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Stainless Steel Alloys Market Segmented By Product Type such as Austenitic, Ferritic, Martensitic in Hot/Cold Bars, Hot Coils Product Form
Stainless steel alloy is also known as stainless steel or inox steel. The stainless steel alloy is a metal alloy that contains a minimum 10.5% chromium & maximum 30% chromium and are more resistant to corrosion than normal steels. Stainless steel alloy is a metal which looks bright owing to its high light reflecting properties and exhibits high resistance to stain and oxidation in air at ambient temperatures.
Composition of stainless steels alloy can vary from a simple alloy of iron and chromium to complex alloys containing nickel, chromium, and various other elements in small quantities.
The properties of stainless steel such as corrosion resistance, tensile strength, and aesthetic appearance are expected to propel the market growth from end-use industries namely automotive and transportation and infrastructure & construction. The increasing government regulations towards carbon emissions estimated to create demand for stainless steel in manufacturing of automobiles, white goods and other equipment.
As the stainless steel is recyclable, the material is favoured to be used an alloy which is widely used in the construction of bridges, buildings, and other architectural structures. However, oversupply of steel, demand slowdown in manufacturing sector, escalating raw material prices, increasing use of aluminium and carbon fibers as a viable substitute, owing to its advantages such as fuel efficiency, durability, and performance, in automotive component are expected to restraint the demand of stainless steel alloy in the future.
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North America is estimated to dominate the stainless steel alloys market, growing adoption of stainless steel in oil & gas industry for off-shore oil rigs in the region. Asia Pacific is expected to create significant growth opportunity for the stainless steel alloys market as the region has presence of huge raw material reserves in various countries in Asia Pacific and infrastructural development including shopping malls, highways, railways, and airports is projected to boost the market in near future.
Europe is accounts for significant share in the global market, due to growing automotive sector in countries such as Germany is forecast to assist the regional demand. Europe is expected to follow by Asia Pacific region. Latin America and Middle East & Africa region are expected to have a sluggish growth in the global stainless steel alloys market
Globally, the stainless steel alloys market is found to be moderately fragmented in nature owing to the presence of a large number of players. Manufacturers of stainless steel alloys are focusing on expanding their business through acquisitions and collaborations with other market players.
For instance, on 7th November, 2019, Acerinox, S.A. acquires VDM Metals, a prominent producer of specialty alloys in Germany. This acquisition help Acerinox to grow into new markets with tailor-made projects and solutions and higher added value materials.
Some of the key players involved in the stainless steel alloys market include Aperam S.A., Bristol Metals LLC, RTI Industries, Nippon Steel Corporation, Sandvik AB, ArcelorMittal S.A., Thyssenkrupp AG, Jindal Stainless, Outokumpu OYJ, Pohang Iron and Steel (Posco), JFE Holdings, Inc., Acerinox S.A, Mexinox, Sandmeyer steel company, Schmolz + Bickenbach AG, Ta Chen International, Guangxi Chengde Group, among others.
The research report presents a comprehensive assessment of the stainless steel alloys market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to stainless steel alloys market segments such as product type, grade, product form, and application.
The market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on stainless steel alloys market segments and geographies.