The global precision stainless steel market is expected to grow at a positive rate between 2020 and 2030. According to Future Market Insights (FMI), the demand for precision stainless steel is rising across diverse industries such as food and beverages, aerospace, and others, which is a chief factor driving growth.
High potential markets across Asia Pacific are likely to exhibit increasing demand for precision stainless steel products. Driven by this, the global precision stainless steel market will rise at a CAGR of 2.9% between 2020 and 2029. FMI has also forecast the global market to reach US$ 3.2 Bn by the end of 2029.
Surging Application in Foil Component
The precision stainless steel market provides raw material to various industries. It also finds application in the foil market. Foil component is used in the electronics industry for its outstanding conductive property. It is also used in the solar industry, which is expected to bode well for the precision stainless steel market.
This is because the use of solar energy would itself grow in the coming years. It will eventually fuel the demand for precision stainless steel made with other components like iron, carbon, nickel, phosphorous, and chromium
Increasing Per Capita Precision Stainless Steel Consumption
The per capita precision stainless steel products consumption is directly linked to the global economy. According to FMI, it will be increasing owing to surging investment toward infrastructural development, expansion of manufacturing sector, increasing fixed asset investment, and various other factors.
The market is forecast to witness increasing demand from the automotive sector. The rising application of advanced high strength steel (AHSS) in the industry will bode well for the overall market.
Besides this, the persistently rising demand for stainless steel foil from the processing industry is forecast to aid expansion of the market. Overall, FMI forecast the per capita precision steel consumption to rise significantly in the coming years.
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COVID-19 to Result in Declining Growth
The ongoing Covid-19 pandemic has made the global market witness a considerable reduction in demand for precision stainless steel. The rapid spread of the novel COVID-19 across the world has disturbed the supply chain, product demand, and manufacturing activities of the market.
Moreover, manufacturers have to deal with the challenges associated with the health and safety of employees. All these factors are restricting the precision stainless steel market growth. The market is forecast to observe remarkable growth by the end of the projection year.
The consistently increasing price of raw materials used for manufacturing precision stainless steel has been hindering growth of the market. The unbridled rise of raw material prices is creating pricing challenges for market players. This, coupled with supply chain disruptions witnessed due to the unprecedented outbreak of the novel coronavirus, is likely to hamper the growth of the market to an extent.
East Asia Precision Stainless Steel Market
East Asia market, spearheaded by China is anticipated to remain dominant through the forecast period. Expansion of automotive and building and construction industries are creating a multitude of growth opportunities in the global market. Therefore, leading players are gradually shifting their business activities in China, Japan, and South Korea.
The availability of resources at low cost is helping the region gain traction from the key players. Moreover, the significant presence of leading precision stainless steel manufacturers in the East Asia region is estimated to intensify the market considerably in the upcoming years. The market value is expected to accelerate at 3.3% CAGR through the forecast period.
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Europe Precision Stainless Steel Market
Europe, led by Germany, will remain the second most lucrative region through the forecast period. According to FMI, growth opportunities are foreseen to be plenty in Europe owing to the presence of several major market players in the region. Also reform initiatives by the government(s) are playing a significant role. Europe offers a sizeable share to the market, and its value is expected to rise consistently during the assessment period.
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North America Precision Stainless Steel Market
The growing demand from countries in North America is compelling the manufacturers towards ramping-up their manufacturing and sales facilities. This is further estimated to increase the market growth in the region at an exceptional rate through the forecast period. The precision steel market industry would be bringing more opportunities for North America region. The construction and infrastructure sector are foreseen as key factors for the market growth.
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Automotive Industry Remains Lead
By end-use industry, the automotive segment is expected to remain lead through the forecast period. The global precision stainless steel market is estimated to achieve substantial benefits from the automotive manufacturing industry due to the increasing demand for advanced high-strength steel (AHSS).
Precision stainless steel, owing to its high formability and strain rates is likely to fuel the global stainless steel market revenues significantly. Prominent steel producers across the globe have the opportunity to invest in the development of advanced materials and manufacturing technologies to the introduction of a wide variety of new automotive steels. The precision stainless steel market in the automotive industry saves weight and conserves resources without compromising safety and environmental standards.
0.1 mm Continues as Preferred Thickness
By thickness, 0.1 mm segment is anticipated to continue as the preferred thickness. According to FMI, the other segment, below 0.1 mm is also estimated to gain acceleration at a remarkable CAGR through the forecast period..
Manufacturers are focusing innovations with an objective to develop profitable products and satisfy clients from diverse sectors. The manufacturers are working more on quality service which is sustainable and environment-friendly.
For instance, Aperam Steels, one of the leading companies, is working consistently to create a range of energy-efficient stainless steel products and processes that have a positive impact on the environment. As stainless steel offers such benefits as endless recyclability, durability, and mechanical resistance, it is well-positioned to serve as the key fabric for weaving the tapestry of a sustainable society.
The study gives the important dynamics of the global market. Some of the key players listed include Jindal Stainless, Aperam Stainless, ArcelorMittal, Outokumpu, POSCO, ThyssenKrupp Stainless, Nippon Steel, Sumitomo Steel, JFE Holdings, Acerinox, Baoshan Iron & Steel Co., AK Steel Corporation.
The list is only indicative – a fulllist of precision stainless steel market key playersis available upon request.
Precision Stainless Steel Report – Scope
Historical Data Available for
USD Million for value and volume (per tonne)
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia, Oceania Middle East & Africa
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa
Key Segments Covered
Thickness, End-use Industry, Region
Key Companies Profiled
Jindal Stainless, Aperam Stainless, ArcelorMittal, Outokumpu, POSCO, ThyssenKrupp Stainless, Nippon Steel, Sumitomo Steel, JFE Holdings, and AK Steel Corporation
Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives
Customization & Pricing
Frequently Asked Questions
- What is the market size for the precision stainless steel industry?
The market size is expected to reach US$ 3.2 Bn by the end of 2029, rising at a CAGR of 2.9% between 2020 and 2029.
- Which is the largest market for precision stainless steel?
East Asia currently holds dominance backed by surging demand and production in high potential markets such as China, Japan, and South Korea.
- Which are the top companies influencing the precision stainless steel market?
The leading companies influencing the stainless steel market are Jindal Stainless, Aperam Stainless, ArcelorMittal, Outokumpu, POSCO, ThyssenKrupp Stainless, Nippon Steel, Sumitomo Steel, JFE Holdings, and AK Steel Corporation.
- Which is the leading end-use industry in the precision stainless steel market?
The automotive industry currently holds dominance in the precision stainless steel market and is trailed by the building and construction sector as the second leading end user.
- What is the outlook of the stainless steel market?
The outlook of the stainless steel market is questionable for China; however, it might be beneficial for developing countries with the reformed measures taken by the respective government(s).
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- Is this report analysis evaluated by Future Market Insights?
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- What are the primary research methods used by FMI?
FMI follows the strategy relating to the demand assessment of the market through the supply-side analysis. This analysis is evaluated considering standard market structure, method, and definitions.
- Who are the respondents for primary research?
FMI connects with stakeholders across the spectrum, including C-level staff, distributors, product manufacturers, and experts. Contact us for more information on the primary research respondents.
- What are the other sources of secondary level research?
The research report is conducted through detailed databases, including information available on paid domains. Besides referring to industry information, we look over the press release, annual report, presentations, and research papers.
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Precision Stainless Steel Market Segmentation
- Below 0.1 mm
- 0.1 mm to 0.4 mm
- Food Industry
- North America - US, Canada
- Latin America - Brazil, Mexico, Argentina, and the rest of Latin America
- Europe - Germany, Russia, Italy, France, U.K, Spain, BENELUX, Nordic, Poland, and the rest of Europe
- South Asia – India, Thailand, Indonesia, Malaysia, Vietnam, and the rest of South Asia
- East Asia – China, Japan, South Korea
- Oceania – Australia, New Zealand