Long Stainless Steel Market to Grow with a CAGR of 5.50% through 2028
Increasing demand from the automotive industry and
rising demand from the construction industry are likely to drive the market in
the forecast period.
According to TechSci Research report, “Long
Stainless Steel Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Long Stainless Steel Market
stood at USD 39.51 billion in 2022 and is anticipated to grow with a CAGR of 5.50%
in the forecast period. Infrastructure development and construction projects
serve as a significant driver of the global long stainless steel market.
Stainless steel is highly favored in the construction industry due to its
exceptional properties, including corrosion resistance, strength, and
durability. In infrastructure projects
such as bridges, tunnels, high-rise buildings, and transportation systems,
stainless steel is used extensively for structural components, reinforcement,
and architectural finishes. Its resistance to harsh environmental conditions
ensures the longevity and safety of these structures, reducing maintenance
costs over time. The global trend toward urbanization and the need for
modernization of existing infrastructure continue to drive robust demand for
long stainless steel products. Additionally, sustainable construction practices
increasingly emphasize the use of materials that minimize environmental impact,
and stainless steel aligns with these objectives due to its recyclability and
long lifespan. As governments worldwide invest in infrastructure to stimulate
economic growth and improve quality of life, the demand for long stainless
steel products remains strong. This driver contributes significantly to the
stainless steel market's growth, shaping the industry's dynamics and
innovation.
The automotive industry plays a crucial role in
driving the global long stainless steel market. Stainless steel is a preferred
material in automotive manufacturing due to its unique combination of
properties, including corrosion resistance, high-temperature tolerance, and
strength. Stainless steel finds extensive use in various automotive components,
such as exhaust systems, decorative trim, and structural elements. Its ability
to withstand harsh conditions, including exposure to road salt and extreme
temperatures, enhances the durability and performance of these components. With
growing consumer demands for fuel efficiency and environmental sustainability,
automakers are increasingly incorporating stainless steel into lightweight
vehicle designs. Stainless steel's lightweight properties can reduce vehicle
weight, contributing to fuel efficiency and reduced emissions. As the
automotive industry continues to evolve with the adoption of electric and hybrid
vehicles, the demand for stainless steel in battery enclosures and other
specialized components is expected to increase. Overall, the automotive
sector's reliance on stainless steel is a significant driver of the global
market, shaping product innovation and market dynamics.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Global Long
Stainless Steel Market.”
The Global Long Stainless Steel Market is segmented
into product, type, grade, application and region.
Based on type, The Austenitic long Stainless steel segment
had the largest market share in 2022 & expected to maintain in the forecast
period. Austenitic stainless steels, which primarily contain chromium and
nickel, offer exceptional corrosion resistance. This property makes them ideal
for applications in aggressive environments, such as marine, chemical, and food
processing industries. As industries worldwide prioritize corrosion resistance
to ensure product longevity and safety, the demand for austenitic stainless
steel remains high. Austenitic stainless steels are highly versatile and can be
used in a wide range of applications. They can be easily fabricated into
various forms, including bars, rods, wires, and structural sections, making
them suitable for diverse industries such as construction, automotive, and
manufacturing. Austenitic stainless steels maintain their strength and
corrosion resistance at elevated temperatures. This property is crucial in
applications like exhaust systems in the automotive industry and industrial
equipment subjected to high-temperature processes.
Based on application, The Building and Construction segment had
the largest market share in 2022 and is projected to experience rapid growth
during the forecast period. Stainless steel's exceptional resistance to
corrosion and rust is a critical factor in its popularity within the
construction sector. Buildings and structures are exposed to diverse weather
conditions and environmental elements, and stainless steel's ability to
withstand corrosion ensures the longevity and durability of these structures. Stainless
steel's high strength-to-weight ratio makes it an ideal choice for structural
components. It allows for the creation of robust structures without excessive
weight, enabling architects and engineers to design innovative and efficient
building systems. Stainless steel's sleek and modern appearance adds an
aesthetic dimension to architectural designs. It is often used for cladding,
façades, railings, and decorative elements that enhance a building's visual
appeal. Stainless steel's reflective surface also complements glass and other
materials commonly used in contemporary architecture. Stainless steel's
sustainability credentials align with the growing emphasis on environmentally
friendly construction practices. Its durability reduces the need for frequent
replacements and maintenance, minimizing the overall environmental impact.
Major companies operating in Global Long
Stainless Steel Market are:
- Nippon Steel Stainless Steel Corporation
- ArcelorMittal S.A
- China Baowu Steel Group Corp., Ltd.
- Jindal Stainless
- Outokumpu
- Aperam S.A.
- ThyssenKrupp AG
- Allegheny Technologies
- AK Steel Holdings Corporation
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“The Global Long Stainless Steel market is expected to
rise in the upcoming years and register a significant CAGR during the forecast
period owing to increasing demand from the automotive industry, growing demand
from the oil and gas industry, rising demand from the consumer goods industry
among others. The automotive industry is
one of the major end-use industries for long stainless steel. The increasing
demand for fuel-efficient and emission-compliant vehicles is driving the demand
for stainless steel in the automotive industry. This trend is particularly
evident in the Asia Pacific region, where the automotive industry is growing
rapidly. Additionally, The construction industry is another major end-use
industry for long stainless steel. The increasing demand for green buildings
and the need for corrosion-resistant materials is driving the demand for
stainless steel in the construction industry. This trend is evident in all
regions, but it is particularly strong in the Asia Pacific region, where the
construction industry is growing rapidly. Therefore, the market of Long
Stainless Steel is expected to boost in the upcoming years.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Long Stainless Steel Market –
Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Cold Rolled Flat,
Hot Plate & Sheet, Cold Bars & Wire, Hot Bars & Wire Rod, and
Others), By Type (Austenitic Long Stainless Steels, Martensitic Long Stainless
Steels, Ferritic Long Stainless Steels, Precipitation-Hard enable Long Stainless
Steels, Duplex Series), By Grade (200 Series, 300 Series, 400 Series, Duplex
Series), By Application (Automotive & Transportation, Building &
Construction, Consumer Goods, Heavy Industries, Metal Products, Other), By
Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Long Stainless Steel Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision-makers make sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the Global Long
Stainless Steel Market.
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