The global stainless steel market size is expected to reach USD 133.8 billion by 2025 at a 5.2% CAGR, according to a new report by Grand View Research, Inc. The market is anticipated to expand mainly due to advantages such as increased formability, weldability, corrosion resistance, and aesthetic appearance.
The construction industry in emerging economies has been registering rapid growth due to increasing government expenditure on infrastructure. Higher prices of stainless steel substitutes have facilitated the usage of this product in various applications including architectural cladding, handrails, drainage and water systems, wall support, roofing, and structures and fixing. Growing demand for stainless steel in applications such as wires, rolled rings, precision tubes, strips, and 3D forging is anticipated to drive the stainless steel market over the forecast period.
The most commonly used grades of stainless steel are the 200 and 300 series. The 200 series has 40% higher yield strength compared to the 300 series, which is likely to provide positive scope for the growth of the segment. Moreover, it is highly preferred in the making of various consumer goods due to its cost effectiveness.
Full Research Report On Stainless Steel Market Analysis:https://www.grandviewresearch.com/industry-analysis/stainless-steel-market
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Grand View Research has segmented the global stainless steel market on the basis of grade, product, application, and region:
Access Full Press Release Of This Report By Grand View Research: https://www.grandviewresearch.com/press-release/global-stainless-steel-market
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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