According to a new report released by Grand View Research, growing demand from the consumer goods sector is estimated to be the main driver of market growth.
The Stainless steel market in the United States and Mexico the size should reach $ 14.5 billion through 2025 recording a 4.5% CAGR, according to a new report from Grand View Research, Inc. The increase in the use of the products for the manufacture of consumer devices coupled with the increasing demand from the building and construction industry is the main growth driver of the market. Stainless steel has several advantageous properties over other materials, such as high cryogenic toughness, corrosion resistance, ductility, attractive appearance, and high strength and hardness. Therefore, it has many applications in consumer goods, automotive, aerospace, marine, electronics, industrial machinery, and building and construction industries. Automotive and transportation sector expected to experience moderate growth due to the slowdown in auto production in the United States
However, strict emissions policies have forced automakers to improve the fuel efficiency of vehicles, which is likely to influence product demand. To comply with government regulations, automakers are now focusing on reducing vehicle weight by using lightweight materials, such as stainless steel, plastic, and aluminum. In addition, growing trade tensions between the United States and China and the imposition of anti-dumping tariffs against Chinese imports in May 2018 are expected to provide a lucrative growth opportunity for domestic suppliers. Due to the imposition of high tariffs, the overall imports of stainless steel into the country registered a decline of 16% from 2017 to 2018.
The building and construction industry in the region is also likely to provide opportunities for the growth of the industry. According to the US Census Bureau, total construction spending (non-residential and residential) in 2018 increased 3.7% from the previous year to $ 1,293.9 billion. The Mexican automotive industry is believed to be a key driver of market growth. According to the International Organization of Motor Vehicle Manufacturers (OICA), Mexican automobile production, including passenger cars and commercial vehicles, was 3,565,000 units in 2014 and reached 4,100,000 units in 2018. Due From the continued increase in vehicle production, the product demand is expected to increase over the next few years.
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Highlights of the United States and Mexico Stainless Steel Market Report
â¢ Flat products dominated the market with almost 70% revenue share in 2018 due to their heavy use in consumer goods and construction industries
â¢ Mexico is estimated to register the fastest CAGR of 5.4%, in terms of volume, from 2019 to 2025 due to growth in automotive production and increased manufacturing of consumer goods in the region. region
â¢ The US Midwest is expected to be the fastest growing region in the United States with a CAGR of 5.0% from 2019 to 2025 due to the growth of manufacturing activities in the region.
â¢ Consumer goods applications dominated the market in 2018 with a volume share of around 37% due to the preference for stainless steel by the consumer goods manufacturer due to its strong weather resistance properties. corrosion
â¢ In March 2018, ATI and Tsingshan entered into a 50-50 joint venture to produce 60 inch wide stainless steel products. This strategy was aimed at strengthening the company’s position in North America
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Segmentation of the stainless steel market in the United States and Mexico
Grand View Research has segmented the United States and Mexico Stainless Steel market report on the basis of quality, product, application, and region:
United States and Mexico Stainless Steel Quality Outlook (Volume, Kilotonnes; Revenue, USD Million, 2014 – 2025)
â¢ 200 series
â¢ 300 series
â¢ 400 series
â¢ Duplex series
United States and Mexico Stainless Steel Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
United States and Mexico Stainless Steel Application Outlook (Volume, Kilotonnes; Revenue, USD Million, 2014 – 2025)
â¢ Building construction
â¢ Automotive and transport
â¢ Consumer goods
â¢ Heavy industries
United States and Mexico Regional Outlook for Stainless Steel (Volume, Kilotonnes; Revenue, USD Million, 2014 – 2025)
â¢ South East
â¢ Where is
â¢ South West
List of major players in the US and Mexico stainless steel market
â¢ Plymouth Tube Company
â¢ AK Steel Corporation
â¢ Continental Steel & Tube Company
â¢ Universal Stainless, Inc.
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Stainless steel market Size, Share & Trend Analysis Report By Category (200 Series, 300 Series, 400 Series, Duplex Series), By Product (Flat, Long), By Application (Building & Construction, Heavy Industry), By Region and segment forecast, 2020 – 2027
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