Austenitic stainless steels to account for more than 3/4 of global sales by 2031 - Shandong Jiugang Tisco Steel Co., Ltd.

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Austenitic stainless steels to account for more than 3/4 of global sales by 2031

Rapid urbanisation, coupled with technological advances, will continue to strengthen the sales outlook for the stainless steel market. future Market Insights (FMI) forecasts that sales of austenitic stainless steel will remain particularly high over the forecast period. In addition to type, it provides information on the main factors driving growth in all market segments, such as shape and end use.

Stainless steel has applications in the construction, automotive, chemical, oil and gas, power generation and food and beverage industries. The continued expansion of these industries is driving the demand for stainless steel, thereby increasing market growth.

Similarly, increased sales of cookware, cutlery and household appliances will boost the market. Due to its corrosion resistance, stainless steel is actively used in pumps, valves, piping systems and storage tanks, which are prevalent in various manufacturing and production facilities.

In addition, the application of stainless steel in the renewable energy industry is expected to increase exponentially. Due to concerns over greenhouse gas emissions, some countries are turning to renewable energy sources. Stainless steel is used in the production of geothermal, solar and wind energy equipment. This factor will largely boost sales in the stainless steel market.

According to an IMF survey, austenitic stainless steel is expected to account for 3/4 of the total market share due to its properties such as tear resistance, wear resistance and high tensile strength. demand for austenitic stainless steel is increasing in industries such as petrochemicals, oil and gas.

Key points
Steel industry
Austenitic stainless steels will dominate the material type segment of the stainless steel market.
The tubular segment is expected to gain the largest revenue share due to increasing applications in the petrochemical, food and beverage industries.
Industrial machinery is expected to drive the end-use segment. High demand can be attributed to various applications in power generation and manufacturing.
The stainless steel market in the US is expected to witness a significant growth trend due to the prevalence of mature end-use industries.
Continued expansion of the automotive industry will drive stainless steel sales in Italy.
Sales of stainless steel are expected to gain momentum in India due to increased urbanisation and the growth of the heavy engineering industry.
Rapid growth in the consumer goods sector, particularly in white goods, will boost stainless steel sales in Japan.
Important drivers
Technological advancements in stainless steel production will shape the market’s sales prospects.
Rising demand from the petrochemical, renewable energy, and oil & gas industries will create profitable growth prospects for the market.
Increasing demand from various end-use industries will further boost sales in the stainless steel market.
Competitive environment
According to IMF’s analysis, key players operating in the stainless steel market are focusing on research and development to innovate new technologies to support product enhancements. Expanding and customising their product portfolio to meet the needs of end users will further help them gain a strong foothold in the market.

In addition to these strategies, mergers, acquisitions and partnerships are also helping companies to expand their global footprint in the market. For example.

In March 2021, ArcelorMittal’s XCarb Innovation injected US$25 million into Form Energy. Through this investment, the company partnered with Form Energy to supply Form Energy with production materials for battery production.
In July 2021, Hyundai Steel announced the establishment of a mass production system for nickel-plated steel sheets to streamline the supply of cryogenic steel to its corporate customers.

More on the stainless steel market from FMI
FMI’s latest research report on the stainless steel market provides a detailed breakdown for the forecast period 2021-2031. To better understand the potential, growth, trends and opportunities in the global market, the market has been segmented on the following basis.

Austenitic Stainless Steel
Ferritic stainless steel
Duplex stainless steel
Martensitic stainless steels
Precipitation hardening stainless steel
Flat products
Long wire products
Tubular products
End use
Building and construction
Mechanical and industrial components
Automotive and transport
Household appliances
Kitchen utensils and tableware
Surgical and medical tools
So far we have talked about the future of austenitic stainless steels. High corrosion resistance, elasticity and ductility make stainless steel one of the most popular materials for applications in a variety of end-use industries. We hope you have found this information interesting and useful!



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