Technological innovations and availability of resources at a low cost are facilitating production of precision stainless steel.
DUBAI, UAE / ACCESSWIRE / November 5, 2020 / The precision stainless steel market expected to reach US$ 3.2 billion by 2029. Leading players in the market are enhancing supplies and development across the economies. Reform initiatives play a significant role in offering lucrative opportunities.
“Onset of COVID has disturbed the supply chain but demand in various end-use industries like automotive and building, continues to present opportunities in the market. Due to its conductive property, precision stainless steels are also demanded in solar industry,” says the FMI Analyst.
Precision Stainless Steel Market – Key Highlights
- Precision stainless steels market is anticipated to expand at a CAGR of 2.9% through 2029.
- Backed by expanding construction and automotive industry, East Asia will present lucrative opportunities through 2029.
- 0.1 mm steel segment is poised to remain the most preferred thickness type.
- Automotive segment will gain significant attention through the assessment period.
Precision Stainless Steel Market – Driving Factors
- Precision stainless steel tools find applications in foil market as well as electronic industries.
- Global revenue will increase as applications extend to automotive sectors for manufacturing advanced high strength steel.
- Demand for precision stainless steel tools in aerospace, construction and food & beverage have collectively created substantial opportunities for the players.
Precision Stainless Steel Market – Key Restraints
- Inconsistent and high price of raw materials poses a major threat to the market.
- Disruptions in supply chains due to the pandemic outbreak remains a key impediment.