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The stainless steel 400 series market size is estimated to grow at a CAGR of 7.19% between 2022 and 2027. The market size is forecast to increase by USD 11,808.01 million. The growth of the market depends on several factors, including economic growth in China and India boosting demand for the stainless steel 400 series, an upsurge in consumption of high-strength stainless steel, and corrosion resistance and excellent mechanical properties.
This stainless steel 400 series market report extensively covers market segmentation by end-user (consumer goods, mechanical engineering and heavy industries, automotive and transportation, building and construction, and others), product type (plate and sheet, bar and tubular, and structural), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The economic growth in China and India boosting demand for the stainless steel 400 series is notably driving the market growth, although volatility in raw material prices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Economic growth in China and India boosting demand for the stainless steel 400 series is notably driving the stainless steel 400 series market growth. Steel is one of the most important technological innovations of the modern world and is of strategic importance to all developed countries. China and India are among the world's largest crude steel producers, and India is projected to become the second-largest crude steel producer during the forecast period.
The market in China has been primarily driven by rapid changes in the economy and infrastructure. The boom in construction and manufacturing is a key factor driving the demand for stainless steel, including 400 series stainless steel, in the country. India is one of the largest and fastest-growing markets for 400 series stainless steel products due to the country's increasing industrialization and flourishing automotive and construction industries. The ready availability of raw materials and skilled low-cost labor drive the Indian 400 series stainless steel market. Rapid industrialization and infrastructure development in China and India are the main drivers for stainless steel products. Growth in process industries such as food and beverage, chemical, paper, and pulp are also driving the growth of the 400 series stainless steel market.
Increased penetration of the stainless steel 400 series in industrial applications is a key trend influencing the stainless steel 400 series market growth. 400 series stainless steel is one of the most commonly used metals in industrial applications due to its durability, yield strength, and corrosion resistance. It is widely consumed in the mining, quarrying, chemical, petrochemical, electrical engineering, power generation, food and beverage industries. Additives such as nickel, chromium, and manganese give stainless steel corrosion resistance and strength. It is also resistant to mechanical damage.
400 series stainless steel is used in many industrial applications for the storage and transportation of liquids, air, and gases. Stainless steel products have high strength, formability, and recyclability. The automotive industry uses stainless steel products to manufacture axle shafts, steering components, chassis components, and seats. 400 series stainless steel maintains and improves the strength of steel. It also improves the surface appearance and prevents corrosion. Therefore, it improves the safety performance of the vehicle. This is a major requirement for modern automobiles. The excellent mechanical properties and corrosion resistance of 400 series stainless steel will facilitate its use in industrial applications during the forecast period.
Volatility in raw material prices is challenging the stainless steel 400 series market growth. Commodity price volatility is one of the key challenges facing the market. The production of 400 series stainless steel is dependent on a variety of commodities, metals, iron ore, ferrochrome, ferrous scrap, and chromium. Commodity prices for products and metals are directly related to global economic performance and price elasticity. Price volatility leaves market uncertainties and impacts the profit margins of value chain stakeholders.
Average iron ore prices approached USD 158/ton in January 2021, rising to USD 168/ton in mid-2021 and falling to USD 85/ton in November 2021. Iron ore prices also continued to rise in 2020, with an average price of 108/ton. Global economic conditions play an important role in determining the performance of this market. The iron ore price structure differs from region to region due to import and export tariffs, posing challenges to the growth of the market. Comprehensive raw material prices cover nearly 50% to 60% of the total cost of continuous production of 400 stainless steel. Fluctuations in commodity prices will also put pressure on manufacturers' profit margins, impeding growth during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Stainless Steel 400 Series Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ambica Steels Ltd: The company offers Ferritics or stainless steel 400 series for car exhaust systems, cooking utensils, conveyor chains, boilers, trim, domestic appliances, dishware, hot water tanks, and tubes.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the consumer goods segment will be significant during the forecast period. The growth of 400 series stainless steel in consumer goods is driven by factors such as the cost-effectiveness of stainless steel, high strength and durability of 400 series stainless steel, corrosion resistance, ease of manufacturing, and aesthetic appeal of 400 series stainless steel. 400 series stainless steel is more cost-effective than other grades of stainless steel, making it popular with consumer goods manufacturers looking to create affordable products.400 series stainless steel is martensitic stainless steel known for its high strength and durability. It is resistant to wear and tear, making it ideal for consumer goods that need to withstand constant use, such as kitchen utensils, cutlery, and tools.
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The consumer goods segment was valued at USD 8,381.94 million in 2017 and continued to grow until 2021. 400 series stainless steel has moderate corrosion resistance, so consumers may be exposed to some degree of moisture and humidity such as suitable for use in consumer products such as bathroom faucets, kitchen sinks, and appliances. 400 series stainless steel is easy to machine and is ideal for consumer products requiring complex shapes and designs. It can be machined, welded, and formed into a variety of shapes and sizes, making it suitable for use in a wide variety of consumer products. Growth in the global 400 series stainless steel consumer goods market is expected to increase during the forecast period as consumers demand durable, affordable, and aesthetically pleasing products. The ability of 400 series stainless steel to meet these requirements makes it an attractive choice for consumer product manufacturers.
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APAC is estimated to contribute 72% to the growth of the global stainless steel 400 series market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth of the 400 series stainless steel market in the Asia Pacific (APAC) region is driven by factors such as increasing industrialization, expanding infrastructure development, increasing demand from the automotive industry, increasing consumer goods production, and government initiatives. It will drive the growth of the stainless steel 400 boost series in the region during the forecast period. The APAC region is undergoing rapid industrialization, especially in countries such as China and India, which are major consumers of the stainless steel 400 series. Stainless steels are in increasing demand as they are suitable for industrial applications that require high strength, durability, and corrosion resistance.
The COVID-19 outbreak hampered the growth of the market in 2020. This is due to lockdowns imposed across the world to curb the spread of the virus. Due to this, a number of ongoing construction projects and industrial production, such as steel production in the world, got halted. This sharply reduced the demand for 400 series stainless steel, slowing the growth of the market in 2020. Mass vaccination campaigns gradually increased economic activity. Also, several governments across the world announced stimulus packages to support small and medium enterprises (SMEs) and changed some policies such as tax refunds and loan disbursements to support businesses. Such funds provided by governments to support small and medium enterprises as well as large corporations are expected to drive the growth of the market during the forecast period.
The stainless steel 400 series market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global stainless steel 400 series market as a part of the global steel market within the overall metals and mining market. The parent market includes products and companies involved in the production of steel for a wide range of industrial applications.
Stainless Steel 400 Series Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.19% |
Market growth 2023-2027 |
USD 11,808.01 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.01 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 72% |
Key countries |
US, China, India, Japan, and South Korea |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ambica Steels Ltd., Aperam SA, ArcelorMittal, BALLKINGS, Baosteel Group Corp., E United Group, Helander, Hunan Fushun Metal Co. Ltd., Jindal Stainless Ltd., Metline Industries, Mirach Metallurgy Co. Ltd., Nippon Steel Corp., Outokumpu Oyj, POSCO holdings Inc., thyssenkrupp AG, Tianjin Pipe International Economic and Trading Corp., Tsingshan Holding Group Co. Ltd., Tubacex SA, Cleveland Cliffs Inc., and Tata Steel Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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