Stainless steel exhibits superior corrosion resistance, and high strength and durability and is expected to witness growth on account of its growing applications in the automotive, construction and food & beverage industries. Growing demand for stainless steel for manufacturing cooking utensils due to its sterile property and lightweight is expected to drive market growth over the forecast period. Increasing demand for stainless steel in electronic and healthcare industries is expected to have a positive impact on market growth in the near future.
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Asia Pacific is expected to be one of the most promising markets on account of automotive industry growth in China, India, Malaysia and Indonesia. Increased expenditure on infrastructure improvement by governments of China and India is anticipated to drive the stainless steel market over the forecast period. Food & beverage industry growth in Saudi Arabia and Brazil is expected to have a positive impact on stainless steel market in the near future. Governments of Middle East have started reducing their reliance on the domestic energy sector and are aiming to promote construction and automotive industries, which is likely to open new market avenues over the forecast period.
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Key market participants include Nippon Steel & Sumitomo Metal, POSCO Steel, Mirach Metallurgy Co., Outokumpu, Redifoils LLC, Sandmeyer Steel and Schmolz+Bickenbach AG. In September 2014, POSCO Steel developed a new corrosion resistant stainless steel, aimed at producing steam condensers in nuclear power plants. Decreasing prices of stainless steel in China and India is likely to affect revenues of market players in the near future. Emergence of Mexico and Brazil as an automotive hub on account of growing domestic demand and low manufacturing cost than U.S. and European Union countries is expected to open new market opportunities over the forecast period.
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