Austenitic Stainless Steel Market Foreseen to Grow Exponentially by 2027

Austenitic Stainless Steel Market: Introduction

Austenitic stainless steel consists of 16%–30% of chromium and 2%–20% of nickel, which provides high surface quality, formability, and increased resistance to corrosion and wear. It is the most popular grade of the stainless steel produced, owing to its excellent formability and corrosion resistance.
Austenitic stainless steel is non-magnetic in nature and it is widely used in automotive trims, cookware, food and beverage equipment, processing equipment, and a variety of industrial applications

Key Drivers of Global Austenitic Stainless Steel Market

The global automotive industry is growing, especially in well-established geographies such as the U.S., Europe, South Korea, and Japan. This growth is attributable to factors such as rise in the number of electric vehicles as a result of growing efforts to curb air pollution and government initiatives in developing countries such as India to encourage foreign direct investments (FDIs) in the local automotive industry.
Manufacturers are focusing on making the vehicle design more robust as well as light to enhance fuel efficiency as well as safety of the vehicle. In order to achieve this and satisfy the vehicle pollution norms set by various governments, manufacturers are using austenitic stainless steel for manufacture of automotive components. Furthermore, austenitic stainless steel comes with advanced manufacturability, robustness, and metallurgical properties. This enables vehicle manufacturers to make lightweight and robust vehicles. Growing use of austenitic stainless steel in the global automotive industry is projected to have a high positive impact on the global austenitic stainless steel market in the next few years.

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Automotive End-use Industry Segment to Witness Attractive Opportunities

The automotive segment accounted for a major share of the global austenitic stainless steel market in 2018 and it is estimated to maintain its attractiveness throughout the forecast period. In automobiles, austenitic stainless steel is used for exhaust systems.
In the automotive industry, austenitic stainless steel is used in the manufacture of frames, load-bearing floor panels, reinforcements, sheet metal cabin components, body panels, A- & B-pillars, all-over beams, fuel tanks, wheels, suspension arms, gear shafts, and propeller shafts.

Asia Pacific to Hold a Major Share of Global Austenitic Stainless Steel Market

The global austenitic stainless steel market is driven by the steadily recovering global economy and improvement in the outlook for automotive and manufacturing sectors across the world. Asia Pacific accounted for a leading market share in 2018, owing to rising public sector investments in defense, infrastructure, and aerospace sectors in countries including China, Malaysia, South Korea, and India. This is driving foreign direct investments in the manufacturing sector in key economies in Asia.
Growth of the automotive industry in countries such as the U.S. and expansion of the aviation industry in North America are estimated to boost the austenitic stainless steel market in the region during the forecast period. Presence of several automotive giants such as Ford, Bombardier, and General Motors in the U.S. and Canada is also projected to boost the demand for austenitic stainless steel in the region between 2019 and 2027.
The market in Europe and Middle East & Africa is expected to expand at a significant pace during the forecast period, owing to growth of the automotive industry in these regions

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Key Players in Global Austenitic Stainless Steel Market

Various players operate in the global austenitic stainless steel market. However, there is an increasing shift in dynamics toward market consolidation. This can be ascribed to new product development by major companies operating in the U.S. and Europe markets in order to capitalize on the untapped growth potential in Asia Pacific and Africa. Key players operating in the global austenitic stainless steel market are: