Global stainless steel market to grow at rate of 6.3% in 2020-2027
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Update time : 2020-08-12 16:50:23
According to reports, the global stainless steel market had a worth of US$111.4 billion last year, and the figure was expected to hike by nearly US$70 billion by 2027, with a growth rate of 6.3% from 2020 to 2027.
Compared to ordinary steels, stainless steel has advantages, including easy production progress and low maintenance costs, which benefit the market expansion.
Besides, some industries have a high demand for stainless steel, such as healthcare applications, cooking utensils, stoves, and so forth.
However, it was understood that carbon fiber might become an alternative for stainless steel used in the automotive industry due to its property of high strength and lightweight, which could restrict growth development.
