Precision Stainless Steel Market

Key Factors Shaping the Global Precision Stainless Steel Market

• Growing Demand for Stainless Steel Foil

  Industries such as medical, aerospace, defense, petrochemical, laboratory, nuclear, and marine are intensifying the demand for stainless steel foil as it is used to prevent surface decarburization and other contamination. 

• Significant Growth in Emerging Economies

  Manufacturing and service sectors are rapidly growing in emerging economies to fulfil the domestic demand. Emerging economies are estimated to lead the precision steel market in terms of production and consumption. China, India, Brazil, and Mexico are highly focused on precision steel production to fulfil the domestic demand. 

• Growing Use of Stainless Steel Foil by Automotive Industry

  Increasing demand for advanced high-strength steel (AHSS) from the automotive industry is likely to remain an important factor fueling the precision stainless steel market revenues. The processing industry is anticipated to remain among the key end users of precision stainless steel, particularly in form of precision stainless steel foil. While the automotive industry recorded the consumption volume of nearly 212 ‘000 tonnes of precision steel in 2018, which is expected to exceed 370 ‘000 tonnes towards the end of forecast period.

Precision Stainless Steel Market Structure Analysis

• The global precision stainless steel market is considered to be a consolidated market due to the presence of minimum regional players.
• Tier-1 players in the precision stainless steel market include Acerinox, Baoshan Iron & Steel Co., Ltd., AK Steel Corporation, Jindal Stainless Group, and Outokumpu Oyj.
• Leading manufacturers in the precision stainless steel market are expanding their production facilities and collaborating with peer companies to strengthen their foothold in the global market. 
• In July 2018, Nippon Steel Corporation inaugurated Nippon Steel Cold Heading Wire Indiana Inc., a U.S.-based company manufacturing and selling steel wires for cold heading and forging.
• In November 2018, Jindal Stainless Group partnered with Indian Railways to modernize coaches, rail, and infrastructure.
• In October 2018, ArcelorMittal Mining Canada G.P. invested in mining and materials engineering R&D in the Faculty of Engineering at McGill University.

Precision Stainless Steel – Making Complex Component Manufacturing Convenient

Precision stainless steel emerged as the efficient enabler of manufacturing complex components, dipping under the radar of process and fabrication industry professionals. Cold forming process and precision stainless steel continue to gain high popularity, abreast the advent of cost-effective methods that revolutionise the way stainless steel components are manufactured.

Market Set to Grow 1.5X between 2019 and 2029

Acceleration of the economic restructuring is resulting in the development of the high-tech and material industries. This proactively impacts the development and adoption of precision stainless steel, towed by the growth in household electrical appliances and domestic automobile industries. Developments in precision stainless steel complementarily promote advances in precision machinery & instruments and electronic equipment.

Developing Markets Present Ceaseless Downstream Opportunities

The profitability of investing in developing markets, namely, South Asia and East Asia, for precision stainless steel manufacturers is here to stay. A confluence of macro trends including surging infrastructure development and construction activities abreast steady rise of the automotive sector in these markets, allude perennial downstream opportunities for precision stainless steel manufacturers.

On the other hand, developed markets present steady gains for the stakeholders, upheld by the modest uptick in consumer goods sector and electro-mechanical component manufacturing.

The Broader Perspective

The unabated growth in stringency of environment protection and emission regulations has meant that reduced energy consumption and wastage are imperative for fabrication and manufacturing industries. Precision stainless steel serves a key enabler for both, while performing as a cost-effective metal along with its superior corrosion protection, lightweight, and cost-savings.

How Growth will Unfold

Prospects of the precision stainless steel market remain promising, with aerospace and automotive accounting for significant shares. Gains from these two industries are expected to grow relatively faster than other end-use sectors.

PRECISION STAINLESS STEEL MARKET TAXONOMY

The global precision stainless steel market is segmented in detail to cover every aspect of the market and present complete market intelligence to the reader.

By Thickness

• Below 0.1 mm
• 0.1 mm to 0.4 mm

By End-use Industry

• Food & Beverages
• Automotive
• Pharmaceuticals
• Aerospace
• Building & Construction
• Other Industrial

Region

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa