Global Stainless Steel 400 Series Market Size study & Forecast, by Application (Building & Construction, Automotive & Transportation, Consumer goods, Mechanical Engineering & Heavy Industries, Medical, Aerospace, Others) and Regional Analysis, 2022-2029

Global Stainless Steel 400 Series Market Size study & Forecast, by Application (Building & Construction, Automotive & Transportation, Consumer goods, Mechanical Engineering & Heavy Industries, Medical, Aerospace, Others) and Regional Analysis, 2022-2029

Global Stainless Steel 400 Series Market is valued at approximately USD 27.04 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7.3% over the forecast period 2022-2029. Stainless Steel 400 Series consists of 2.5% nickel, up to 1% carbon, and 11-27% chromium. Advancements in Stainless steel led to high heat adaptability and a brittle microstructure of the steel. Typically, 400-series alloys are stronger and, in some conditions, offer a more cost-effective alternative than 300-series alloys in terms of mechanical strength. The major factors responsible for the growth of the market are increasing demand for the stainless steel 400 series products, growth of the construction industry, rising production of Stainless steel, rising production of vehicles, and rising investments in the automotive industry, construction industry, and medical industries.

According to the World Steel organization, The demand for steel is anticipated to increase by 2.2%to reach 1881.4 metric in 2023. Global overall steel consumption is anticipated to increase to just about 1.9 billion metric tons in 2022. Additionally, The U.S. Census Bureau states that as of September 2022, the country's overall construction expenditure (including residential and non-residential) was USD 1.811 trillion, up 10.9% from construction spending in September 2021. increasing demand for the stainless steel 400 series and the growth of the construction industry are the major factors driving the growth of this market. Another important factor driving the market increase is the rising production of Stainless steel, the rising production of vehicles, and rising investments in the automotive industry, construction industry, and medical industries. Increasing production and consumption of electronic gadgets and Rising Investments in the production of electronic goods are the factors creating major market opportunities. However, the high cost of the Stainless Steel 400 Series stifles market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Stainless Steel 400 Series Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific dominated the market in terms of revenue, owing to the dominance of manufacturing activities in the construction industry and the region's increasing investments in the automotive, construction, and medical industry. For instance, the production of cars increased by 7% in the region. North America is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising investments in the construction industry and increasing investments in the automotive industry.

Major market player included in this report are:
Acerinox S.A.
Aperam
Baosteel Group
Fushun Special Steel Co., Ltd.
Jindal Stainless Ltd.
Outokumpu
POSCO
Thyssenkrupp AG
Yieh United Steel Corp.
Robert Bosch GmbH
Recent Developments in the Market:
In February 2022, the Government of India, under the Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) scheme announced an investment of approximately USD 4.17 billion for the bulk production of electronics such as mobile phones in the nation.
In May 2021, Bosch proposed an investment of USD 100 million to enhance the efficiency of its manufacturing plants in Mexicali, Toluca, and Hermosillo in Mexico.
In September 2022, Yieh United Steel Corporation developed a new high-value stainless steel 400 series with outstanding corrosion resistance and a consistent price.
Global Stainless Steel 400 Series Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Application, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Application offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Application:
Building & Construction
Automotive & Transportation
Consumer goods
Mechanical Engineering & Heavy Industries
Medical
Aerospace
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the WorldCompanies Mentioned
Acerinox S.A.
Aperam
Baosteel Group
Fushun Special Steel Co., Ltd.
Jindal Stainless Ltd.
Outokumpu
POSCO
Thyssenkrupp AG
Yieh United Steel Corp.
Robert Bosch GmbH

Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.