Stainless
steel, also known as inox steel
or inox, is a rust proof, corrosion resistant and high strength steel. The
types of stainless steel include ferritic, austenitic and martensitic. The
stainless steel market is observing considerable growth. This is owing to the
outstanding properties of stainless steel and rising demand for the same from
consumer industries, such as automotives, food and beverages and construction.
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The pivotal factors
driving the stainless steel market are rising demand for manufacturing engines
and exhaust systems for cars. Increasing demand for household appliances and
electronics also propels the market. However, volatility in the prices of raw
materials and high cost stainless steel are likely to restrain the market over
the forecast period.
The stainless steel
market can be bifurcated into applications and geographies. The market, on the
basis of applications, can be segmented into architecture, consumer hardware,
automotives, aerospace, pharmaceuticals and construction. Consumer hardware was
the largest application of stainless steel and is expected to provide impetus
to the market.
This is as a result
of usage of stainless steel in electronic devices over the forecast period. The
increasing automotives and construction sectors are also anticipated to propel
demand for the stainless steel market. Globally, Asia Pacific dominated the
stainless steel market. This is due to increasing packaging, automotive and
construction activities in the region.
The rapidly growing
food and beverage industries in Asia Pacific are projected to propel further
demand for the stainless steel market. ROW (rest of the world) has shown
imperative expansion over the past. This is due to rising building and infrastructure
activities, particularly in Argentina, Brazil, Columbia and Chile.
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