Stainless Steel Plate Market: Overview
- Stainless steel plates are made of stainless steel, which is usually a low carbon steel that contains chromium at a proportion of about 10% or higher by weight. The addition of chromium gives the steel its unique stain & corrosion resisting properties.
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- The chromium content of the steel allows the formation of an adherent, rough, invisible, and corrosion-resisting chromium oxide film on its surface. Corrosion resistive and other useful properties of the steel can be enhanced by increasing the chromium content in it and also through the addition of other elements such as nickel, molybdenum, and nitrogen.
- Stainless steel plate is often referred as corrosion-resistant steel, as it does not stain, rust, or corrode easily as the usual carbon steel plate. Stainless steel plate contains small amount of a corrosion resistant material, which limits surface corrosion unlike carbon steel plates, which gets rusted in the long run when exposed to the moisture present in the atmosphere.
- Stainless steel plate is used in a diverse range of applications such as modern architecture for cladding or fascia, and also in the food hygiene industry due to its anti-bacterial qualities
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Key Drivers of Stainless Steel Plate Market
- Rise in demand for cars and vehicles across the globe is expected to boost the demand for stainless steel plate during the forecast period. Stainless steel plates are used extensively in the car manufacturing industry. Stainless steel plate has particularly remarkable work-hardening properties and high tensile strength. These enhance the resistant behavior of the material during a car accident.
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- Growth in construction activities around the globe is one of the major reasons driving the demand for stainless steel plates. Stainless steel plates and strips are used to create lintels, wind posts, and masonry supports as they absorb water and control soil erosion. Stainless steel plates are also welded to form shelf angles used during construction of buildings.
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Key Developments and Policies
- In October 2019, AK Steel announced that it had entered into a licensing agreement with ArcelorMittal. This involved the aluminized boron press hardenable steel product named ULTRALUME PHS. The product is a high strength, high formability steel that is used for hot stamping into parts in the automotive industry. According to the agreement with ArcelorMittal, AK Steel has acquired the full rights to manufacture and sell its ULTRALUME PHS product for hot stamping. Its customers are also permitted to stamp and use the product in North America and Mexico.
- In May 2019, Japan Railway Stainless Steel Co., Ltd. (NSSC) announced that the domestic contract prices of cold rolled nickel series stainless steel sheets such as SUS304, medium and thick plate, and chromium series stainless steel cold rolled sheets such as SUS430 increased by 5000 yen/ton. This price increase is reflected in alloy surcharge. The base price remains unchanged.
Regional Analysis of Stainless Steel Plate Market
- Based on region, the global stainless steel plate market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is expected to hold major share of the global stainless steel plate market during the forecast period. Increase in automotive production, mainly in emerging countries such as China and India in Asia Pacific; and rise in construction activities in Asia Pacific are driving the market in the region.
- North America is also an important region of the global stainless steel plate market. Rapid production and consumption of stainless steel and related products in the region is a key factor contributing to the growth of the stainless steel plate market in the region.
- Europe is likely to be a high potential region of the global stainless steel plate market during the forecast period. Growth in awareness regarding beneficial use of stainless steel in various industrial sectors such as automotive, construction, electronics, and renewable industries is estimated to drive the stainless steel plate market in the region.
Key Players in Stainless Steel Plate Market
Key players operating in the global stainless steel plate market include:
- Tata Steel
- Baosteel Group Hu
- Yieh Corp
- Jindal Steel & Power Ltd.
- Acerinox S.A.
- JiuQuan Iron and Steel (Group) Co.,Ltd
- AK Steel Corporation.
- Nippon Steel & Sumitomo Metal Corporation
- JFE Steel Corporation