- Stainless steel, also known as inox steel or inox, is a rust proof, corrosion resistant and high strength steel. The types of stainless steel include ferritic, austenitic and martensitic. The stainless steel market is observing considerable growth. This is owing to the outstanding properties of stainless steel and rising demand for the same from consumer industries, such as automotives, food and beverages and construction.
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The pivotal factors driving the stainless steel market are rising demand for manufacturing engines and exhaust systems for cars. Increasing demand for household appliances and electronics also propels the market. However, volatility in the prices of raw materials and high cost stainless steel are likely to restrain the market over the forecast period.
The stainless steel market can be bifurcated into applications and geographies. The market, on the basis of applications, can be segmented into architecture, consumer hardware, automotives, aerospace, pharmaceuticals and construction. Consumer hardware was the largest application of stainless steel and is expected to provide impetus to the market.
This is as a result of usage of stainless steel in electronic devices over the forecast period. The increasing automotives and construction sectors are also anticipated to propel demand for the stainless steel market. Globally, Asia Pacific dominated the stainless steel market. This is due to increasing packaging, automotive and construction activities in the region.
The rapidly growing food and beverage industries in Asia Pacific are projected to propel further demand for the stainless steel market. ROW (rest of the world) has shown imperative expansion over the past. This is due to rising building and infrastructure activities, particularly in Argentina, Brazil, Columbia and Chile.
Information Source: Grand View Research
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