The global precision stainless steel market is looking forward towards growing on a steady note between 2022 and 2029, reaching US$ 3.2 Bn by the year 2029 at a CAGR of 3.4% from 2022 to 2029.The precision stainless steel market is likely to record 4.5% growth by the year 2025. Prominent verticals such as automotive, aerospace, building & construction, transportation, electronics and others are significantly dependent upon precision stainless steel to manufacture industrial components.
Due to its numerous applications and durable mechanical features, the demand for precise stainless steel solutions in the industrial industries has increased dramatically over the last couple of years.
The precise requirements of manufacturers are being met by a variety of precision stainless steel formats, including precision stainless steel coils, sheets, and foils. Precision stainless steel producers would have several opportunities to strengthen their market positions and broaden their commercial operations in the coming years.
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Precision Stainless Steel Market – Key Highlights
- Precision stainless steels market is anticipated to expand at a CAGR of 2.9% through 2029.
- Backed by expanding construction and automotive industry, East Asia will present lucrative opportunities through 2029.
- 0.1 mm steel segment is poised to remain the most preferred thickness type.
- Automotive segment will gain significant attention through the assessment period.
Precision Stainless Steel Market – Driving Factors
- Precision stainless steel tools find applications in foil market as well as electronic industries.
- Global revenue will increase as applications extend to automotive sectors for manufacturing advanced high strength steel.
- Demand for precision stainless steel tools in aerospace, construction and food & beverage have collectively created substantial opportunities for the players.
Precision Stainless Steel Market – Key Restraints
- Inconsistent and high price of raw materials poses a major threat to the market.
- Disruptions in supply chains due to the pandemic outbreak remains a key impediment.
Competitive Landscape
Global precision stainless steel market is fragmented in nature, and top players account for 40-45% of the global production. Key players operating in the market are focusing on expanding their reach globally, diversifying their product portfolio, upgrading their supplier and distributor networks and making rapid product development to a gain competitive edge.
- Hitachi Metals, in July 2019, confirmed about increasing their manufacturing capacity in Thailand and Vietnam alongside Furukawa Electric.
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Key Companies Profiled
- Baoshan Iron & Steel Co., Ltd
- AK Steel Corporation
- Acerinox
- Jindal Stainless Group
- Outokumpu Oyj
- Nippon Steel
- ArcelorMittal SA
- Hitachi Metals Neomaterial, Ltd
- Aperam
- NIPPON KINZOKU Co., Ltd
Key Segments Covered in Precision Stainless Steel Material Type
Material Type :
- Below 0.1 mm
- 0.1 mm to 0.4 mm
End-user :
- Food Industry
- Automotive
- Pharmacy
- Construction
- Industrial
- Aerospace
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation Trends
4. Precision Stainless Steel Market Demand Analysis 2014–2021 and Forecast, 2022–2029
4.1. Historical Market Precision Volume (tonnes) Analysis, 2014–2021
4.2. Current and Future Market Precision Volume (tonnes) Projections, 2022–2029
4.3. Y-o-Y Growth Trend Analysis
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