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
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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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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.
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:
- AK Steel Corporation
- Baosteel Group Corporation
- Nippon Steel & Sumikin Stainless Steel Corporation
- Hesteel Group Company Limited
- ArcelorMittal S.A.
- Jiangsu Shagang Group
- Anshan Iron and Steel Group Corporation
- Tata Steel Ltd
- JFE Holdings, Inc.
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