Global Stainless-Steel Round Bar Market was valued US$ XX.38 Bn in 2019 and is expected to reach X.42 Bn by 2027, at a CAGR of X.6% during a forecast period.
Market Definition: Round bar available as a cylindrical, long metal bar stock have broad range of application in industrial as well as commercial sector. These bars are widely accessible in numerous metal type and diameters as per client demand. The most common application is shafts. Round bar is available in several metal varieties comprising cold-rolled steel, aluminum, stainless steel, hot-rolled steel, and other. The report study has analyzed the revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
Market Drivers and Restraints: Boom in the automotive industry is considered as the key driving factor for the market growth, development in industry is going to escalate the demand for machines and automotive parts will boost the global stainless-steel market by the end of 2027.Also, the growth of the stainless steel round barmarket is driven by the factors like growth in construction projects, defence and aerospace as the industry is demanding for corrosion free material at work place in order to boost the self-life building and construction expected to boost the market growth during the forecasted period.
The requirement of round bar is linked with the manufacturing of heavy roads, bridge pins,tie rods, and other heavy material transportation bridges and roads highly demanding for the anticorrosive material such as stainless steel round bar.Furthermore, the global stainless steel round bar market is mainly utilized in the engineering of abundant products like industrial nozzles and valves,anchor bolts, dairy equipment, sanitary fittings and faucets, machine and automotive shafts, reinforcing bars,food processing equipment, and various other hardware related products.
Other market driving factor is utilization of these material in petrochemical industry as oil and gas industries are observing unstoppable growth owing to huge growth in the population and industrial segment. Development and growth in the construction, automotive, equipment manufacturing industries will contribute to the growth in market size over 2027. Attracting property of stainless steel round bar making product highly preferred in numerous industries include high thermal and electrical conductivity, fire resistance, high corrosion resistance, sustainability, toughness,magnetism, fire resistance, and others,thus driving the growth of the targeted market.
Globally, present manufacturing companies in the market is also expected to enlarge round bar production size over the forecast period in order to maximize its overall revenues.Rise in demand for stainless steel round bar in industrial sector has attracted the vendors to invest in the market, will contribute in the market growth for a long run. Prominent suppliers of stainless steel round bar are presenting innovative and highly-efficient solutions with thermal performance that permit best resource conservation. Furthermore, presence of substitutes in the market is also expected to hinder the market growth in the coming years. Additionally, presence of number of suppliers in the market is the main reason to create fluctuation in the cost of raw materials which will pull the market growth.
Stainless Steel Round Bar Market Segment analysis: By end-users’segment, automotive sector is expected to show constant growth during the estimated year. Stainless steel round bar is an invaluable tool in the automotive parts and machines manufacturing industry owing to thehigh demand for engineering of fuel tank, doors, body model, mufflers, hoods and many more in the Asia Pacific. Requirements of developed technology and advanced locomotive end product model by the growing population is expected to boost the global stainless steel round bar market in the coming years. Robust growth in commercial and industrial automobile sector is going to boost the overall stainless steel round bar in developed and developing economies during the forecast period.
Availability of numerous type of automobiles system by the key vendors to attract the customers is expected to remain major growth factor, since the market has observed a tremendous demand by the commercial sector owing to advanced life style and growth in per capita income which is boosting the market growth and expected to show constant growth with XX% CAGR by 2027. Additionally, bending interest towards light weighted vehicle and increasing fuel efficiency are considered as another factor to propel the market growth in the global automotive sector during the forecast period. Global Stainless-Steel Round Bar Market1
Stainless Steel Round Bar Market Regional Analysis: Regionally, Asia Pacific region is expected to dominate the overall stainless steel round bar market growth in the coming years thanks to the growth and development in the construction sector with estimated XX % CAGR and have registered a market share growth by 42-45%. Rapid urbanization and industrialization in China are showing high demand for the stainless steel round bar for their production purposes using these material.
The market size was calculated XX Bn at an CAGR of X.25 in 2019 and expected to show lucrative growth by 2027. From developing regions, China has documented world’s largest stainless steel round bar manufacturing region, approximately XX% of market share in the year 2019. Secondly, North America is expected to dominate the Stainless steel round barmarket and is expected to grow at a CAGR of XX % during the forecast period.
Developed regions like U.S. and Canada are considered as the major contributors for the stainless steel round bar market growth in the North American region. The objective of the report is to present a comprehensive analysis of the Global Stainless Steel Round Bar Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Stainless Steel Round Bar Market dynamics, structure by analysing the market segments and project the Global Stainless Steel Round Bar Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Stainless Steel Round Bar Market make the report investor’s guide.
Scope of Stainless Steel Round Bar Market
Global Stainless Steel Round Bar By Product
• Cold Rolled
• Hot Rolled
Global Stainless Steel Round Bar Market By Application
• Defense and aerospace
• Heavy engineering
Global Stainless Steel Round Bar Market, By Region
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating the Stainless Steel Round Bar Market,
• Universal Stainless & Alloy Products
• Carpenter Technology Corporation
• Tsingshan Holding Group
• ThyssenKrupp Materials
• Shri Bhagavati Bright Bars
• Dongbei Special Steel
• Crucible Industries
• J. H. Stainless
• Garelick Steel
• ATI Allvac
• Valbruna Stainless
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