The global stainless steel market is expected to grow at a significant CAGR of over 5% during the review period. Flat-rolled stainless steel finds a broad range of applications in the construction, automotive, medical, marine, and capital & consumer goods industries due to its superior properties such as corrosion resistance, high strength, and low maintenance. The global demand is primarily driven by increased spending on residential construction activities globally. However, the increasing use of plastics, aluminum, and magnesium in automobiles to reduce the weight of the vehicles is likely to affect the demand for flat-rolled stainless steel.
The global flat-rolled stainless steel market has been segmented by product type, application, and region.
On the basis of product type, the global market has been divided into hot/cold-rolled coil, hot/cold-rolled strips, hot/cold-rolled sheets, plates, and others. The demand for hot-rolled coils is increasing at a significant rate due to its widespread use in applications including water heaters, boilers, medical equipment, automobile parts, buildings, marine components, and kitchen utensils. Cold-rolled coils find extensive use in construction, consumer goods, and medical equipment applications.
Hot/cold flat-rolled stainless steel sheets are used in the industrial sector in processing equipment for food, medical device, chemical, petrochemical, and power transmission industries. The growth of the consumer goods and medical industries is likely to drive the demand for hot/cold flat-rolled stainless steel strips. Hot/cold flat-rolled stainless steel strips are used in the manufacturing of knives, forks, and scissors, among others.
By application, the global market has been divided into construction, automotive, capital & consumer goods, marine, medical, and others. Construction application segment accounted for the largest market share in 2018. The market growth is primarily driven by expanding construction industry on account of increased spending on residential construction activities across the globe. In addition, the rapid growth of the major end-use industries such as chemical processing, automotive, medical, consumer goods, and marine in the developing nations is also expected to drive the market growth at a significant rate.
The key players operating in the global flat-rolled stainless steel market include Shah Alloys (India), Danieli (Italy), Alliance Steel (US), Metals USA (US), Con-Tech International USA (US), Yieh Corp (China), ATI (US), North American Stainless (US), Metalwest (US), Marfin (Italy), Acerinox S.A. (Spain), and Outokumpu (Finland).
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The global flat-rolled stainless steel market has been studied with respect to five key regions—North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa. The market in Asia-Pacific accounted for the largest share of the global flat-rolled stainless steel market and is expected to be dominant during the review period on account of expanding industrial base in developing countries such as India, Malaysia, Thailand, Indonesia, and Australia.
Europe is also expected to be a prominent market on account of the expanding construction industry in the region.
The market in North America is likely to witness healthy growth on account of increasing demand for flat-rolled stainless steel in the construction and medical industries.
The markets in Latin America and the Middle East & Africa are likely to register healthy CAGRs on account of increased spending on automobile manufacturing and residential & commercial construction.