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Global Stainless Steel Industry Report: by End Use; Country Overview; Recent Events; Value Chain Analysis; Production Process; Trade Analysis; Market Dynamics: Drivers & Constraints, Industry Events, Innovations & Trends, SWOT Analysis, Porter’s Five Forces; Industry Best Practices: Sourcing Strategy, Procurement Model, Contract Structure, Negotiation Levers, Pricing Model; Key Supplier Analysis, 2022-2027

Stainless Steel Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Stainless Steel market reached a value of about 50.74 MMT in 2021. The industry is projected to grow at a CAGR of around 2.8% in the forecast period of 2022-2027 to reach a value of about 59.88 MMT by 2027.

The global Stainless Steel industry report comprehensively analyses the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. Stainless steel is a type of iron alloy that contains a minimum of 10% chromium, is corrosion resistant, has high toughness and ductility, and requires less maintenance. As a result, it may be used in a wide range of applications across various sectors.  In the industry report, the critical demand indicator is the highest category spender by region—Asia Pacific.

Industry Definition and Segmentation

Stainless steel, often known as rustless steel, is an alloy that belongs to the corrosion-resistant family of alloys with a chromium content of 10.5 percent or more by mass. The chromium in stainless steel creates a passive layer, a chromium-rich oxide film that inhibits corrosion. It is an iron alloy, also known as inox steel or inox. The Stainless Steel industry report comprises segments by end-use (Consumer Goods & Medicals, Chemical, Petrochemical & Energy, ABC & Infrastructure, Automotive & Heavy Transport, Industrial & Heavy Industry) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).

North America, Europe, Asia Pacific, Middle East & Africa, and South America Regions are Driving the Growth of the Industry

Increasing vehicle manufacturing, particularly in the Asia Pacific, the Middle East, and South America, is a significant driving force for the stainless steel market. Due to the rising end-use sectors such as automotive, construction, and consumer goods, China is one of the world's largest manufacturers and users of stainless steel products. Increased use of chemical/petrochemical products, medical items, energy, consumer goods, and heavy and vehicle transportation is driving the market. Russia, France, and Brazil have a low maturity. Due to the various properties of the material, such as being corrosion-resistant, having high toughness and ductility, and requiring less maintenance, it is being widely employed in a wide range of items like cookware, showpieces, and stoves, which is driving the market growth. The growing use of the product in the construction sector is primarily boosting the industry's expansion. Various infrastructure and building sites need a large amount of stainless steel to improve the structure's visual appeal and corrosion resistance. The need for buildings and infrastructure is anticipated to rise due to rapid urbanisation and a growing global population.

However, substitutes like carbon fibres are increasingly being used for stainless steel in the automobile sector, which may hinder the market's growth.

Best Procurement Practices

The global Stainless Steel industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Stainless Steel regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

In an electric arc furnace, scrap metals and additives are melted together to make stainless steel. The EAF warms the metals over several hours using high-power electrodes to generate a molten, fluid slurry. Carbon contributes to iron's hardness and strength. Calibration and reduction of carbon content to the right level are required before casting molten stainless steel. Foundries can manage carbon content in two methods. Argon Oxygen Decarburization is the first method (AOD). The carbon content of molten steel is reduced by injecting an argon gas combination with minimum loss of other critical constituents. Vacuum Oxygen Decarburization is another technique employed (VOD). This procedure involves transferring molten steel to a separate chamber where oxygen is introduced into the steel while applying heat.

A vacuum is subsequently used to remove the vented gases from the chamber, lowering the carbon level even more. After lowering carbon, the temperature and chemistry are finally balanced and homogenised. The foundry must now produce the rudimentary form utilised to cool and work the molten steel. This procedure, which is carried out at temperatures greater than the steel's recrystallisation temperature, aids in setting the steel's rough physical dimensions. Precise temperature control maintains the steel pliable enough to operate throughout the procedure without affecting the structure. Cold rolling is a precise process below the steel's recrystallisation temperature. The steel is shaped using multiple supporting rollers. Most steel undergoes an annealing process after it has been rolled. These cycles aid in the softening of steel and alleviating internal stress. Descaling or pickling is a method of removing scale that involves either acid baths (acid pickling) or controlled heating and cooling in an oxygen-free environment. After the steel is processed and ready, the batch is cut to order specifications and shipped to the buyer.

Substantial Demand from Automotive and Other Industries, Further Driving the Procurement of Stainless Steel

A significant growth driver for the industry is expected to be a rise in demand for stainless steel from downstream industries such as construction, consumer goods, agriculture, and processing. The change from conventional uses such as consumer products, building, and architecture to general use in sectors like railway, car, and transportation is propelling the industry even further due to the rising movement from conventional to modern technologies for cost reductions in the steel-making process. Aside from that, the manufacturer's increased expenditure in research and development has aided in developing innovative procedures for improving the qualities of stainless steel. The worldwide stainless steel market now offers fresh growth opportunities.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Stainless Steel Industry Report

  • POSCO 
  • Acerinox S.A. 
  • AK Steel Holdings Corporation 
  • Outokumpu Oyj 
  • Aperam S.A.

Market Landscape

The information presented above is only about the firms' concentration on the stainless steel market. Expansions, acquisitions, partnerships, and new product development are the primary development strategies these companies use to expand their business into new markets. They've also been concentrating on strategies such as organic and inorganic growth, as well as contracts and investments.

Key Initiatives by Companies

  • Nippon Steel & Sumitomo Metal Corporation (NSSMC), a prominent stainless steel producer, formed a strategic relationship with Sumitomo Corporation and BP Exploration (Epsilon) Limited of Oman (BP Oman) to supply Oil Country Tubular Goods in July (OCTG). The stainless steel market in the region is expected to develop due to this.
  • In April, the firm was awarded a contract to install heavy-duty stainless steel at Kimitsu Works (Kimitsu, Chiba Prefecture) to improve the supply system for ultra-high-tensile steel sheets.

1.    Executive Summary
2.    Global Stainless Steel Market Snapshot

    2.1.    Stainless Steel Market Outlook
    2.2.    Stainless Steel Industry Analysis by End Use
        2.2.1.    Consumer Goods & Medicals
        2.2.2.    Chemical, Petrochemical & Energy
        2.2.3.    ABC & Infrastructure
        2.2.4.    Automotive & Heavy Transport
        2.2.5.    Industrial & Heavy Industry
    2.3.    Regional Overview
        2.3.1.    North America
        2.3.2.    Europe
        2.3.3.    Asia Pacific 
        2.3.4.    Latin America
        2.3.5.    MEA
3.    Impact of Recent Events 
4.    Stainless Steel Value Chain Analysis 
5.    Stainless Steel Production Process
6.    Trade Analysis 
7.    Major Risk Factors in Sourcing
8.    Stainless Steel Cost Structure
9.    Stainless Steel Price Analysis 
10.    Key Demand Indicator Analysis
11.    Key Price Indicator Analysis
12.    Stainless Steel Market Dynamics

    12.1.    Drivers & Constraints
    12.2.    Industry Events 
    12.3.    Innovations & Trends
    12.4.    SWOT Analysis
    12.5.    Porter’s Five Forces
        12.5.1.    Buyer Power
        12.5.2.    Supplier Power
        12.5.3.    Threat of New entrants
        12.5.4.    Threat of Substitutes
        12.5.5.    Industry Rivalry
13.    Industry Best Practices
    13.1.    Sourcing Strategy
    13.2.    Procurement Model
    13.3.    Contract Structure
    13.4.    Negotiation Levers
    13.5.    Pricing Model
    13.6.    Key Factors Influencing the Quotation 
14.    Key Supplier Analysis
    14.1.    POSCO 
    14.2.    Acerinox S.A.
    14.3.    AK Steel Holdings Corporation
    14.4.    Outokumpu Oyj
    14.5.    Aperam S.A.

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Key Questions Answered in the Report

The global Stainless Steel market size was valued at 50.74 MMT in 2021.

As per the application provided, the metal product segment is anticipated to lead the market between the period 2022 – 2027.

The significant demand for stainless steel in the construction sector is one of the essential drivers of the Stainless Steel market growth.

POSCO, Outokumpu, Acerinox S.A., Nippon Steel Corporation, and Aperam S.A. are some of the leading companies in the market.

The Asia Pacific of the Stainless Steel industry holds a significant share in the market.

Analyst Review

The global Stainless Steel market attained a value of 50.74 MMT in 2021, driven by the increasing employment of the product in the construction sector for manufacturing. It is also widely applied in the production of many items like kitchenware, etc., furthering the industry's expansion. Aided by the product's properties, it finds use in a wide range of industries like automotive, railway, etc., to produce various parts. Owing to the following factors, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 2.8%. The market is projected to reach 59.88 MMT by 2027.

Procurement Resources’ detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses a combination of cutting-edge analytical tools and their expertise thus, delivering its customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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