According to the report by Expert Market Research (EMR), the global Stainless Steel 400 Series Market Share reached a value of USD 30.41 billion in 2022. Aided by the heightening application of stainless steel 400 series in medical equipment and instruments and rapid infrastructure development activities, the market is projected to further grow at a CAGR of 7.2% between 2023 and 2028 to reach a value of USD 46.29 billion by 2028.
Stainless Steel 400 Series, also known as ferritic stainless steel, is a type of stainless steel that contains chromium but limited or no nickel. It is characterised by its excellent corrosion resistance, high thermal conductivity, and magnetic properties. Its low cost, coupled with its good formability and weldability, makes it a valuable material across various industrial applications, such as automotive, construction, and kitchenware.
The growing global infrastructure and automotive sectors are significant contributors to the stainless steel 400 series market growth. With the ever-increasing demand for sturdy and corrosion-resistant materials, there has been a surge in the use of Stainless Steel 400 Series in the production of structural elements, automotive exhaust systems, and heat exchangers. Moreover, the focus on fuel efficiency and vehicle weight reduction has further spurred its use in the automotive industry.
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The widespread applications of Stainless Steel 400 Series across various industries play a vital role in driving the stainless steel 400 series market growth. In the construction sector, it is extensively used due to its high strength and resistance to atmospheric corrosion, making it suitable for both interior and exterior applications. The kitchenware industry relies heavily on Stainless Steel 400 Series for its resistance to food acids, making it an ideal material for cutlery, cookware, and kitchen appliances.
Further, the growing demand for cost-effective alternatives in various industries has led to an increased focus on Stainless Steel 400 Series, thus propelling the stainless steel 400 series market demand. With the rise in raw material prices and the increasing emphasis on cost-efficiency, Stainless Steel 400 Series has emerged as an economical choice due to its lower nickel content. Its compatibility with various manufacturing processes and its ease of fabrication also makes it a preferred material.
Moreover, the trend towards sustainable production practices is likely to favour the stainless steel 400 series market. Stainless Steel 400 Series is 100% recyclable, which aligns with the global efforts towards reducing industrial waste and promoting resource efficiency. This sustainability factor, combined with its inherent properties, enhances its market prospects.
Stainless Steel 400 Series Market Segmentation
The market can be divided based on application and region.
Market Breakup by Application
- Building and Construction
- Automotive and Transportation
- Consumer Goods
- Mechanical Engineering and Heavy Industries
- Medical
- Aerospace
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Stainless Steel 400 Series Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global stainless steel 400 series companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Acerinox S.A.
- Baosteel Group Corporation
- Fushun Special Steel Co., Ltd.
- Jindal Stainless Ltd.
- Outokumpu Oyj
- POSCO
- Tata Steel Ltd.
- Yieh Corp.
- Nippon Steel Corp.
- ThyssenKrupp AG
- Others
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