The global stainless steel market maintained its momentum in 2017 in terms of growth; which is expected to continue through 2018, mainly driven by the substantial increase of the demand in automotive, building and construction industries around the world. China is expected to remain the world’s leader in both stainless steel production and stainless steel exports, thanks to the country’s rapid urbanization and staggering industrial development. As the global stainless steel business continues to be more lucrative than ever before, it’s now crucial to connect with the top stainless steel bar suppliers in China and take advantage of opportunities in this surging market.
Stainless steel products are nowadays used in various industries including metal products, mechanical engineering, construction, motor vehicles and parts, electrical machinery, and transport. Due to the clear advantages stainless steel offers such as rust-resistance, carbon dioxide emissions reduction, energy and water conservation, and also decrease in air pollution, it has become a preferred raw material for many metal product manufacturers. The growing concern for global warming by the steel industry is expected to further drive the growth of the global stainless steel market during the coming years.
Global Stainless Steel Market Overview
According to a recent market research report from Grand View Research, the global stainless steel market was valued at US$ 85.5 billion in 2016 and is expected to expand at a CAGR of 5.2% by 2025. When it comes to production volume, the global stainless steel production totaled 45.71 million tonnes in 2016, rising 8.30% year-on-year, according to a report from investment bank Macquarie. Increasing R&D in stainless steel manufacturing to improve durability, corrosion resistance, and strength is expected to further expand the market, while growing demand from end-use industries is also estimated to boost the market over the near future.
Geographically, Asian Pacific, led by China, India, and Japan will continue to dominate the global stainless steel market and is anticipated to occupy more than 70% of the overall market revenue by 2020. Much of the region’s growth comes from China, which is the largest producer and consumer of stainless steel worldwide. The demand for stainless steel in Asia is also driven by metal goods, especially kitchen utensils and growing application in pre-engineering buildings. Factors such as the rapid development of emerging economies, increasing investments in infrastructure, and growth in the construction sector will positively contribute to the growth of the market in this region during the forecast period.
How China Became the Largest Supplier in the Global Stainless Steel Market
Stainless steel manufacturers in China are currently some of the world’s largest suppliers and exporters of stainless steel rods and stainless steel bars. The growth of the global stainless steel market was mainly driven by the significant increase in output in China – the world’s largest stainless steel-producing country – where production rose by 12.76% year-on-year to 24.73 million tonnes in 2016, up from 21.93 million tonnes in 2015. Stainless steel exports from China grew by estimated 19.36% year-on-year to 3.78 million tonnes in 2016.
According to recent figures from ITC (International Trade Centre), China exported about US$ 412 million worth of stainless steels bars and rods to the global market in 2016, representing nearly 25% of the world’s total stainless steels bar exports in that year, making China once again the world’s largest stainless steel bar exporter. China exported most of its domestically produced stainless steels bars and rods to the USA and fellow Asian countries including Vietnam, Thailand and South Korea in 2016.
Over the recent years, the Chinese government have issued policies that aim at rationalizing excess capacity of stainless steel plants in the region, which in turn, is likely to affect the stainless steel industry dynamics over the near future. However, the fast growth in automotive, consumer products and construction industries in China is still poising huge demand for stainless steel products in the country, driving the both domestic production and exports thriving further.
Connect with Top Stainless Steel Bar Suppliers in China
The prominence of the stainless steel market in China has attracted a significant number of buyers and traders from all over the world. To help your stainless steel business stays at the top of the industry, BizVibe provides the best solutions to source the products and make the best business deals with the top stainless steel bar suppliers in China. Don’t miss your chance to connect with the best industry suppliers, manufacturers, and companies on BizVibe.
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