Increasing use of product in construction of residential and non-residential building in Mexico, China, India, Japan and Middle East countries are major factor driving product demand. It offers properties including ductility, fire resistance, toughness and high strength, which intensify its usage in construction of pipeline, buildings, ships and bridges. Structural steels have extensive application in construction, transmission line towers and manufacturing sheds.
Growing demand from end-use industries is also estimated to boost the market over the forecast period. The market is expected to witness high growth owing to a substantial increase in automobile and building and construction industries.
Rising demand for automobiles in developing economies, such as India and China, is likely to be a key driver for the market. In addition, regulations concerning food safety are expected to fuel industry growth.
Grade is referred to as food grade stainless steel and it is majorly used in manufacturing utensils and machinery used in kitchens. Properties such as corrosion resistance, tensile strength, and aesthetic appearance make stainless steel an essential raw material in the automobile industry.
It is used in the manufacturing of components such as springs, hose clamps, and exhaust systems. The exceptional weldability and formability characteristics have facilitated its high utilization in lightweight vehicles. Grades, and are used in construction and heavy industry applications due to high corrosion resistance.
Chinese government policies are aimed at rationalizing excess capacity of stainless steel plants in the region, which in turn, is likely to affect the stainless steel industry dynamics over the forecast period. The growth in automotive and construction industries is attributed to increasing buying power and change in lifestyle of the people in the country.
Carbon fibers are widely replacing stainless steel in the automotive industry due to properties such as high strength, lightweight, and load-bearing capacities. Rising importance of lightweight vehicles to improve performance of automobiles has made carbon fiber the most desired material.
Increasing use of carbon fiber is estimated to restrain the growth over the forecast period.
There has been a growing trend among automakers to form partnerships with carbon fiber manufacturers. In addition, Ford Motors has been working with Dow Chemical to develop efficient ways to bring carbon fiber to the industry.
Grade Insights The stainless steel market has been categorized into four significant grades based on alloy composition: Cr-Ni alloy, also known as series, accounted for The series grade exhibits high temperature resistance in comparison to the series and this is expected to drive demand over the forecast period.
It is used for manufacturing equipment such as containers, sterilizers, milking machines, homogenizers, and storage and hauling tanks, along with railroad cars, milk trucks, valves, piping, fermentation vats, and yeast pans.
The series accounted for It has high carbon content, which gives it a martensitic crystalline structure. It is also prone to rust and corrosion at certain conditions. These factors are anticipated to boost the stainless steel industry growth over the forecast period.
In terms of revenue, the duplex series is likely to witness a CAGR of 6. Superior properties of this grade, such as high strength, low weight, and high corrosion resistance, particularly stress corrosion cracking, is anticipated to drive demand over the forecast period.
Product Insights Long and flat products are available in different forms such as bars, tubes, sheets, billets, ingots, and rods.View Trends, Analysis and Statistics.
attheheels.com offers immediate download access to top market reports on the Steel Industry. The market structure is organized according to key characteristics such as the number of firms in the market, the control over the price of the relevant product, the type of the product sold in the market, the barriers to new firms entering the market, and the existence of non-price competition in the market.
Market Structure: Oligopoly (Imperfect Competition) An example of a pure oligopoly would be the steel industry, which has only a few An example of an impure oligopoly is the automobile industry, which has only a few producers who produce a differentiated product.
The global structural steel market size was valued at USD billion in and is projected to grow at a CAGR of % from to Strong recovery of construction industry in developed markets of the U.S., Germany and UK is a key factor driving market growth.
Industry Insights. The global structural steel market size was valued at USD billion in and is projected to grow at a CAGR of % from to Market Structure: Oligopoly (Imperfect Competition) I.
Characteristics of Imperfectly Competitive Industries A. Monopolistic Competition An example of a pure oligopoly would be the steel industry, which has only a few .