Stainless Steel Foil Market

Stainless Steel Foil Market Overview

The global stainless steel foil market size is expected to reach US$ 6.3 Billion in 2022 and US$ 10.4 Billion in 2032. It is likely to exhibit growth at a CAGR of 6.2% in the forecast period from 2022 to 2032. The rising need to enhance the dimensional stability that often prevents contamination of steel tool parts during heat treatment is expected to drive the sales of stainless steel foil in future years.

Stainless steel is referred to as a type of corrosion-resistant alloy of nickel, aluminum, iron, and other metals. As it is highly recyclable, it is commonly known as the green material.

Stainless steel foils are known for their inert and environmentally neutral nature. Their longevity helps to meet the needs of sustainable construction. These also do not leach compounds that can change their composition when they come in contact with various elements, such as water.

 Some of the additional applications of stainless steel foils include X-ray imaging, shielding for high vacuum processes, turbine engines, and heating elements. The surging demand for corrosion resistant metal packaging in several industries worldwide is expected to augur well for the stainless steel foil market size. 

Which are Some Prominent Drivers Spearheading Stainless Steel Foil Market Growth?

The increasing demand for tough yet lightweight metal packaging solutions worldwide is likely to propel the stainless steel foil market growth in future years. These foils are nowadays converted into alloys for their extensive usage in the pharmaceutical, food, and dairy industries.

Companies can easily trim, press, or perforate these foils as per their requirements to deliver a better fit for numerous applications. These can also be mixed with additives, such as nickel and chromium to increase their durability, as well as strength.

The ability of these foils to withstand high temperature, as compared to aluminum foils is another significant factor that is estimated to fuel the growth. These also have Ultra-High Vacuum (UHV) compatibility and are thus gaining traction in the global market.

What are the Challenges Faced by the Stainless Steel Foil Industry?

The high prices of raw materials are anticipated to surge the cost of production in the evaluation period. Trade wars and declining production in manufacturing industries owing to the COVID-19 pandemic that occurred in December 2019 may also hinder the demand for stainless steel foils in the upcoming years. However, the market is set to gradually get back to normalcy with increasing investments by government bodies in research and development activities.

Why is North America Emerging as an Opportunistic Stainless Steel Foil Market?

North America is anticipated to remain at the forefront in the forthcoming years by procuring the largest stainless steel foil market share. The ever-increasing usage of these foils in the aerospace and automotive industries in the U.S. and Canada is set to drive the regional market.

As per the U.S. Department of Transportation, in 2019, around 10,893 vehicles were produced in the country, while nearly 13,677 vehicles were sold the same year. These numbers are projected to grow at a steady pace in future years, thereby propelling the North America market.

Ismail Sutaria

Principal Consultant

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How is Asia Pacific Contributing to Growth of the Stainless Steel Foil Market?

The ongoing technological development and the emergence of state-of-the-art technologies, such as flame cutting, water jets, and laser are projected to augment the Asia Pacific stainless steel foil market growth in the assessment period. The entry of cutting-edge machinery for sheet metal manufacturing in India and China is another vital factor that is estimated to augur well for the regional market.

The rapid industrialization and modernization of existing machinery in various end-use industries is also set to spur the growth in Asia Pacific. In addition to that, the rising focus of key players on the expansion of their production capacities to enhance the quality of their products is projected to accelerate the growth.

Market Competition

Some of the leading companies present in the global stainless steel foil market include AK Steel Corporation, ArcelorMittal, Nisshin Steel Co., Ltd., Tata Steel Limited, Ulbrich Stainless Steels & Special Metals, Inc., Reliance Foundry Co. Ltd., Jindal Stainless Ltd., A.J. Oster, LLC, Hollinbrow Precision Products (UK) Ltd., and All Foils, Inc. among others.

The global market is highly competitive with the presence of various large-scale companies. Majority of these companies are aiming to strengthen their positions in this market by engaging in mergers, acquisitions, joint ventures, and collaborations. Meanwhile, multiple local and unorganized players are anticipated to enter the market in the near future. They are set to launch new products to cater to the surging consumer demand across the globe.

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Report Scope

Key Segments Profiled in the Stainless Steel Foil Industry Survey

By Grade Type:

• 304 Stainless Steel
• 316 Stainless Steel
• Others (430, 201, 301, 309, 302, 321, and 347)

By Product Type:

• Austenitic Stainless Steel
• Ferritic Stainless Steel
• Martensitic Stainless Steel
• Duplex Stainless Steel

By Material Type:

• Iron
• Chromium
• Nickel
• Molybdenum
• Others (Manganese)

By Application:

• Void Filling
• Cornering
• Insulation
• Blocking & Bracing

By End Use:

• Automotive
• Electrical & Electronics
• Pharmaceutical
• Chemical
• Defense
• Aerospace
• Building & Construction
• Industrial
• Food
• Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East and Africa