LONDON--(BUSINESS WIRE)--Technavio's latest market research report on the global stainless steel market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global stainless steel market will grow at a CAGR of more than 5% during the forecast period. The increase in consumption of high-strength stainless steel is a major factor driving the market's growth.
The use of high-strength stainless steel has been increasing because of the high strength of this steel at both room and high temperatures. It provides higher fatigue strength and added toughness to steel products. The consumption of high-strength stainless steel is gaining pace in architectural, industrial, and consumer applications. The use of high-strength stainless steel has increased because of its superior qualities such as affordable cost and high strength-to-weight ratio. Some of the factors that will augment the sales of high-strength stainless steel during the forecast period are strategic positioning and branched out product portfolios.
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In this report, Technavio highlights the growing demand for steel and stainless steel scrap as one of the key emerging trends driving the global stainless steel market:
Growing demand for steel and stainless steel scrap
The use of scraped steel and stainless steel around the world is increasing as it helps in reducing the carbon footprint. The recycling of steel and stainless steel scrap enhances the industry's economic viability and reduces the environmental impact by reducing the need for iron ore extraction for stainless steel production. This substantially reduces the CO2 emissions, minimizes energy and water consumption, and lowers the air pollution. On an average, 1.79 metric tons of CO2 is saved for each metric ton of scrap steel. Thus, steel and stainless steel scrap have become the preferred choice of raw materials for stainless steel producers.
"Iron ore and steel or stainless steel scrap can be used alone or in combination with other raw materials for the preparation of stainless steel. The demand for steel and stainless steel scrap is highly affected by the fluctuating prices of iron ore. Owing to an increase in the electricity and energy costs, manufacturers have started using steel and stainless steel scrap as the primary raw materials to decrease their overall cost of production," says a senior analyst at Technavio for research on metals and minerals.
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Global stainless steel market segmentation
This market research report segments the global stainless steel market by product form (cold rolled flats, hot coils, hot bars or wire rods, cold bars or wire rods, hot plates and sheets, semis long, and semis flat), by end-user (metal products, mechanical engineering, automobile and transportation, infrastructure and construction, and electrical engineering), and key regions (the Americas, APAC, and EMEA).
Cold rolled flats and hot coils are the major product forms in the market. They occupy three-fourths of the total market share of the global stainless steel market. Cold rolled flat stainless steel products include coils, sheets, and strips. Rolled sheets made of stainless steel are extensively used for industrial and consumer applications. They find applications in refrigerators, automobiles, washers, electric motors, and other home appliances.
APAC was the leading region for the global stainless steel market in 2017, accounting for a market share of around 70%. This region is anticipated to witness tremendous growth during the forecast period.
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