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The stainless steel 400 series market size is forecast to increase by USD 11.49 billion and is estimated to grow at a CAGR of 6.67% between 2023 and 2028. The market is experiencing significant growth, driven by various factors. Chief among these are the robust economic expansions in China and India, which have led to increased demand for this type of stainless steel. Additionally, the consumption of high-strength stainless steel is on the rise due to its superior mechanical properties and ability to withstand extreme conditions. Furthermore, the corrosion resistance of stainless steel 400 series makes it an ideal choice for industries that require durable and long-lasting materials. These factors collectively contribute to the market's expansion and are expected to continue driving its growth in the coming years.
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Stainless Steel 400 series, a subset of corrosion-resistant alloys, is renowned for its diverse applications due to its unique properties. Primarily composed of Iron, Chromium, and Nickel, this alloy group offers superior resistance to rust and corrosion. The 400 series includes various grades, each with distinct chemical compositions to cater to specific industries. Diversified materials like Molybdenum are often added to enhance the alloy's strength and corrosion resistance. The 400 series finds extensive use in various sectors such as cutlery, kitchen appliances, automotive components, industrial equipment, construction, and consumer goods. In the construction industry, it is used for architectural cladding, handrails, drainage systems, and roofing systems. The 300 series stainless steels, 304 and 316, are popular alternatives, but the 400 series offers better resistance to pitting and crevice corrosion. However, raw material prices can impact the market dynamics. The market is expected to grow significantly due to its increasing demand in various industries. Applications in the automotive sector are projected to surge, while the construction industry continues to be a significant consumer. The market's growth is also driven by the aesthetics and durability of stainless steel 400 series products.
Economic growth in China and India boosting demand for the stainless steel 400 series is notably driving the 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 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 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.
Market Customer Landscape
Companies 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 companies, 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 8.80 billion in 2018 and continued to grow until 2022. 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. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 78% to the growth of the global 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. 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 market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
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Stainless Steel 400 series, a category of corrosion-resistant alloys, is renowned for its strength and durability. Made primarily from iron, chromium, and nickel, these alloys offer superior resistance to various environmental conditions, making them a preferred choice in diverse industries. The 400 series differs from the 300 series stainless steels in its alloy compositions. While 300 series contains molybdenum for enhanced corrosion resistance, 400 series relies on other elements like manganese, silicon, and phosphorus. Applications of Stainless Steel 400 series span across multiple sectors. In the consumer goods industry, it is used for cutlery, kitchen appliances, cookware, kitchen sinks, and ornamental items. In the automotive sector, it is utilized for components and parts due to its strength and resistance to wear and tear. Industrial equipment, construction, and architectural cladding also benefit from its properties.
Moreover, the market for Stainless Steel 400 series is influenced by raw material prices, especially those of chromium and nickel, and advancements in refining methods such as vacuum induction melting and electroslag refining. The market landscape depends on the Steel by segment aggregation, Controlled atmosphere heat treatments, Automotive parts, Consumer electronics, Medical equipment and instruments, Cutting tools, Fridges, Washing machines. The alloy's corrosion resistance and various alloy compositions make it a versatile material in industries like building and construction, automotive and transportation, mechanical engineering, heavy industries, aerospace, and home components. Some of the popular types include 304 stainless steel and 316 stainless steel, but the 400 series offers a wider range of options for specific applications. Computational modelling and advanced manufacturing techniques continue to drive innovation in the production and application of Stainless Steel 400 series. In export-oriented economies, the demand for Stainless Steel 400 series is high due to its versatility and wide range of applications. The market is expected to grow significantly in the coming years as industries continue to seek materials that offer both strength and resistance to corrosion.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.67% |
Market growth 2024-2028 |
USD 11.49 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.19 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 78% |
Key countries |
China, India, US, Japan, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ambica Steels Ltd., Aperam SA, ArcelorMittal, BALLKINGS, Baosteel Group Corp., Cleveland Cliffs Inc., 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., Tata Steel, thyssenkrupp AG, Tianjin Pipe International Economic and Trading Corp., Tsingshan Holding Group Co. Ltd., and Tubacex SA |
Market dynamics |
Parent market analysis, market growth analysis, market research and growth, Market forecasting, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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