Stainless Steel Coil Market Size, Share, Growth, and Industry Growth by Type (Type 304, Type 304L, Type 316, Type 316L, and Others) By Application (Aerospace and Defense, Chemical Processing, Oil and Gas, Electrical Energy, Medical, Automotive, Construction, Transportation and Electronics, and Others) Regional Forecast To 2031

Updated On: 01 April 2024

Stainless Steel Coil Market Report Overview

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The global stainless steel coil market size was USD 3681.18 million in 2021 and the market is projected to touch USD 4963.68  million by 2030, exhibiting a Compound annual growth rate (CAGR) of 3.31% during the forecast period.

Stainless steel is a steel alloy. It has maximum percentage content of chromium, iron, and nickel. Also, it has a maximum of 1.2% carbon by mass and a minimum of 10.5% chromium content by mass.

The stainless steel coil is extensively used in construction and manufacturing units. The product is widely used in manufacturing industrial equipment to household appliances. It is corrosion-resistant, sturdy, and light in weight in weight. Increased need for the coil in the automobile manufacturing industry and high usage in subways, buses, high-speed railroad, and other transportation systems is anticipated to expand market growth in the forthcoming years. Growing construction activities and an increased need for home renovation businesses are predicted to surge market growth. High demand for interior decorating and extensive use of the product in ornamental material. These factors are anticipated to fuel market growth. It has several properties, such as minimal maintenance, earthquake resistance, extended service life, and low life cycle cost. These features are predicted to expand market growth in the forthcoming years. However, Non-magnetic and complex cleaning process is projected to limit market progress in the upcoming years.

COVID-19 Impact: Lower Demand for the Product and Closure of End-User Sectors to Obstruct Market Growth

The stainless steel coil market was affected due to the outbreak of the COVID-19 pandemic. Lockdown restriction and lower demand for the product. Closure of end-user sectors and lack of construction activities. Also, scarcity of employees and increased focus on controlling the spreading of the virus. These factors hampered market growth during the pandemic period. 

LATEST TRENDS

"Increased Demand from Automotive Industry to Fuel Market Growth "

Increasing demand for the coil in the automotive sector is anticipated to fuel market growth. It has high-strength and corrosion-resistant. It helps to reduce the weight of the car by improving the strength. Further, it helps to reduce maintenance costs. The product is capable of resisting heat resistance ad chloride ion corrosion due to automobile exhaust systems. Increased need for automotive and high development in the sector is anticipated to fuel market growth. Improved demand for the coil in the automobile manufacturing industry and high usage in subways, buses, high-speed railroad, and other transportation systems is anticipated to expand market growth in the forthcoming years.

Stainless Steel Coil Market SEGMENTATION

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• By Type

Based on type, the market is divided into type 304, type 304L, type 316, type 316L, and others.

Type 304L is expected to be the top part of the segmentation type.

• By Application

Based on the application, the market is divided into aerospace and defense, chemical processing, oil and gas, electrical energy, medical, automotive, construction, transportation and electronics, and others.

Aerospace and defense are expected to be the top part of application segmentation.

DRIVING FACTORS

"Growth in Construction Sector and Increased Need for Industrial Facilities to Augment Market Growth"

Growing construction activities worldwide and increased coil application in decorating buildings. It is extensively used for the internal & external column coating, an outer wall of the high-rise building, the floor, the handrail, windows, doors, elevator panels, curtain wall, and external & internal decoration. These broad usages of the equipment are predicted to expand market growth. Further, the increased need for industrial facilities such as petrochemical, chemical fiber, paper making, medicine, food, and energy (thermal power, nuclear power, and fuel cell) is anticipated to fuel market growth in the forthcoming. The high quality of steel and increased development in the product are estimated to attract more consumers in the estimated year.

"Increased Water Pollution and Massive Need for Water Supply Sector to Incite Market Growth"

Increasing water pollution and the high need for stainless steel coil in the water supply sector are estimated to propel market growth. It ensures a safe mode of water transportation from one end to another. Also, increased demand for water purification systems is predicted to drive market growth. It has several advantages, such as corrosion resistance, green environmental protection, lightweight, earthquake resistance, and long service life. These features are anticipated to expand market growth in the upcoming years. In addition, increased awareness about the environment concern the product produced in industrial waste gas and sewage treatment plants. Such eco-friendly consideration and it can be recycled is estimated to foster market growth.

RESTRAINING FACTORS

"Non-Magnetic and Complex Cleaning Process to Limit Market Progress"

A non-magnetic and complex cleaning process is projected to limit market progress in the upcoming years.

Stainless Steel Coil Market REGIONAL INSIGHTS

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"Growing Construction Activities in Asia Pacific to Drive Market Share "

Asia Pacific is predicted to account for the highest stainless steel coil market share owing to increased construction activities. Increased need for home renovation business is predicted to surge market growth. High need for interior decorating and extensive use of the product in ornamental material. These factors are predicted to fuel market growth. It has several properties such as minimal maintenance, earthquake resistance, extended service life, and low life cycle cost. These features are predicted to expand market growth in the forthcoming years.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• TW Metals (U.S.)
• Outokumpu (Finland)
• Baosteel (China)
• Stanch Stainless Steel (Taiwan)
• Atlas Steels (Australia)
• Ryerson (Canada)
• Alliance Steel (Indiana)
• Almetals, Inc. (U.S.)
• Ulbrich (U.S.)
• Continental Steel & Tube Company

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.