Growing Demand for Precision Stainless Steel

The high market demand for precision stainless continues to increase at an exponential pace. Widely used across many industries including mechanical, civil and industrial, the material has been the subject of a recent Future Market Insights (FMI) report, which forecasts that the precision stainless steel market looks set to reach a massive US$3.2bn (around £2.53bn) by the year 2029.

There are many reasons for the popularity of precision stainless steel, including the fact that it comes in a great many forms and boasts easy, reliable workability. The constant, consistent rise in the manufacture of and demand for industrial goods is driving its growth at an unprecedented level.

The new FMI study into the global precision stainless steel market provides a comprehensive overview, looking in detail at key drivers of growth as well as gauging the feasibility of investments across a number of different market sectors. Some of the main conclusions from the FMI report include:

  • Around a quarter of the global precision stainless steel market is predicted to be taken up by the under 0.1mm category. By 2029, the value of this segment is forecast to reach US$800m (around £633m)
  • As precision stainless steel is widely used to manufacture seamless tubes and pipes, the automotive industry is described in the report as having a 'strong foothold', with a CAGR of 3.8%
  • Precision stainless steel also has many uses in the transportation and electronics industries. These segments will be guaranteed a 40% share value in the global market between this year and 2029
  • The East Asian region is predicted to overtake all other regions, creating the potential for it to reach $US388.7m (around £307.42m) by 2029
  • The South Asian market is forecast to expand by 1.4 times its current value by 2029

BS Stainless supply a number of precision stainless steel products including strip coil, of which we are one of the UK's leading independent producers. We offer a comprehensive collection of forms, grades and surface finishes, which are used extensively in a wide variety of applications including surgical instruments, springs, filtration devices, flexible tubing, heating elements, heat exchangers and many more.

We would like to invite you to browse the BS Stainless website to discover more about our precision stainless steel products, all of which are made available to our discerning clients at the most competitive market price. If you need any further information or advice, please do not hesitate to get in touch with our expert technical team. BS Stainless: your partner for stainless steel.

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