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Stainless steel laser-cut knight by JSR (UK)

Stainless steel growth drivers

High corrosion resistance, elasticity and ductility make stainless steel one of the most preferred materials for application in various end-use industries. Recent market analysis by ESOMAR-certified consulting firm Future Market Insights (FMI) reports that the stainless steel market is poised to expand at a steady 5.5% CAGR through to 2031.

“Stainless steel has applications in industries including construction; automotive; chemical; oil & gas; power generation; and food and beverage. Ongoing expansions in these industries are promoting demand for stainless steel, thereby augmenting market growth. Besides this, increasing sales of cookware and cutlery products, and home appliances, will boost sales in the market. Owing to its corrosion-resistance feature, stainless steel is actively used in pumps, valves, piping systems and storage tanks, which are prevalent in various manufacturing and production facilities,” said the analyst.

In addition, applications of stainless steel in the renewable energy industry are anticipated to rise exponentially. Due to greenhouse gas emission concerns, several countries are resorting to renewable energy sources. Stainless steel is used in the production of geothermal, solar and wind power plant equipment.

FMI's survey expects austenitic stainless steel to account for 3/4 of the total market share, owing to properties such as wear and tear resistance and high tensile strength. Industries such as petrochemical and oil & gas industry are increasingly generating demand for austenitic stainless steel. The U.S. market is also anticipated to experience high demand for stainless steel during the forecast period.

"Rising applications of stainless steel in high growth potential end-use industries will provide lucrative growth opportunities for players in the market through to 2031. Against this backdrop, focus on innovations will be at all-time high in the coming years, as manufacturers aim at customising solutions as per the specific requirements of industries," concluded the analyst.

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