In November 2019, POSCO, a leading steel-making company, based in South Korea, unveiled a luxury brand of steel products, namely INNOVILT. Stainless Steel Sheet Industry Developments Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa).Latin America (Brazil, Mexico, and Rest of Latin America).Asia Pacific (Japan, China, India, South Korea, Southeast Asia and Rest of Asia Pacific).
Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe).To gain extensive insights into the market, Request for Customization GCC countries account for a prominent share in the Middle East & Africa region on the back of its high infrastructural development projects. High commercial activities and strong manufacturing operations in the region aids to the market growth. Western Europe dominates the market in the European region on the back of countries such as Germany, UK, Italy, France, and Spain. High standards of living of the people, has lead to the revival of construction projects. The stainless steel sheet industry is expected to see significant growth in North America owing to developments in the resurgent construction industry. Moreover, rising urbanization, disposable income, and foreign direct investment in the region is boosting the development of infrastructure, which consumes a significant quantity of stainless steel sheets. The rising demand in emerging economies such as China and india is propelling the significant market growth. In terms of both consumption and output, Asia Pacific dominates the stainless steel sheet market. New Product Launches, Expansions, Key Players.Key Trends in the stainless steel sheet Market.New Advancements in Production Technologies.The global & regional players operating in the stainless steel sheet market includes POSCO, Aperam, Yieh United Steel Corp., Tsingshan Holding Group Shanghai International Trading Co., Ltd., Nippon Steel, Outokumpu, Acerinox, Beihai Chengde, Libyan Iron and Steel Company, Tata Steel Ltd, Baowu and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Based on application, the market is further segmented into construction, manufacturing and others. For instance, in new building projects, engineered timber and metal composites are becoming more prominent owing to their advanced properties.īased on type, the stainless steel sheet market for is segmented into 304 Stainless Steel sheets, 310 stainless steel sheets, 2-316 stainless steel sheets,and others.
However, the availability of alternative materials hampered the growth of the market. Significant growth in the construction sector and the increasing use of environmentally sustainable materials are therefore driving the market growth. Steel sheets are a long-lasting building material that can be used directly in the construction process. This is because stainless steel sheet is extensively used in the construction of bridges, buildings, railways, and highways. Rapid growth in end-use consumption especially from the construction & infrastructure industry has led to the increased demand for stainless steel sheets. Besides, it also eliminates internal structural reinforcement requirements, reducing material and labor costs. It is non-combustible and improves protection in the event of lightning strikes or other sources of fire. Low carbon grade is commonly used in watch manufacturing. The excellent resistance to chloride corrosion makes it a suitable option for marine applications. Stainless steel sheets are used in a variety of industries from making containers for the food industry to surgical equipment for the healthcare industry.
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