Stainless Steel Market Regional Analysis:
North American Market Insights
The North American stainless-steel market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035 on the back of the rising surge in manufacturing of cardiovascular devices, increasing healthcare expenditure, and growing adoption of advanced devices. As per the U.S. Centers for Medicare & Medicaid Services, the national health expenditure rose by 9.7% and reached USD 4.1 trillion in 2020 accounting for USD 12,350 per person. Furthermore, it is anticipated that the expansion of cold-rolled facilities will continue to play a crucial role in the market's evolution.
APAC Market Insights
The stainless-steel business has grown significantly in the Asia-Pacific region owing to major shares accounted for by nations like China and India. The demand for the construction of new offices and buildings has also increased with the presence of international businesses in the Asia-Pacific area. As consumer preference for battery-powered electric vehicles increases, the automotive sector in China is seeing shifting trends. The demand for stainless steel is anticipated to increase with the development of China's car industry. For instance, the International Organization of Motor Vehicle Manufacturers (OICA) estimates that China produces nearly 32.5% of the world's automobiles, making it the biggest producer in the world. 2021 saw a 3% rise in vehicle production from 25,225,242 units in 2020 to 2,60,82,220 units in 2021. The fourth stage of the Forward-looking Infrastructure Development Program, which would be used from 2023 to 2024, is suggested to have a budget of NTD 180 billion (USD 6.47 billion), according to the National Development Council (NDC).
