Published by mark itwired
Posted on October 5, 2021
3 min readLast updated: January 31, 2026
The precision stainless steel market is projected to reach $3.2 billion by 2029, with a CAGR of 2.9%, driven by demand in automotive and construction industries.
The precision stainless steel market expected to reach US$ 3.2 billion by 2029. Leading players in the market are enhancing supplies and development across the economies. Reform initiatives play a significant role in offering lucrative opportunities.
“Onset of COVID has disturbed the supply chain but demand in various end-use industries like automotive and building, continues to present opportunities in the market. Due to its conductive property, precision stainless steels are also demanded in solar industry,” says the FMI Analyst.
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Precision Stainless Steel Market – Key Highlights
Precision Stainless Steel Market – Driving Factors
Precision Stainless Steel Market – Key Restraints
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Impact on Market by Coronavirus Outbreak
COVID-19 has disrupted demand as well as supply chain across the world. Rapid spread of COVID-19 has interrupted manufacturing activities too. Fortune 2020 displayed that almost 94% companies had been affected by the pandemic. Though improving reforms in Europe and East Asia is likely to drive the market in these regions and conditions will improve through the assessment period. Ramped up sales and manufacturing opportunities in US will create better demand due to lockdown releases.
Competition Landscape
Major players in the market include Jindal Stainless, Aperam Stainless, ArcelorMittal, Outokumpu, POSCO, ThyssenKrupp Stainless, Nippon Steel, Sumitomo Steel, JFE Holdings, Acerinox, Baoshan Iron & Steel Co., AK Steel Corporation.
Key companies are working on expanding product portfolio to gain better market insights. They are launching advanced precision steel and creating new market technologies and acquisitions.
Aperam Steels, is working to create energy-efficient stainless steel and processes that have a positive environment impact. It offers benefits like recyclability and durability.
Nippon Steel collaborated with Toyo Engineering Corporation to extend its utility across Japan. This collaboration was signed to enhance competiveness of both the companies.
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Material Type
End-user Industry
Regional Outlook
The post Precision stainless steel market expected to reach US$ 3.2 billion & CAGR of 2.9% through 2020-2029 appeared first on Industry News Analsis.
The article discusses the growth of the precision stainless steel market, expected to reach $3.2 billion by 2029.
How is the automotive industry influencing the market? It is driving demand for precision stainless steel due to its applications in manufacturing.
What impact has COVID-19 had? The pandemic disrupted supply chains and demand but reforms in Europe and East Asia are expected to aid recovery.
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