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The global stainless steel market to grow at a CAGR of 5.65% during the period 2016-2020.
Global Stainless Steel Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the revenue generated from the sales of stainless steel.
According to the report, the oil and gas production has become difficult as the conventional reserves are exhausted, leading to exploration of more difficult fields to meet the oil and gas demand. This is leading to an increase in offshore and deep water exploration. These fields have high temperature and pressure, with high CO2 levels and high H2H content, thus requiring stainless steel to withstand such conditions.
Rationalization of capacity will gain traction in this market. China has the largest excess steel capacity in the world. According to the draft released by the Chinese government, Steel Industry Adjustment Policy (2015 Revision), the Chinese steel industry will be moved toward a new economic model in order to deal the excess steel capacity in China. It also aims at achieving 80% capacity utilization by 2017. To reach this level, Chinese steel sector will need a closure of 112.5MT of capacity per year keeping the production same. Currently, the steel capacity utilization is below 70% in China.
-The 18th China(Guangzhou)Int''l Stainless Steel Industry Exhibition
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