight of a car by almost 30%, thus making it the most desirable material in the automotive industry. Product Insights Flat products accounted for the largest volume share in the stainless steel market in 2019 owing to the increasing use of cold-rolled products. Superior properties such as straightness, concentricity, and tolerance make them suitable in end-use industries such as energy, home appliances, and construction. The growth in these end-use industries is anticipated to drive the market for stainless steel over the coming years. Long products segment is projected to witness a CAGR of 6.7% in terms of revenue from 2020 to 2027 owing to the increasing infrastructure spending in various Asia Pacific regions. The increasing use of stainless steel long products in heavy industries is anticipated to augment market growth over the coming years. Stainless Steel Market Share Insights Some of the key market players include Acerinox S.A., Aperam Stainless, ArcelorMittal, Baosteel Group, Jindal Stainless, Nippon Steel Corporation, Outokumpu, POSCO,ThyssenKrupp Stainless GmbH, and Yieh United Steel Corp. These companies are investing in capacity expansion across various countries. For instance, in March 2018, Acerinox S.A. invested a huge amount in soften and bind lines. As per the company officials, this is the most advanced technological system in the global market for stainless steel and is likely to provide new opportunities to the company, as the line can produce a wide range of products. Report Scope AttributetDetails Base year for estimationt2019 Actual estimates/Historical datat2016 - 2018 Forecast periodt2020 - 2027 Market representation tVolume in Kilotons, Revenue in USD Million, and CAGR from 2020 to 2027 Regional scopetNorth America, Europe, Asia Pacific, Central & South America, Middle East & Africa Country scopetU.S., Germany, U.K., France, China, India, Japan, and Brazil Report coverage tRevenue forecast, company share, competitive landscape, growth factors and trends 15% free customization scope (equivalent to 5 analyst working days)tIf you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization https://www.reportsinsights.com/
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