Massive Growth Predicted for Global Stainless Steel Market
After extremely detailed examination and scrutiny of multiple aspects of the global market for stainless steel, a highly-renowned consultancy company has published the results of its research in an in-depth report.
Maximize Market Research is a large consultancy and business firm based in India but with global reach. The company's long-anticipated research report into the world's stainless steel market revealed that its value for 2022 stood at £105.84 billion. Careful analysis by the company's expert team resulted in the prediction that the market will grow at a 4.7% CAGR (compound annual growth rate) over the forecast period, which runs until 2029. Further calculation revealed that the figure would then have reached a massive £178.42.
A wide, diverse and numerous array of factors were taken into consideration when preparing the report, including cost/pricing analysis, current trends, the competitive landscape, manufacturing developments, various market segments, risk analysis, anticipated geographical expansions, evolving technologies and the business strategies of key players currently in the market. Many industrial tools, such as Porter's Five Forces, PESTLE and SWOT were also used when compiling the report, which took a 'bottom-up' approach.
One of the key drivers of the growth of the global stainless steel market that the report identified is the steadily-growing demand for and consumption of high-strength stainless steel. Many sectors are fuelling this demand, including automotive (particularly the increasing production of electric vehicles), construction, architecture and consumer applications.
The report also cited that developing countries will play a major role in increasing the size of the market for stainless steel in coming years. In many of these countries, major infrastructures are being developed, urbanisation is increasing and the demand for power generation and energy is growing, all of which is creating an ever-growing amount of opportunities for industrial development.
A third key driver of the predicted market growth is a growing awareness of and demand for the use of more sustainable materials: stainless steel, with its ability to be recycled a near-infinite number of times with no decrease in performance, fits perfectly into this category.
BS Stainless was established 25 years ago in 1998, since which time we have continued to grow and evolve. Today, we are proud to be one of the UK's biggest and most-trusted independent suppliers and distributors of all kinds of stainless steel materials and products, including wire, banding, sheet, coil and much more. Products from this comprehensive range are bought and used by a plethora of industries in more than 50 countries all over the world.
Our continuing growth is exactly in line with the growth of the global stainless steel market and, by 2029 and the end of the report's forecast period, BS Stainless will still be thriving and will have become even more important on the world stage. If you want to be a part of this exciting journey and you think you have what it takes to be part of our team, then why not check out the 'Careers' page on our website?