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Steel is an iron and carbon alloy. Stainless steels comprise carbon and chromium, as well as other alloy components. The content of chrome offers corrosion resistance to stainless steel, facilitating the healthy and progression of a surface layer of chromium oxide. A precision stainless steel product can be defined by its density and metallurgical status. The properties of specific stainless steel apply mainly to their thickness, hardness ranges, width tolerance, toughness tolerance of the entire sheet, finished surface, surface roughness tensile strength and its edge conditions.
The demand for precision stainless steel is growing as the construction sector is increasing due to the tremendous expansion of the population. Precision stainless steel is ideally suited for rising demand for incalculably powerful and robust material in the construction sector. It ensures a robust construction that is a major factor in the construction industry, thereby boosting the market growth. However, the replacement of steel with other cost-friendly and lightweight materials is expected to restrain the market for precision stainless steel.
Key Market Driver -
Strong adoption of stainless steel drives the market.
Key Market Restraint -
Replacement of steel with other alternate materials confines the industry growth.
Based on product type, the market for precision stainless steel is further segmented into cold drawn and hot rolled. Based on application, the market for precision stainless steel is further segmented into automotive and transportation, heavy industry, consumer goods, buildings and construction, others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global precision stainless steel market is fairly fragmented, with a number of global & regional players operating. Some of the key players in the precision stainless steel market includes Baosteel Group., Ltd, Nippon Steel Corporation, ArcelorMittal SA, JSCMS, Aperam, Kobe Steel, Ltd., Outokumpu, Acerinox S.A, Ulbrich Stainless Steels and Special Metals Inc., AK Steel Corporation, and others
In terms of Geography, the precision stainless steel market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of both consumption and output the Asia-Pacific region dominates the precision stainless steel market. Due to recent growth in advanced economy such as China and South Korea's manufacturing and infrastructure sectors. China is attributed to being the leading market in precision stainless steel’s manufacturing and utilization. The European market is expected to grow due to the availability of the huge automobile base in Europe. Germany is projected to be the global leader on the European stainless steel precision market. Electricity and processing industries endlessly drive Russian growth of the market during the forecast period. GCC countries having massive infrastructure projects assure great opportunities for the precision stainless steel market. The industry is likely to witness outstanding demand from the Middle East and Africa, due to Turkey 's growing production and sales of automotive precision components. Brazil is considered to be a leading country on the Latin American market in the manufacture, and distribution of precision steel products. The construction and transportation industries are main contributors to Latin American precision stsinless steel industry growth worldwide.
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