Growing Demand for Precision Stainless Steel

The high market demand for precision stainless continues to increase at an exponential pace. Widely used across many industries including mechanical, civil and industrial, the material has been the subject of a recent Future Market Insights (FMI) report, which forecasts that the precision stainless steel market looks set to reach a massive US$3.2bn (around £2.53bn) by the year 2029.

There are many reasons for the popularity of precision stainless steel, including the fact that it comes in a great many forms and boasts easy, reliable workability. The constant, consistent rise in the manufacture of and demand for industrial goods is driving its growth at an unprecedented level.

• Around a quarter of the global precision stainless steel market is predicted to be taken up by the under 0.1mm category. By 2029, the value of this segment is forecast to reach US$800m (around £633m)

• As precision stainless steel is widely used to manufacture seamless tubes and pipes, the automotive industry is described in the report as having a 'strong foothold', with a CAGR of 3.8%

• Precision stainless steel also has many uses in the transportation and electronics industries. These segments will be guaranteed a 40% share value in the global market between this year and 2029

• The East Asian region is predicted to overtake all other regions, creating the potential for it to reach $US388.7m (around £307.42m) by 2029

• The South Asian market is forecast to expand by 1.4 times its current value by 2029