Significant growth in stainless steel demand is expected by 2024

According to a new study published by OrbisResearch, the global stainless steel market will reach $ 127.19 billion by 2024. The report says stainless steel will be used more widely in a wider range of applications across a variety of industries, including construction, transportation, industrial equipment, home appliances, hardware and electronics. The report also includes research on market leading companies.

According to the report, the use of stainless steel will see huge growth in the construction, infrastructure, automotive and petrochemical industries. The growth of the infrastructure sector will be mainly driven by rapid urbanization and improved living standards. Investment in construction and infrastructure is expected to improve in the coming years. Together, these two sectors have provided an 8% growth in long products demand over the past few years.

The report notes tremendous growth in stainless steel products in the petrochemical and related industries. Growing energy consumption across the globe is likely to lead to increased exploration and production of oil, which in turn could lead to increased demand for stainless steel. Stainless steel is used in pressure valves, heat exchangers, cracking furnaces, tanks, chemical tankers and process piping. The industry also uses stainless steel in the construction of subsea systems, offshore platforms and LNG carriers.

The use of stainless steel in the automotive industry is expected to report the highest growth rates from 2016 to 2024. Stainless steel is widely used in the industry for the production of car doors, bus bodies, exhaust systems, engine shafts, mufflers, etc.

The leading market players in the global stainless steel industry in 2015 were POSCO, Acerinox, Baosteel, Aperam and Outokumpu. The report also features other key companies such as Jindal Steel, Nippon Steel & Sumitomo Metal, RTI Industries, Sandmeyer Steel, Sandvik Materials, Schmolz + Bickenbach AG, ThyssenKrupp, and Viraj