Published by mark itwired
Posted on September 29, 2021
4 min readLast updated: February 1, 2026
The precision stainless steel market is set to grow significantly, reaching $3.2 Bn by 2029, with East Asia leading the expansion.
The demand witnessed in the global precision stainless steel market is increasing at a rapid pace. With its use across various sectors including industrial, civil, mechanical, and others increasing, Future Market Insights (FMI) has forecast the precision stainless steel market is to reach US$ 3.2 Bn dollars by 2029.
Precision stainless steel comes in many varieties and this feature combined with its easy workability makes it popular among industries. Players are on the lookout for every type of precision stainless steel to design and manufacture their industrial goods.
As there is a constant rise in the manufacturing of industrial goods, the growth prospect of the precision steel market seems promising. FMI’s study offers a comprehensive overview of the market. It studies the key growth drivers as well as gauges investment feasibility across various segments. Some of the key takeaways from the report are highlighted below.
“Some of the leading manufacturers operating in the global precision stainless steel market are aiming to capitalize on opportunities prevalent across high potential markets in East Asia. Expansion of automotive sector and construction activities in China, Japan, and South Korea are causing shift of focus among companies from developed to high potential markets,” said FMI analyst.
The global precision stainless steel market has witnessed a reduction in demand for precision stainless steel owing to the pandemic. Covid-19 has caused a disruption in the supply chain of industries across the globe.
Lockdown orders enforced in regions such as Europe, Asia, and North America have hampered production activities in across plants. This heavily impacted the global precision stainless steel market.
Top players of precision stainless steel contribute approximately 40-45% to the global market value. Some of the leading key players are Acerinox, Baoshan Iron & Steel Co., AK Steel Corporation, Outokumpu Oyj, Jindal Stainless Group, and Aperam.
These players are trying to cope up with the after-effects of the pandemic and implement new strategies to get back to their production processes.
Future Market Insights (FMI) has provided an unbiased analysis of the precision stainless steel market. FMI has analyzed the global market based on historical data from 2015-2019 and opportunity assessment from 2020-2029. In terms of thickness, the precision steel market is segmented into below 0.1mm and 0.1 mm. On the basis of end-use industry, the market is segmented into food & beverages, automotive, pharmaceuticals, aerospace, building & construction, and others. Regionally, the market can be segmented into North America, Europe, Latin America, MEA, East Asia, South Asia, and Oceania.
The post Precision Stainless Steel Market Pegged for Robust Expansion During 2017 – 2025 first appeared on Market Research Blog.
The article discusses the growth and future prospects of the precision stainless steel market.
The automotive sector has a strong foothold in the market due to its use of precision stainless steel.
COVID-19 caused a temporary reduction in demand due to supply chain disruptions.
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