Stainless Steel Panels Market Forecast and CAGR
According to the latest research by Fact.MR, the stainless steel market is set to witness steady growth during 2021-2031. In short term, the demand is expected to increase at a steady pace and in the long run sales of the stainless steel market is anticipated to grow at a higher CAGR.
The introduction of new panels is being used in various industry for their properties such as, weather-resistance and ease of installation among other benefits, which will drive the sale of these panels in upcoming years.
What is Driving Demand for Stainless Steel Panels?
Stainless steel panels are used in many industries like architecture and construction industry, food industry, mechanical industry and others for various purposes. Besides, with all these industries growing at a rapid pace, sales of these panels will rise during the forecast era.
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The architecture & construction industry is one of the major contributors to the sale of these panels, as they are used for construction purpose around the world.
They are used in many new houses and building or shed and other residential and non-residential buildings for roofing & siding, because of their properties like weather resistance and physical strength. The construction industry is consistently booming and is projected to grow even more in future. This in turn will drive the sales of these panels, creating future growth opportunities for the market.
These steel sheets are also used in the automotive industry, as these panels are used for providing structural strength and offer weather-resistance features, along with requiring low maintenance. The world automotive industry is expanding and it will help in the sales of these panels.
The food industry also has a purpose for these panels, they are used for food production and storage purpose because these panels won’t react with food and these panels are also easy to clean. Owing to the above mentioned factors, the demand for stainless steel panels is supposed to remain steady during the forecast era.
Factors Influencing & Affecting Sales of Stainless Steel Panels
Due to Covid-19, these steel sheets sales saw a decrease in demand as production were on hold in many countries due to governmentally imposed lockdown and social distancing, but with the ease in lockdown and reopening of almost all industries will see an increase in sales of these panels.
These panels are weather resistant so they can be used in almost all types of climate and environments and these factors help the sales of these panels a lot. As compared to normal steel, in stainless steel an amount of chromium is present and that helps that provides additional environmental resistance and prevents corrosion.
Other factors that influence the sales of these panels are, its recyclable nature, as consumers are looking for eco-friendly products. Moreover, these steels panels don’t harm the environment. These panels are also easy to install and do not need much maintenance for a long period and this in turn drives the demand from numerous end-use industries.
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Asian Pacific Countries Stainless Steel Panels Market Outlook
The Asia Pacific dominates the sales of these steel panels as compared to the rest of the world. It accounts for almost 40% of share in sales of these panels and is projected to remain consistent throughout the forecast period.
China is the biggest contributor to the Asian stainless steel panel market. The Architectural & construction industry have been on a rise in past years and will continue to grow. China also has one of the biggest producer of vehicles and this factors will drive the sales of these panels and make sure that China dominates the sales of these panels.
In other Asia Pacific countries like India, Japan, Australia, sales of these panels have seen a rise. Further, the construction industry is on the rise in India, and this will directly impact the sale of these panels in the region. Moreover, most of the key manufacturers of these panels are from the Asia Pacific region, which is also beneficial for end-use consumer present in the region.
South America and Middle East & Africa Stainless Steel Panel Market Outlook & Comparison
South American countries like Brazil, Argentina, Colombia and others are developing at a very fast speed, consumers are spending heavily on residential properties and automobiles. Owing to the aforementioned factors, the region has seen a rise in demand for these panels.
Middle Eastern countries have been a huge market for these panels, due to the presence of many crude oil refinery in the region. Moreover, the economy has been on the boom. Furthermore, construction industry has seen a huge rise in the region. For instance, some of the world biggest building are in these regions and this fact has affected the sales of these panels positively.
Who are the Key Manufacturers and Suppliers of Stainless Steel Panels?
Some of the leading manufacturers and suppliers of the market include
- Aesteiron Steel LLP
- HMAL Ltd.
- JSW Steel
- Bridger Steel
- Tata BlueScope Steel
- Yongxing Special Stainless Steel
- Nippon Steel Corporation
- Tata Steel LTD
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