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Know About Stainless Steel Market 2019 Growth with Trends, Challenges and Top Key Players Like Acerinox S.A,Aperam S.A.,ArcelorMittal S.A

The global stainless steel market accounted to US$ 198,660.0 Mn in 2018 and is expected to grow at a CAGR of 5.6% during the forecast period 2019 – 2027, to account to US$ 323,144.6 Mn by 2027.

The Asia Pacific region accounted for the largest market share in the global stainless steel market. Increasing industrial development coupled with rising government investments towards the building and construction infrastructures is expected to fuel the stainless steel market in the upcoming years. Also, the increasing research and development investments for steel production is estimated to boost the growth of the stainless steel market in the Asia-Pacific region.

Market Insights

Rapid growth in automotive industry has led to the growth of stainless steel market

Stainless steel has come to the forefront of the automotive design due to an increasing demand for safety combined with performance, efficiency, lightweight, and strength. It has become the primary choice for safety in the automotive industry owing properties such as cost-effective structural designs, durability, and efficiency. Due to the lightweight feature of stainless steel, it has been considered as a primary material in the construction of fuel tanks. Therefore, the growing demand from the automotive industry is boosting the demand for stainless steel.

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Top Key Players: Acerinox S.A,Aperam S.A.,ArcelorMittal S.A,Jindal Stainless Limited.,Outokumpu OYJ,Sandmeyer Steel Company,Sandvik AB.,Schmolz + Bickenbach Group,Thyssenkrupp AG,Guangxi Chengdu Group

Growing demand for steel and stainless steel scrap will create growth opportunities for the global stainless steel market

Stainless steel comprises of nickel and chromium that makes it’s recycling economically viable. The stringent policies introduced by the government authorities of various countries has led to the environmental considerations of material selection for specifiers. Stainless steel has proven to be an excellent environmental performer due to its valuable raw materials and 100% recyclability. Major leading countries like China, Japan, India, and many others have been implementing the idea of the collection of stainless steel scrap as it is 100% recyclable.

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