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Stainless steel sheets are used in a variety of industries from making containers for the food industry to surgical equipment for the healthcare industry. The excellent resistance to chloride corrosion makes it a suitable option for marine applications. Low carbon grade is commonly used in watch manufacturing. It is non-combustible and improves protection in the event of lightning strikes or other sources of fire. Besides, it also eliminates internal structural reinforcement requirements, reducing material and labor costs.
Rapid growth in end-use consumption especially from the construction & infrastructure industry has led to the increased demand for stainless steel sheets. This is because stainless steel sheet is extensively used in the construction of bridges, buildings, railways, and highways. Steel sheets are a long-lasting building material that can be used directly in the construction process. Significant growth in the construction sector and the increasing use of environmentally sustainable materials are therefore driving the market growth. However, the availability of alternative materials hampered the growth of the market. For instance, in new building projects, engineered timber and metal composites are becoming more prominent owing to their advanced properties.
Based on type, the stainless steel sheet market for is segmented into 304 Stainless Steel sheets, 310 stainless steel sheets, 2-316 stainless steel sheets,and others. Based on application, the market is further segmented into construction, manufacturing and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Market Driver -
Significant growth of the construction industry is driving the market growth
Key Market Restraint -
Availability of substitutes have restrained the market growth.
The global & regional players operating in the stainless steel sheet market includes POSCO, Aperam, Yieh United Steel Corp., Tsingshan Holding Group Shanghai International Trading Co., Ltd., Nippon Steel, Outokumpu, Acerinox, Beihai Chengde, Libyan Iron and Steel Company, Tata Steel Ltd, Baowu and others.
In terms of both consumption and output, Asia Pacific dominates the stainless steel sheet market. The rising demand in emerging economies such as China and india is propelling the significant market growth. Moreover, rising urbanization, disposable income, and foreign direct investment in the region is boosting the development of infrastructure, which consumes a significant quantity of stainless steel sheets. The stainless steel sheet industry is expected to see significant growth in North America owing to developments in the resurgent construction industry. High standards of living of the people, has lead to the revival of construction projects. Western Europe dominates the market in the European region on the back of countries such as Germany, UK, Italy, France, and Spain. High commercial activities and strong manufacturing operations in the region aids to the market growth. GCC countries account for a prominent share in the Middle East & Africa region on the back of its high infrastructural development projects.
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In November 2019, POSCO, a leading steel-making company, based in South Korea, unveiled a luxury brand of steel products, namely INNOVILT. This new launch was intended to help the company in improving the quality of steel products for construction and accelerate its production to reach the global markets.
In December 2019, ArcelorMittal, a Luxembourgish multinational steel manufacturing corporation completed the formation of Essar Steel India Limited. This company is a predominant steel sheet producer. This acquisition would enable the company to improve its market presence.
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